Q3 2016 Earnings Estimate for PPG Industries Inc. (PPG) Issued By Jefferies Group
PPG Industries Inc. (NYSE:PPG) – Equities researchers at Jefferies Group cut their Q3 2016 earnings per share (EPS) estimates for PPG Industries in a research note issued to investors on Friday. Jefferies Group analyst L. Alexander now forecasts that the brokerage will earn $1.56 per share for the quarter, down from their previous forecast of $1.71. Jefferies Group has a “Buy” rating and a $129.00 price target on the stock. Jefferies Group also issued estimates for PPG Industries’ FY2016 earnings at $5.95 EPS, Q3 2017 earnings at $1.92 EPS, Q4 2017 earnings at $1.22 EPS, FY2017 earnings at $6.65 EPS, FY2018 earnings at $7.40 EPS, FY2019 earnings at $8.20 EPS and FY2020 earnings at $8.90 EPS.
A number of other brokerages have also weighed in on PPG. Morgan Stanley reiterated a “hold” rating on shares of PPG Industries in a report on Thursday, June 16th. Seaport Global Securities upgraded shares of PPG Industries from an “accumulate” rating to a “buy” rating and lifted their price target for the company from $125.00 to $130.00 in a report on Tuesday, July 26th. Zacks Investment Research upgraded shares of PPG Industries from a “sell” rating to a “hold” rating in a report on Friday, September 9th. Credit Suisse Group AG reiterated a “buy” rating and issued a $115.00 price target on shares of PPG Industries in a report on Tuesday, August 9th. Finally, Longbow Research upgraded shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price target on the stock in a report on Thursday, June 23rd. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $121.17.
Shares of PPG Industries (NYSE:PPG) opened at 93.73 on Monday. The stock has a market cap of $24.96 billion, a price-to-earnings ratio of 17.32 and a beta of 1.47. The stock’s 50 day moving average price is $103.53 and its 200-day moving average price is $106.99. PPG Industries has a 52-week low of $88.37 and a 52-week high of $117.00.
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PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.85. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The business had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.17 billion. During the same quarter in the prior year, the company earned $1.67 earnings per share. The company’s revenue was down .9% on a year-over-year basis.
Several large investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP increased 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 valued at $164,615,000 after buying an additional 924,195 shares during the last quarter. Bank of Montreal Can bought a new stake in PPG Industries during the second quarter valued at $61,750,000. Emerald Acquisition Ltd. bought a new stake in PPG Industries during the second quarter valued at $52,722,000. Public Employees Retirement Association of Colorado increased its stake in PPG Industries by 744.6% in the second quarter. Public Employees Retirement Association of Colorado now owns 506,068 shares of the company’s stock valued at $52,707,000 after buying an additional 446,151 shares during the last quarter. Finally, RidgeWorth Capital Management LLC increased its stake in PPG Industries by 360.5% in the second quarter. RidgeWorth Capital Management LLC now owns 569,606 shares of the company’s stock valued at $59,536,000 after buying an additional 445,926 shares during the last quarter. 73.04% of the stock is owned by institutional investors.
In other news, 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 sale, the insider now owns 69,044 shares of the company’s stock, valued at approximately $7,362,852.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $967,944.00. Following the completion of the sale, the vice president now directly owns 11,806 shares of the company’s stock, 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.
The company also recently declared 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. This represents a $1.60 annualized dividend and a yield of 1.71%. The ex-dividend date was Monday, August 8th. PPG Industries’s dividend payout ratio (DPR) is 29.57%.
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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