PPG Industries (NYSE:PPG) Announces Quarterly Earnings Results, Beats Expectations By $0.08 EPS

PPG Industries (NYSE:PPG – Get Rating) announced its quarterly earnings data on Friday. The specialty chemicals company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.08, RTT News reports. PPG Industries had a net margin of 6.08% and a return on equity of 23.00%. The company had revenue of $4.19 billion during the quarter, compared to analysts’ expectations of $4.12 billion. During the same quarter in the prior year, the company earned $1.26 EPS. PPG Industries’s revenue was down .1% compared to the same quarter last year.

PPG Industries Price Performance

PPG Industries stock opened at $131.00 on Friday. The firm has a market cap of $30.79 billion, a PE ratio of 28.98, a price-to-earnings-growth ratio of 2.70 and a beta of 1.18. PPG Industries has a 52-week low of $107.06 and a 52-week high of $159.50. The company has a quick ratio of 1.03, a current ratio of 1.52 and a debt-to-equity ratio of 1.05. The company’s 50 day moving average is $129.53 and its two-hundred day moving average is $123.80.

PPG Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 10th. Shareholders of record on Friday, February 17th will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 1.89%. PPG Industries’s dividend payout ratio (DPR) is presently 54.87%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PPG. Credit Suisse Group upped their price objective on shares of PPG Industries from $104.00 to $118.00 and gave the company an “underperform” rating in a research note on Friday. StockNews.com upgraded shares of PPG Industries from a “hold” rating to a “buy” rating in a report on Thursday, October 20th. UBS Group boosted their target price on shares of PPG Industries from $144.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, January 11th. Wells Fargo & Company decreased their target price on shares of PPG Industries from $118.00 to $115.00 and set an “equal weight” rating on the stock in a report on Monday, January 9th. Finally, KeyCorp boosted their target price on shares of PPG Industries from $125.00 to $144.00 and gave the company an “overweight” rating in a report on Thursday, January 12th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $133.06.

Institutional Investors Weigh In On PPG Industries

A number of large investors have recently modified their holdings of PPG. Parkside Financial Bank & Trust grew its holdings in shares of PPG Industries by 45.8% during the first quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock worth $36,000 after buying an additional 87 shares in the last quarter. Achmea Investment Management B.V. purchased a new stake in PPG Industries in the first quarter valued at approximately $40,000. Salem Investment Counselors Inc. grew its holdings in PPG Industries by 17.6% in the first quarter. Salem Investment Counselors Inc. now owns 668 shares of the specialty chemicals company’s stock valued at $88,000 after purchasing an additional 100 shares during the period. Resurgent Financial Advisors LLC purchased a new stake in PPG Industries in the first quarter valued at approximately $200,000. Finally, Verition Fund Management LLC purchased a new stake in PPG Industries in the second quarter valued at approximately $207,000. 80.04% of the stock is owned by hedge funds and other institutional investors.

PPG Industries Company Profile

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PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company's Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.