Zacks: Analysts Expect PPG Industries, Inc. (PPG) to Post $1.21 EPS
Wall Street brokerages expect PPG Industries, Inc. (NYSE:PPG) to post $1.21 earnings per share for the current quarter, according to Zacks. Five analysts have issued estimates for PPG Industries’ earnings, with estimates ranging from $1.14 to $1.29. PPG Industries reported earnings per share of $1.19 in the same quarter last year, which suggests a positive year over year growth rate of 1.7%. The company is expected to announce its next earnings report on Thursday, January 18th.
On average, analysts expect that PPG Industries will report full year earnings of $5.90 per share for the current financial year, with EPS estimates ranging from $5.84 to $5.99. For the next financial year, analysts expect that the company will post earnings of $6.59 per share, with EPS estimates ranging from $6.40 to $6.80. Zacks’ earnings per share calculations are an average based on a survey of analysts that cover PPG Industries.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.52. The firm had revenue of $3.78 billion for the quarter, compared to the consensus estimate of $3.75 billion. PPG Industries had a net margin of 12.21% and a return on equity of 27.85%. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.56 EPS.
PPG has been the topic of a number of recent analyst reports. SunTrust Banks, Inc. cut PPG Industries from a “buy” rating to a “hold” rating and lowered their target price for the stock from $120.00 to $113.00 in a research note on Monday, July 24th. Zacks Investment Research cut PPG Industries from a “hold” rating to a “sell” rating in a research note on Monday, September 25th. Credit Suisse Group set a $119.00 price objective on PPG Industries and gave the company a “buy” rating in a research note on Friday, October 20th. Citigroup Inc. boosted their price objective on PPG Industries from $114.00 to $127.00 and gave the company a “neutral” rating in a research note on Wednesday, October 25th. Finally, KeyCorp restated a “buy” rating and issued a $125.00 price objective on shares of PPG Industries in a research note on Friday, August 25th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $119.36.
In other news, 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 completion of the sale, the vice president now owns 52,748 shares of the company’s stock, valued at $5,316,998.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 value of $1,907,953.84. Following the sale, the insider now directly owns 15,545 shares of the company’s stock, valued at approximately $1,593,207.05. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA boosted its stake in shares of PPG Industries by 41.4% during the third quarter. BNP Paribas Arbitrage SA now owns 121,941 shares of the specialty chemicals company’s stock valued at $13,250,000 after purchasing an additional 35,698 shares during the period. HL Financial Services LLC raised its holdings in shares of PPG Industries by 32.0% during the third quarter. HL Financial Services LLC now owns 35,318 shares of the specialty chemicals company’s stock valued at $3,838,000 after acquiring an additional 8,567 shares in the last quarter. WESPAC Advisors SoCal LLC bought a new position in shares of PPG Industries during the third quarter valued at approximately $3,968,000. Jennison Associates LLC raised its holdings in shares of PPG Industries by 52.6% during the third quarter. Jennison Associates LLC now owns 5,878 shares of the specialty chemicals company’s stock valued at $639,000 after acquiring an additional 2,026 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. raised its holdings in shares of PPG Industries by 57.7% during the third quarter. Candriam Luxembourg S.C.A. now owns 71,345 shares of the specialty chemicals company’s stock valued at $7,752,000 after acquiring an additional 26,102 shares in the last quarter. 74.51% of the stock is owned by hedge funds and other institutional investors.
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PPG Industries (NYSE:PPG) traded up $0.61 during midday trading on Friday, hitting $116.53. The stock had a trading volume of 781,615 shares, compared to its average volume of 1,426,981. The company has a market cap of $29.56 billion, a P/E ratio of 19.72 and a beta of 1.59.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Shareholders of record on Friday, November 10th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend is Thursday, November 9th. PPG Industries’s dividend payout ratio is currently 26.12%.
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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