Investors Buy PPG Industries Inc. (PPG) on Weakness
Traders bought shares of PPG Industries Inc. (NYSE:PPG) on weakness during trading on Friday. $52.53 million flowed into the stock on the tick-up and $28.15 million flowed out of the stock on the tick-down, for a money net flow of $24.38 million into the stock. Of all companies tracked, PPG Industries had the 16th highest net in-flow for the day. PPG Industries traded down ($0.94) for the day and closed at $107.65
Several analysts have issued reports on PPG shares. JPMorgan Chase & Co. restated a “buy” rating and set a $120.00 price objective on shares of PPG Industries in a research note on Friday, June 17th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of PPG Industries in a report on Wednesday, June 15th. Zacks Investment Research raised PPG Industries from a “hold” rating to a “buy” rating and set a $126.00 target price for the company in a report on Tuesday, April 26th. Citigroup Inc. upped their target price on PPG Industries from $120.00 to $131.00 and gave the company a “buy” rating in a report on Monday, April 18th. Finally, Jefferies Group reaffirmed a “buy” rating on shares of PPG Industries in a report on Wednesday, July 6th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. PPG Industries has a consensus rating of “Buy” and an average target price of $119.09.
The firm has a 50 day moving average price of $106.89 and a 200-day moving average price of $104.29. The stock has a market capitalization of $28.64 billion and a PE ratio of 20.42.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.85. During the same quarter in the previous year, the business posted $1.67 EPS. The company earned $4.10 billion during the quarter, compared to the consensus estimate of $4.17 billion. The firm’s quarterly revenue was down .9% on a year-over-year basis. Analysts predict that PPG Industries Inc. will post $6.24 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 12th. Investors of record on Wednesday, August 10th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.49%. The ex-dividend date is Monday, August 8th.
Several large investors recently added to or reduced their stakes in the stock. Bank of Montreal Can boosted its stake in PPG Industries by 278.5% in the fourth quarter. Bank of Montreal Can now owns 720,929 shares of the company’s stock valued at $71,240,000 after buying an additional 530,448 shares during the last quarter. Cibc World Markets Corp bought a new stake in PPG Industries during the fourth quarter valued at $19,513,000. BHF Kleinwort Benson Group S.A. bought a new stake in PPG Industries during the fourth quarter valued at $7,633,000. Edge Asset Management Inc. boosted its stake in PPG Industries by 21.1% in the fourth quarter. Edge Asset Management Inc. now owns 402,913 shares of the company’s stock valued at $39,816,000 after buying an additional 70,088 shares during the last quarter. Finally, Dai Ichi Life Insurance CO. LTD. boosted its stake in PPG Industries by 653.1% in the fourth quarter. Dai Ichi Life Insurance CO. LTD. now owns 43,818 shares of the company’s stock valued at $4,330,000 after buying an additional 38,000 shares during the last quarter.
PPG Industries, Inc (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses.
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