PPG Industries Inc. (PPG) Set to Announce Quarterly Earnings on Thursday
PPG Industries Inc. (NYSE:PPG) will be announcing its Q316 earnings results on Thursday, October 20th. Analysts expect the company to announce earnings of $1.71 per share and revenue of $3.83 billion for the quarter.
PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.85. The business had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.17 billion. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The firm’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.67 EPS. On average, analysts expect PPG Industries to post $6.17 EPS for the current fiscal year and $6.80 EPS for the next fiscal year.
Shares of PPG Industries Inc. (NYSE:PPG) opened at 92.81 on Wednesday. PPG Industries Inc. has a one year low of $88.37 and a one year high of $117.00. The stock has a market cap of $24.71 billion, a PE ratio of 17.15 and a beta of 1.47. The company’s 50-day moving average price is $100.82 and its 200-day moving average price is $106.06.
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In other PPG Industries news, VP Timothy M. Knavish sold 9,300 shares of the company’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $104.08, for a total transaction of $967,944.00. Following the transaction, the vice president now directly owns 11,806 shares in the company, valued at $1,228,768.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the company’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $106.64, for a total transaction of $4,366,908.00. Following the transaction, the insider now owns 69,044 shares in the company, valued at $7,362,852.16. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC raised its position in shares of PPG Industries by 2.5% in the second quarter. FMR LLC now owns 16,985,838 shares of the company’s stock valued at $1,769,075,000 after buying an additional 409,325 shares during the last quarter. BlackRock Fund Advisors raised its position in shares of PPG Industries by 7.9% in the second quarter. BlackRock Fund Advisors now owns 3,318,625 shares of the company’s stock valued at $345,635,000 after buying an additional 242,377 shares during the last quarter. American Century Companies Inc. raised its position in shares of PPG Industries by 33.5% in the second quarter. American Century Companies Inc. now owns 1,736,674 shares of the company’s stock valued at $180,875,000 after buying an additional 435,308 shares during the last quarter. Teachers Advisors Inc. raised its position in shares of PPG Industries by 7.5% in the second quarter. Teachers Advisors Inc. now owns 1,065,030 shares of the company’s stock valued at $110,923,000 after buying an additional 74,287 shares during the last quarter. Finally, APG Asset Management N.V. raised its position in shares of PPG Industries by 3.8% in the second quarter. APG Asset Management N.V. now owns 746,945 shares of the company’s stock valued at $77,794,000 after buying an additional 27,300 shares during the last quarter. Institutional investors own 73.01% of the company’s stock.
A number of brokerages have issued reports on PPG. Zacks Investment Research cut PPG Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. Citigroup Inc. reduced their target price on PPG Industries from $131.00 to $112.00 and set a “buy” rating for the company in a report on Tuesday, October 11th. Goldman Sachs Group Inc. reissued a “buy” rating and issued a $111.00 target price (down previously from $119.00) on shares of PPG Industries in a report on Thursday, October 13th. Seaport Global Securities raised PPG Industries from an “accumulate” rating to a “buy” rating and lifted their target price for the stock from $125.00 to $130.00 in a report on Tuesday, July 26th. Finally, Royal Bank Of Canada reduced their target price on PPG Industries from $125.00 to $106.00 and set an “outperform” rating for the company in a report on Tuesday, October 11th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. PPG Industries presently has an average rating of “Buy” and an average target price of $115.46.
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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