KeyCorp Weighs in on PPG Industries Inc.’s Q3 2016 Earnings (PPG)
PPG Industries Inc. (NYSE:PPG) – Equities researchers at KeyCorp decreased their Q3 2016 earnings estimates for PPG Industries in a research report issued to clients and investors on Monday. KeyCorp analyst I. Marcuse now expects that the firm 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.
A number of other equities analysts also recently issued reports on PPG. Zacks Investment Research downgraded PPG Industries from a “hold” rating to a “sell” rating in a report on Monday, August 29th. RBC Capital Markets reiterated an “outperform” rating and issued a $106.00 price objective (down previously from $125.00) on shares of PPG Industries in a report on Wednesday, October 12th. Credit Suisse Group AG reiterated a “buy” rating and issued a $115.00 price objective on shares of PPG Industries in a report on Tuesday, August 9th. Jefferies Group reiterated a “buy” rating and issued a $129.00 price objective (up previously from $127.00) on shares of PPG Industries in a report on Monday, July 25th. Finally, Longbow Research upgraded PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price objective for the company in a report on Thursday, June 23rd. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $115.46.
Shares of PPG Industries (NYSE:PPG) traded up 0.53% during trading on Tuesday, hitting $93.15. 484,917 shares of the company were exchanged. The company has a 50 day moving average of $101.25 and a 200-day moving average of $106.21. PPG Industries has a 1-year low of $88.37 and a 1-year high of $117.00. The stock has a market capitalization of $24.80 billion, a PE ratio of 17.21 and a beta of 1.47.
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PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.85. The company had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.17 billion. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The firm’s quarterly revenue was down .9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.67 EPS.
In other PPG Industries 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 value of $4,366,908.00. Following the transaction, the insider now directly owns 69,044 shares of the company’s stock, valued at $7,362,852.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 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 disclosure for this sale can be found here. 0.68% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Bach Investment Advisors Ltd purchased a new position in shares of PPG Industries during the third quarter valued at about $259,000. Eastern Bank purchased a new position in shares of PPG Industries during the third quarter valued at about $8,648,000. BLB&B Advisors LLC boosted its position in shares of PPG Industries by 2.7% in the third quarter. BLB&B Advisors LLC now owns 9,161 shares of the company’s stock valued at $947,000 after buying an additional 242 shares during the last quarter. BTIM Corp. boosted its position in shares of PPG Industries by 1.7% in the third quarter. BTIM Corp. now owns 260,414 shares of the company’s stock valued at $26,917,000 after buying an additional 4,230 shares during the last quarter. Finally, BTR Capital Management Inc. purchased a new position in shares of PPG Industries during the third quarter valued at about $227,000. 73.01% of the stock is currently owned by institutional investors and hedge funds.
PPG Industries Company Profile
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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