$3.77 Billion in Sales Expected for PPG Industries, Inc. (PPG) This Quarter
Analysts expect PPG Industries, Inc. (NYSE:PPG) to report sales of $3.77 billion for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for PPG Industries’ earnings, with the highest sales estimate coming in at $3.81 billion and the lowest estimate coming in at $3.67 billion. PPG Industries reported sales of $3.79 billion in the same quarter last year, which would suggest a negative year-over-year growth rate of 0.5%. The firm is expected to report its next quarterly earnings report on Thursday, October 19th.
According to Zacks, analysts expect that PPG Industries will report full year sales of $3.77 billion for the current fiscal year, with estimates ranging from $14.43 billion to $14.87 billion. For the next financial year, analysts expect that the company will post sales of $15.16 billion per share, with estimates ranging from $14.66 billion to $15.57 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that cover PPG Industries.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.83. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.92 billion. During the same period in the prior year, the company posted $1.73 earnings per share. PPG Industries’s revenue for the quarter was up .6% compared to the same quarter last year.
PPG has been the subject of a number of recent analyst reports. Barclays PLC upped their price target on shares of PPG Industries from $110.00 to $115.00 and gave the company an “equal weight” rating in a report on Monday, April 24th. Deutsche Bank AG upped their price target on shares of PPG Industries from $110.00 to $115.00 and gave the company a “hold” rating in a report on Friday, July 21st. Argus raised shares of PPG Industries from a “hold” rating to a “buy” rating and boosted their price objective for the company from $110.61 to $136.00 in a research report on Wednesday, July 5th. TheStreet raised shares of PPG Industries from a “c+” rating to a “b+” rating in a research report on Monday, May 22nd. Finally, Credit Suisse Group reissued an “outperform” rating and set a $114.00 price objective (up from $109.00) on shares of PPG Industries in a research report on Monday, July 17th. They noted that the move was a valuation call. Eleven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. PPG Industries presently has an average rating of “Hold” and an average price target of $114.50.
In other news, VP Glenn E. Bost II sold 19,812 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $100.80, for a total value of $1,997,049.60. Following the sale, the vice president now directly owns 52,748 shares of the company’s stock, valued at approximately $5,316,998.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.72% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in PPG. IFP Advisors Inc increased its stake in PPG Industries by 1.5% in the first quarter. IFP Advisors Inc now owns 6,842 shares of the specialty chemicals company’s stock worth $719,000 after buying an additional 100 shares in the last quarter. K.J. Harrison & Partners Inc increased its stake in PPG Industries by 100.0% in the first quarter. K.J. Harrison & Partners Inc now owns 10,000 shares of the specialty chemicals company’s stock worth $1,051,000 after buying an additional 5,000 shares in the last quarter. 1ST Source Bank increased its stake in PPG Industries by 9.3% in the first quarter. 1ST Source Bank now owns 3,942 shares of the specialty chemicals company’s stock worth $414,000 after buying an additional 335 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in PPG Industries by 4.1% in the first quarter. Janney Montgomery Scott LLC now owns 119,187 shares of the specialty chemicals company’s stock worth $12,524,000 after buying an additional 4,741 shares in the last quarter. Finally, Bartlett & Co. LLC increased its stake in PPG Industries by 5.2% in the first quarter. Bartlett & Co. LLC now owns 7,277 shares of the specialty chemicals company’s stock worth $765,000 after buying an additional 357 shares in the last quarter. 71.54% of the stock is currently owned by hedge funds and other institutional investors.
PPG Industries (NYSE PPG) traded up 1.37% during midday trading on Tuesday, hitting $103.79. 208,000 shares of the stock traded hands. The stock’s 50-day moving average price is $106.91 and its 200 day moving average price is $106.31. PPG Industries has a 52 week low of $89.64 and a 52 week high of $113.67. The company has a market capitalization of $26.62 billion, a price-to-earnings ratio of 27.31 and a beta of 1.54.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Thursday, August 10th will be given a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, August 8th. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.76%. PPG Industries’s dividend payout ratio is currently 46.88%.
PPG Industries Company Profile
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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