SunTrust Banks Comments on PPG Industries, Inc.’s Q3 2017 Earnings (NYSE:PPG)
PPG Industries, Inc. (NYSE:PPG) – Equities research analysts at SunTrust Banks reduced their Q3 2017 earnings per share estimates for shares of PPG Industries in a report issued on Monday. SunTrust Banks analyst J. Sheehan now expects that the specialty chemicals company will post earnings of $1.59 per share for the quarter, down from their prior estimate of $1.69. SunTrust Banks currently has a “Hold” rating and a $113.00 target price on the stock. SunTrust Banks also issued estimates for PPG Industries’ Q4 2017 earnings at $1.31 EPS, FY2018 earnings at $6.79 EPS and FY2019 earnings at $7.47 EPS.
PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.83. PPG Industries had a net margin of 6.79% and a return on equity of 30.37%. The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.92 billion. During the same period last year, the company posted $1.73 EPS. The firm’s quarterly revenue was up .6% compared to the same quarter last year.
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Several other research analysts have also recently weighed in on the stock. Credit Suisse Group set a $113.00 price objective on shares of PPG Industries and gave the stock a “buy” rating in a research report on Sunday. Bank of America Corporation cut shares of PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 price objective on the stock. in a research report on Monday. Deutsche Bank AG upped their price objective on shares of PPG Industries from $110.00 to $115.00 and gave the stock a “hold” rating in a research report on Friday. BidaskClub upgraded shares of PPG Industries from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $120.00 price objective on shares of PPG Industries in a research report on Thursday, July 6th. Ten research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $115.00.
Shares of PPG Industries (NYSE PPG) opened at 105.39 on Tuesday. PPG Industries has a 1-year low of $89.64 and a 1-year high of $113.67. The firm has a market capitalization of $27.03 billion, a P/E ratio of 27.73 and a beta of 1.56. The stock has a 50 day moving average of $110.38 and a 200-day moving average of $105.58.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Thursday, August 10th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $1.80 annualized dividend and a yield of 1.71%. This is a positive change from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s dividend payout ratio is currently 41.67%.
A number of hedge funds have recently modified their holdings of PPG. Cable Hill Partners LLC raised its stake in shares of PPG Industries by 8.5% in the first quarter. Cable Hill Partners LLC now owns 981 shares of the specialty chemicals company’s stock valued at $103,000 after buying an additional 77 shares in the last quarter. Baystate Wealth Management LLC raised its stake in PPG Industries by 4.0% in the first quarter. Baystate Wealth Management LLC now owns 1,040 shares of the specialty chemicals company’s stock worth $109,000 after buying an additional 40 shares during the period. V Wealth Management LLC bought a new stake in PPG Industries during the second quarter worth $112,000. State of Alaska Department of Revenue bought a new stake in PPG Industries during the second quarter worth $113,000. Finally, Coconut Grove Bank raised its stake in PPG Industries by 103.6% in the first quarter. Coconut Grove Bank now owns 1,179 shares of the specialty chemicals company’s stock worth $124,000 after buying an additional 600 shares during the period. 71.65% of the stock is owned by institutional investors and hedge funds.
About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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