PPG Industries, Inc. (PPG) Expected to Post Quarterly Sales of $3.77 Billion
Brokerages predict that PPG Industries, Inc. (NYSE:PPG) will report sales of $3.77 billion for the current fiscal quarter, according to Zacks. Five analysts have made estimates for PPG Industries’ earnings. The highest sales estimate is $3.81 billion and the lowest is $3.67 billion. PPG Industries posted sales of $3.79 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 0.5%. The company is scheduled to report its next earnings results on Thursday, October 19th.
On average, 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 anticipate that the business will report sales of $15.16 billion per share, with estimates ranging from $14.66 billion to $15.57 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow PPG Industries.
PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.83. The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.92 billion. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same period last year, the company posted $1.73 EPS.
PPG has been the subject of a number of research analyst reports. TheStreet upgraded shares of PPG Industries from a “c+” rating to a “b+” rating in a research note on Monday, May 22nd. Jefferies Group LLC reissued a “buy” rating and issued a $120.00 price target on shares of PPG Industries in a report on Thursday, July 6th. Argus raised shares of PPG Industries from a “hold” rating to a “buy” rating and raised their price target for the company from $110.61 to $136.00 in a report on Wednesday, July 5th. BidaskClub raised shares of PPG Industries from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Finally, Credit Suisse Group set a $113.00 price target on shares of PPG Industries and gave the company a “buy” rating in a report on Sunday, July 23rd. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $115.19.
PPG Industries (NYSE:PPG) opened at 103.59 on Friday. The firm’s 50-day moving average price is $104.17 and its 200-day moving average price is $106.51. 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 $26.57 billion, a price-to-earnings ratio of 27.25 and a beta of 1.55.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Thursday, August 10th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date is Tuesday, August 8th. This is a positive change from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s payout ratio is currently 46.88%.
In other news, insider Viktoras R. Sekmakas sold 18,616 shares of PPG Industries stock in a transaction on Friday, August 18th. The shares were sold at an average price of $102.49, for a total transaction of $1,907,953.84. Following the transaction, the insider now directly owns 15,545 shares of the company’s stock, valued at $1,593,207.05. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Glenn E. Bost II sold 19,812 shares of PPG Industries stock in a transaction on Friday, August 11th. The stock was sold at an average price of $100.80, for a total transaction of $1,997,049.60. Following the transaction, the vice president now directly owns 52,748 shares in the company, valued at $5,316,998.40. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Intl Fcstone Inc. bought a new position in shares of PPG Industries during the second quarter worth $371,000. Lord Abbett & CO. LLC boosted its position in shares of PPG Industries by 5.8% during the second quarter. Lord Abbett & CO. LLC now owns 265,900 shares of the specialty chemicals company’s stock worth $29,238,000 after purchasing an additional 14,500 shares in the last quarter. Toronto Dominion Bank boosted its position in shares of PPG Industries by 22.6% during the second quarter. Toronto Dominion Bank now owns 94,244 shares of the specialty chemicals company’s stock worth $10,363,000 after purchasing an additional 17,346 shares in the last quarter. Cetera Investment Advisers bought a new position in shares of PPG Industries during the second quarter worth $597,000. Finally, Colony Group LLC boosted its position in shares of PPG Industries by 100.4% during the second quarter. Colony Group LLC now owns 5,094 shares of the specialty chemicals company’s stock worth $560,000 after purchasing an additional 2,552 shares in the last quarter. 74.17% of the stock is currently owned by institutional investors.
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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