Q3 2016 EPS Estimates for PPG Industries Inc. (PPG) Cut by Analyst
PPG Industries Inc. (NYSE:PPG) – Investment analysts at Seaport Global Securities cut their Q3 2016 earnings estimates for shares of PPG Industries in a research report issued on Tuesday. Seaport Global Securities analyst M. Harrison now forecasts that the brokerage will post earnings per share of $1.56 for the quarter, down from their previous forecast of $1.73. Seaport Global Securities has a “Buy” rating and a $130.00 price target on the stock. Seaport Global Securities also issued estimates for PPG Industries’ Q4 2016 earnings at $1.32 EPS, FY2016 earnings at $6.04 EPS, Q1 2017 earnings at $1.41 EPS, Q2 2017 earnings at $1.91 EPS, Q3 2017 earnings at $1.82 EPS, Q4 2017 earnings at $1.50 EPS and FY2017 earnings at $6.64 EPS.
Several other equities research analysts have also recently commented on the company. Zacks Investment Research cut PPG Industries from a “hold” rating to a “sell” rating in a report on Monday, August 29th. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $115.00 price target on shares of PPG Industries in a report on Tuesday, August 9th. Jefferies Group reaffirmed a “buy” rating and issued a $129.00 price target (up previously from $127.00) on shares of PPG Industries in a report on Monday, July 25th. Longbow Research raised PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price target for the company in a report on Thursday, June 23rd. Finally, JPMorgan Chase & Co. set a $110.00 price target on PPG Industries and gave the company a “buy” rating in a report on Monday. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $116.42.
Shares of PPG Industries (NYSE:PPG) traded down 0.75% during mid-day trading on Wednesday, reaching $91.61. The company’s stock had a trading volume of 844,710 shares. The company’s 50-day moving average price is $102.85 and its 200-day moving average price is $106.74. PPG Industries has a 12-month low of $88.37 and a 12-month high of $117.00. The stock has a market capitalization of $24.39 billion, a P/E ratio of 16.93 and a beta of 1.47.
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PPG Industries (NYSE:PPG) last issued its earnings results 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. The business earned $4.10 billion during the quarter, compared to analyst estimates of $4.17 billion. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. PPG Industries’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.67 earnings per share.
The company also recently declared a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Wednesday, August 10th were given a dividend of $0.40 per share. The ex-dividend date was Monday, August 8th. This represents a $1.60 annualized dividend and a dividend yield of 1.73%. PPG Industries’s dividend payout ratio is currently 29.57%.
In related news, VP Timothy M. Knavish sold 9,300 shares of PPG Industries stock in a transaction on 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 in the company, valued at $1,228,768.48. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Viktoras R. Sekmakas sold 40,950 shares of PPG Industries stock in a transaction on 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 owns 69,044 shares of the company’s stock, valued at $7,362,852.16. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its position 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 during the period. Legal & General Group Plc raised its position 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 during the period. Capital Fund Management S.A. bought a new position in PPG Industries during the second quarter worth about $24,833,000. Wellington Management Group LLP raised its position 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 during the period. Finally, Capstone Asset Management Co. raised its position 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 during the period. Hedge funds and other institutional investors own 73.04% 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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