FY2017 EPS Estimates for PPG Industries, Inc. Decreased by Analyst (PPG)
PPG Industries, Inc. (NYSE:PPG) – Stock analysts at SunTrust Banks dropped their FY2017 earnings per share (EPS) estimates for PPG Industries in a research report issued on Monday. SunTrust Banks analyst J. Sheehan now expects that the specialty chemicals company will post earnings of $6.05 per share for the year, down from their previous estimate of $6.12. SunTrust Banks currently has a “Hold” rating and a $113.00 target price on the stock.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.83. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same quarter last year, the business earned $1.73 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis.
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PPG has been the subject of a number of other reports. Deutsche Bank AG reaffirmed a “hold” rating and issued a $110.00 target price (up from $102.00) on shares of PPG Industries in a research note on Sunday, April 23rd. Jefferies Group LLC reaffirmed a “buy” rating and issued a $120.00 target price (up from $113.00) on shares of PPG Industries in a research note on Tuesday, April 18th. BidaskClub raised shares of PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Bank of America Corporation downgraded shares of PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 target price for the company. in a research note on Monday. Finally, TheStreet raised shares of PPG Industries from a “c+” rating to a “b+” rating in a research note on Monday, May 22nd. Ten analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $115.00.
PPG Industries (NYSE:PPG) traded down 0.29% on Wednesday, hitting $106.80. 114,569 shares of the company were exchanged. PPG Industries has a one year low of $89.64 and a one year high of $113.67. The stock has a 50 day moving average price of $110.38 and a 200 day moving average price of $105.58. The firm has a market cap of $27.39 billion, a price-to-earnings ratio of 28.10 and a beta of 1.56.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Thursday, August 10th will be issued a dividend of $0.45 per share. The ex-dividend date is Tuesday, August 8th. This represents a $1.80 dividend on an annualized basis and a yield of 1.68%. This is a boost from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s payout ratio is currently 41.67%.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in PPG Industries by 2.9% in the first quarter. Vanguard Group Inc. now owns 19,441,146 shares of the specialty chemicals company’s stock valued at $2,042,875,000 after buying an additional 541,039 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of PPG Industries by 1.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 18,544,989 shares of the specialty chemicals company’s stock valued at $1,948,708,000 after buying an additional 216,278 shares in the last quarter. BlackRock Inc. raised its stake in shares of PPG Industries by 2,006.8% in the first quarter. BlackRock Inc. now owns 14,595,371 shares of the specialty chemicals company’s stock valued at $1,533,684,000 after buying an additional 13,902,595 shares in the last quarter. Clearbridge Investments LLC raised its stake in shares of PPG Industries by 4.7% in the first quarter. Clearbridge Investments LLC now owns 4,991,865 shares of the specialty chemicals company’s stock valued at $524,545,000 after buying an additional 222,376 shares in the last quarter. Finally, Lazard Asset Management LLC raised its stake in shares of PPG Industries by 639.5% in the first quarter. Lazard Asset Management LLC now owns 4,213,143 shares of the specialty chemicals company’s stock valued at $442,716,000 after buying an additional 3,643,443 shares in the last quarter. Hedge funds and other institutional investors own 71.65% of the company’s stock.
About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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