Analysts Set Expectations for PPG Industries Inc.’s FY2017 Earnings (PPG)
PPG Industries Inc. (NYSE:PPG) – Analysts at KeyCorp reduced their FY2017 EPS estimates for PPG Industries in a research note issued to investors on Monday. KeyCorp analyst I. Marcuse now anticipates that the firm will post earnings per share of $6.20 for the year, down from their previous forecast of $6.60.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, July 21st. The company reported $1.85 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.85. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The firm had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.17 billion. During the same quarter last year, the company earned $1.67 EPS. The company’s revenue was down .9% on a year-over-year basis.
Several other equities research analysts also recently issued reports on the company. Zacks Investment Research downgraded PPG Industries from a “hold” rating to a “sell” rating in a research report on Monday, August 29th. RBC Capital Markets reiterated an “outperform” rating and issued a $106.00 price objective (down previously from $125.00) on shares of PPG Industries in a research report on Wednesday, October 12th. Credit Suisse Group AG reiterated a “buy” rating and issued a $115.00 price objective on shares of PPG Industries in a research report on Tuesday, August 9th. Jefferies Group reiterated a “buy” rating and issued a $129.00 price objective (up previously from $127.00) on shares of PPG Industries in a research report on Monday, July 25th. Finally, Longbow Research upgraded PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price objective on the stock in a research report on Thursday, June 23rd. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $115.46.
PPG Industries (NYSE:PPG) traded down 0.28% during trading on Wednesday, reaching $92.55. The company’s stock had a trading volume of 1,541,278 shares. The company has a market cap of $24.64 billion, a price-to-earnings ratio of 17.10 and a beta of 1.47. PPG Industries has a 12 month low of $88.37 and a 12 month high of $117.00. The stock’s 50 day moving average is $100.82 and its 200 day moving average is $106.06.
Hedge funds have recently bought and sold shares of the company. Royal Bank of Canada raised its stake in PPG Industries by 39.6% in the first quarter. Royal Bank of Canada now owns 669,805 shares of the company’s stock worth $74,678,000 after buying an additional 189,934 shares in the last quarter. Legal & General Group Plc raised its stake in PPG Industries by 2.7% in the first quarter. Legal & General Group Plc now owns 1,128,300 shares of the company’s stock worth $125,793,000 after buying an additional 30,011 shares in the last quarter. Capital Fund Management S.A. purchased a new stake in PPG Industries during the second quarter worth $24,833,000. Wellington Management Group LLP raised its stake in PPG Industries by 167.3% in the first quarter. Wellington Management Group LLP now owns 1,476,493 shares of the company’s stock worth $164,615,000 after buying an additional 924,195 shares in the last quarter. Finally, Capstone Asset Management Co. raised its stake in PPG Industries by 1.5% in the second quarter. Capstone Asset Management Co. now owns 29,148 shares of the company’s stock worth $3,036,000 after buying an additional 426 shares in the last quarter. Institutional investors own 73.01% of the company’s stock.
In other news, insider Viktoras R. Sekmakas sold 40,950 shares of the stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $106.64, for a total transaction of $4,366,908.00. Following the completion of the sale, the insider now directly owns 69,044 shares in the company, valued at $7,362,852.16. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Timothy M. Knavish sold 9,300 shares of the stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $104.08, for a total transaction of $967,944.00. Following the sale, the vice president now owns 11,806 shares of the company’s stock, valued at $1,228,768.48. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.
About PPG Industries
PPG Industries, Inc (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses.
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