PPG Industries, Inc. (PPG) to Post Q3 2017 Earnings of $1.50 Per Share, KeyCorp Forecasts
PPG Industries, Inc. (NYSE:PPG) – Research analysts at KeyCorp lowered their Q3 2017 earnings per share estimates for shares of PPG Industries in a research note issued to investors on Monday. KeyCorp analyst M. Sison now anticipates that the specialty chemicals company will earn $1.50 per share for the quarter, down from their previous estimate of $1.60. KeyCorp has a “Buy” rating and a $125.00 price target on the stock. KeyCorp also issued estimates for PPG Industries’ FY2017 earnings at $5.95 EPS.
A number of other research analysts have also issued reports on PPG. Argus upgraded shares of PPG Industries from a “hold” rating to a “buy” rating and upped their target price for the company from $110.61 to $136.00 in a report on Wednesday, July 5th. Jefferies Group LLC restated a “buy” rating and issued a $120.00 target price on shares of PPG Industries in a report on Thursday, July 6th. Credit Suisse Group restated an “outperform” rating and issued a $114.00 target price (up from $109.00) on shares of PPG Industries in a report on Monday, July 17th. They noted that the move was a valuation call. BidaskClub upgraded shares of PPG Industries from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Finally, Deutsche Bank AG upped their target price 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. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $115.67.
Shares of PPG Industries (PPG) opened at 112.38 on Wednesday. The company’s 50-day moving average is $107.24 and its 200 day moving average is $107.51. PPG Industries has a 52-week low of $89.64 and a 52-week high of $114.15. The firm has a market capitalization of $28.82 billion, a PE ratio of 29.57 and a beta of 1.55.
PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) 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 firm had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.92 billion. During the same period last year, the business earned $1.73 earnings per share. PPG Industries’s revenue was up .6% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Thursday, August 10th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date was Tuesday, August 8th. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s dividend payout ratio is 46.88%.
In related news, insider Viktoras R. Sekmakas sold 18,616 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now owns 15,545 shares of the company’s stock, valued at approximately $1,593,207.05. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Glenn E. Bost II sold 19,812 shares of the stock in a transaction that occurred 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 sale, the vice president now directly owns 52,748 shares of the company’s stock, valued at approximately $5,316,998.40. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of PPG. Harbour Capital Advisors LLC increased its position in PPG Industries by 10,896.0% during the 2nd quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock worth $100,000 after purchasing an additional 10,896 shares in the last quarter. Bruderman Asset Management LLC acquired a new stake in PPG Industries during the 2nd quarter worth approximately $105,000. V Wealth Management LLC acquired a new stake in PPG Industries during the 2nd quarter worth approximately $112,000. State of Alaska Department of Revenue acquired a new stake in PPG Industries during the 2nd quarter worth approximately $113,000. Finally, Global X Management Co. LLC increased its position in PPG Industries by 26.7% during the 1st quarter. Global X Management Co. LLC now owns 1,180 shares of the specialty chemicals company’s stock worth $124,000 after purchasing an additional 249 shares in the last quarter. 73.92% of the stock is owned by hedge funds and other institutional investors.
About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. 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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