PPG Industries Inc. (PPG) Lifted to Hold at Zacks Investment Research
According to Zacks, “Estimates for PPG Industries have been going down lately. The company faces significant currency headwind. Unfavorable currency translation weighed on its net sales in the second quarter of 2016. Moreover, the company faces macroeconomic challenges and some of its end-markets including heavy-duty equipment and marine still remain sluggish. PPG Industries is also exposed to volatility in raw materials and energy costs. However, the company is taking steps for growing organically as well as cutting costs. PPG Industries is also on track to deploy cash through acquisitions or share repurchases.”
Several other research firms have also recently issued reports on PPG. Morgan Stanley restated a hold rating on shares of PPG Industries in a research report on Thursday, June 16th. Seaport Global Securities upgraded shares of PPG Industries from an accumulate rating to a buy rating and raised their price objective for the stock from $125.00 to $130.00 in a research report on Tuesday, July 26th. Jefferies Group restated a buy rating and set a $129.00 price objective (up from $127.00) on shares of PPG Industries in a research report on Monday, July 25th. Credit Suisse Group AG restated a buy rating and set a $115.00 price objective on shares of PPG Industries in a research report on Tuesday, August 9th. Finally, Longbow Research upgraded shares of PPG Industries from a neutral rating to a buy rating and set a $130.00 price objective for the company in a research report on Thursday, June 23rd. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $121.17.
PPG Industries (NYSE:PPG) opened at 101.26 on Friday. PPG Industries has a one year low of $82.93 and a one year high of $117.00. The firm’s 50-day moving average is $104.35 and its 200 day moving average is $107.33. The company has a market capitalization of $26.96 billion, a PE ratio of 18.71 and a beta of 1.44.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 21st. The company reported $1.85 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.85. The business earned $4.10 billion during the quarter, compared to analysts’ expectations of $4.17 billion. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The company’s quarterly revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.67 earnings per share. On average, equities analysts expect that PPG Industries will post $6.19 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Wednesday, August 10th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.58%. The ex-dividend date was Monday, August 8th. PPG Industries’s payout ratio is 29.57%.
In other news, insider Viktoras R. Sekmakas sold 40,950 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $106.64, for a total value of $4,366,908.00. Following the completion of the transaction, the insider now owns 69,044 shares of the company’s stock, valued at $7,362,852.16. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Timothy M. Knavish sold 9,300 shares of PPG Industries stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $104.08, for a total transaction of $967,944.00. Following the completion of the transaction, the vice president now owns 11,806 shares of the company’s stock, valued at approximately $1,228,768.48. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Meeder Asset Management Inc. purchased a new position in shares of PPG Industries during the first quarter worth about $144,000. Invictus RG purchased a new position in shares of PPG Industries during the first quarter worth about $147,000. Cable Hill Partners LLC increased its position in shares of PPG Industries by 1.9% in the second quarter. Cable Hill Partners LLC now owns 1,346 shares of the company’s stock worth $142,000 after buying an additional 25 shares in the last quarter. Nikko Asset Management Americas Inc. purchased a new position in shares of PPG Industries during the first quarter worth about $157,000. Finally, Massmutual Trust Co. FSB ADV increased its position in shares of PPG Industries by 12.9% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,413 shares of the company’s stock worth $158,000 after buying an additional 162 shares in the last quarter. Institutional investors own 73.04% of the company’s stock.
PPG Industries Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for PPG Industries Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PPG Industries Inc. and related companies with MarketBeat.com's FREE daily email newsletter.