Jefferies Group Comments on PPG Industries Inc.’s Q3 2016 Earnings (PPG)
PPG Industries Inc. (NYSE:PPG) – Jefferies Group lowered their Q3 2016 earnings estimates for shares of PPG Industries in a research note issued on Wednesday. Jefferies Group analyst L. Alexander now anticipates that the firm will post earnings of $1.71 per share for the quarter, down from their prior forecast of $1.80. Jefferies Group currently has a “Buy” rating and a $129.00 target price on the stock. Jefferies Group also issued estimates for PPG Industries’ Q4 2016 earnings at $1.22 EPS and Q4 2017 earnings at $1.36 EPS.
PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.85. The business earned $4.10 billion during the quarter, compared to the consensus estimate of $4.17 billion. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The business’s revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.67 EPS.
Other equities research analysts have also issued reports about the company. Seaport Global Securities raised PPG Industries from an “accumulate” rating to a “buy” rating and increased their target price for the stock from $125.00 to $130.00 in a research report on Tuesday, July 26th. Zacks Investment Research lowered PPG Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, July 12th. JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $120.00 target price on shares of PPG Industries in a research report on Friday, June 17th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of PPG Industries in a research report on Wednesday, June 15th. Finally, Longbow Research raised PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price target for the company in a research note on Thursday, June 23rd. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. PPG Industries has a consensus rating of “Buy” and an average price target of $121.17.
PPG Industries (NYSE:PPG) opened at 93.73 on Friday. The firm has a market cap of $24.96 billion, a P/E ratio of 17.32 and a beta of 1.47. The company has a 50-day moving average of $103.53 and a 200 day moving average of $106.99. PPG Industries has a 52 week low of $88.37 and a 52 week high of $117.00.
The business also recently declared a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were given a $0.40 dividend. The ex-dividend date of this dividend was Monday, August 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.71%. PPG Industries’s dividend payout ratio (DPR) is 29.57%.
In related news, insider Viktoras R. Sekmakas sold 40,950 shares of the stock in a transaction on Tuesday, July 26th. The stock was 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 in the company, valued at approximately $7,362,852.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Timothy M. Knavish sold 9,300 shares of the stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $104.08, for a total value 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 owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Cable Hill Partners LLC increased its stake 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 valued at $142,000 after buying an additional 25 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of PPG Industries during the first quarter valued at about $144,000. Invictus RG acquired a new stake in shares of PPG Industries during the first quarter valued at about $147,000. Nikko Asset Management Americas Inc. acquired a new stake in shares of PPG Industries during the first quarter valued at about $157,000. Finally, Massmutual Trust Co. FSB ADV increased its stake 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 valued at $158,000 after buying an additional 162 shares in the last quarter. Institutional investors and hedge funds own 73.04% of the company’s stock.
About PPG Industries
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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