Analysts Issue Forecasts for PPG Industries Inc.’s Q3 2016 Earnings (PPG)
PPG Industries Inc. (NYSE:PPG) – Equities researchers at Jefferies Group dropped their Q3 2016 earnings per share (EPS) estimates for shares of PPG Industries in a research report issued to clients and investors on Wednesday. Jefferies Group analyst L. Alexander now forecasts that the firm will post earnings per share of $1.71 for the quarter, down from their prior forecast of $1.80. Jefferies Group currently has a “Buy” rating and a $129.00 target price on the stock. Jefferies Group also issued estimates for PPG Industries’ Q4 2016 earnings at $1.22 EPS and Q4 2017 earnings at $1.36 EPS.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, meeting the consensus estimate of $1.85. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The firm earned $4.10 billion during the quarter, compared to the consensus estimate of $4.17 billion. During the same quarter in the previous year, the company posted $1.67 EPS. The firm’s revenue for the quarter was down .9% on a year-over-year basis.
Other equities research analysts have also issued reports about the company. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $115.00 target price on shares of PPG Industries in a research report on Tuesday, September 13th. Seaport Global Securities raised PPG Industries from an “accumulate” rating to a “buy” rating and increased their target price for the stock from $125.00 to $130.00 in a research report on Tuesday, July 26th. JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $120.00 target price on shares of PPG Industries in a research report on Friday, June 17th. Longbow Research raised PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 target price on the stock in a research report on Thursday, June 23rd. Finally, Zacks Investment Research raised PPG Industries from a “sell” rating to a “hold” rating in a research note on Wednesday, September 28th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $121.17.
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Shares of PPG Industries (NYSE:PPG) traded down 9.11% on Friday, reaching $92.88. 3,568,213 shares of the company traded hands. PPG Industries has a 52-week low of $88.37 and a 52-week high of $117.00. The firm has a 50-day moving average of $103.81 and a 200-day moving average of $107.10. The company has a market capitalization of $24.73 billion, a PE ratio of 17.16 and a beta of 1.47.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were paid a dividend of $0.40 per share. The ex-dividend date was Monday, August 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.57%. PPG Industries’s dividend payout ratio (DPR) is presently 29.57%.
In other PPG Industries news, VP Timothy M. Knavish sold 9,300 shares of the business’s stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $104.08, for a total value of $967,944.00. Following the completion of the transaction, the vice president now directly owns 11,806 shares of the company’s stock, valued at $1,228,768.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the business’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $106.64, for a total value of $4,366,908.00. Following the completion of the transaction, the insider now directly owns 69,044 shares of the company’s stock, valued at $7,362,852.16. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Massmutual Trust Co. FSB ADV boosted its position in PPG Industries by 12.9% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,413 shares of the company’s stock worth $158,000 after buying an additional 162 shares during the last quarter. Columbia Partners L L C Investment Management boosted its position in PPG Industries by 25.0% in the first quarter. Columbia Partners L L C Investment Management now owns 31,504 shares of the company’s stock worth $3,512,000 after buying an additional 6,301 shares during the last quarter. Nikko Asset Management Americas Inc. acquired a new position in PPG Industries during the first quarter worth about $157,000. NN Investment Partners Holdings N.V. acquired a new position in PPG Industries during the first quarter worth about $2,487,000. Finally, Palisade Capital Management LLC NJ boosted its position in PPG Industries by 39.8% in the first quarter. Palisade Capital Management LLC NJ now owns 25,392 shares of the company’s stock worth $2,831,000 after buying an additional 7,234 shares during the last quarter. 73.04% of the stock is owned by hedge funds and other institutional investors.
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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