PPG Industries, Inc. (NYSE:PPG) – Jefferies Group boosted their FY2020 earnings per share (EPS) estimates for PPG Industries in a report released on Tuesday. Jefferies Group analyst L. Alexander now anticipates that the specialty chemicals company will earn $7.65 per share for the year, up from their previous forecast of $7.50. Jefferies Group currently has a “Buy” rating and a $135.00 price objective on the stock.
A number of other equities analysts have also commented on PPG. Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a research note on Thursday. Raymond James Financial began coverage on PPG Industries in a research note on Tuesday, December 19th. They set an “outperform” rating and a $139.00 price objective on the stock. Citigroup raised their price objective on PPG Industries from $112.00 to $114.00 and gave the stock a “buy” rating in a research note on Monday, October 2nd. Credit Suisse Group set a $119.00 price objective on PPG Industries and gave the stock a “buy” rating in a research note on Friday, October 20th. Finally, Wells Fargo & Co restated a “market perform” rating and set a $120.00 price objective (up previously from $110.00) on shares of PPG Industries in a research note on Tuesday, November 28th. They noted that the move was a valuation call. Ten analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. PPG Industries currently has a consensus rating of “Hold” and an average price target of $121.56.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, October 19th. The specialty chemicals company reported $1.52 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.52. PPG Industries had a return on equity of 27.85% and a net margin of 12.21%. The firm had revenue of $3.78 billion for the quarter, compared to analyst estimates of $3.75 billion. During the same quarter last year, the company earned $1.56 EPS. The company’s revenue was up 3.2% on a year-over-year basis.
PPG Industries announced that its board has authorized a stock buyback plan on Thursday, December 14th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the specialty chemicals company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 12th. Stockholders of record on Friday, November 10th were paid a $0.45 dividend. The ex-dividend date of this dividend was Thursday, November 9th. This represents a $1.80 annualized dividend and a dividend yield of 1.51%. PPG Industries’s payout ratio is 35.86%.
Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of PPG Industries by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 19,751,232 shares of the specialty chemicals company’s stock valued at $2,171,845,000 after purchasing an additional 310,086 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of PPG Industries by 18.8% in the 3rd quarter. Wells Fargo & Company MN now owns 3,211,728 shares of the specialty chemicals company’s stock valued at $348,987,000 after purchasing an additional 509,356 shares during the last quarter. Nordea Investment Management AB increased its stake in shares of PPG Industries by 3.1% in the 3rd quarter. Nordea Investment Management AB now owns 2,844,229 shares of the specialty chemicals company’s stock valued at $309,054,000 after purchasing an additional 85,980 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of PPG Industries by 7.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,724,238 shares of the specialty chemicals company’s stock valued at $296,017,000 after purchasing an additional 199,074 shares during the last quarter. Finally, Parnassus Investments CA increased its stake in shares of PPG Industries by 3.9% in the 3rd quarter. Parnassus Investments CA now owns 2,455,827 shares of the specialty chemicals company’s stock valued at $266,850,000 after purchasing an additional 91,417 shares during the last quarter. Institutional investors own 74.99% of the company’s stock.
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PPG Industries Company Profile
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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