PPG Industries Inc. (PPG) to Post Q3 2016 Earnings of $1.56 Per Share, KeyCorp Forecasts
PPG Industries Inc. (NYSE:PPG) – Equities researchers at KeyCorp dropped their Q3 2016 earnings per share estimates for PPG Industries in a research note issued on Monday. KeyCorp analyst I. Marcuse now forecasts that the brokerage will post earnings per share of $1.56 for the quarter, down from their previous estimate of $1.72. KeyCorp also issued estimates for PPG Industries’ Q4 2016 earnings at $1.23 EPS and FY2016 earnings at $5.95 EPS.
PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.85. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The company earned $4.10 billion during the quarter, compared to the consensus estimate of $4.17 billion. During the same quarter in the prior year, the firm earned $1.67 earnings per share. The firm’s revenue was down .9% compared to the same quarter last year.
A number of other equities research analysts have also weighed in on the stock. Goldman Sachs Group Inc. reissued a “buy” rating and set a $111.00 target price (down from $119.00) on shares of PPG Industries in a report on Thursday, October 13th. RBC Capital Markets reissued an “outperform” rating and set a $106.00 target price (down from $125.00) on shares of PPG Industries in a report on Wednesday, October 12th. JPMorgan Chase & Co. set a $110.00 target price on shares of PPG Industries and gave the stock a “buy” rating in a report on Monday, October 10th. Citigroup Inc. reduced their target price on shares of PPG Industries from $131.00 to $112.00 and set a “buy” rating on the stock in a report on Tuesday, October 11th. Finally, Royal Bank Of Canada reduced their target price on shares of PPG Industries from $125.00 to $106.00 and set an “outperform” rating on the stock in a report on Tuesday, October 11th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $115.46.
PPG Industries (NYSE:PPG) opened at 92.81 on Tuesday. PPG Industries has a 52-week low of $88.37 and a 52-week high of $117.00. The company has a market cap of $24.71 billion, a P/E ratio of 17.15 and a beta of 1.47. The company has a 50-day moving average of $100.82 and a 200-day moving average of $106.06.
In related news, insider Viktoras R. Sekmakas sold 40,950 shares of the firm’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $106.64, for a total transaction of $4,366,908.00. Following the sale, the insider now owns 69,044 shares of the company’s stock, valued at $7,362,852.16. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Timothy M. Knavish sold 9,300 shares of the firm’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $104.08, for a total value of $967,944.00. Following the sale, the vice president now directly owns 11,806 shares in the company, valued at approximately $1,228,768.48. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in PPG. Vanguard Group Inc. boosted its stake in PPG Industries by 1.8% in the second quarter. Vanguard Group Inc. now owns 18,091,048 shares of the company’s stock worth $1,884,182,000 after buying an additional 328,358 shares during the period. FMR LLC boosted its stake in PPG Industries by 2.5% in the second quarter. FMR LLC now owns 16,985,838 shares of the company’s stock worth $1,769,075,000 after buying an additional 409,325 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in PPG Industries by 0.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 15,989,847 shares of the company’s stock worth $1,665,343,000 after buying an additional 139,886 shares during the period. State Street Corp boosted its stake in PPG Industries by 3.3% in the first quarter. State Street Corp now owns 11,616,213 shares of the company’s stock worth $1,295,100,000 after buying an additional 368,260 shares during the period. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in PPG Industries by 1.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 6,977,963 shares of the company’s stock worth $726,755,000 after buying an additional 132,813 shares during the period. Institutional investors own 73.01% 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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