Credit Agricole SA Brokers Lower Earnings Estimates for PPG Industries Inc. (PPG)
PPG Industries Inc. (NYSE:PPG) – Investment analysts at Credit Agricole SA dropped their FY2016 earnings estimates for PPG Industries in a report released on Monday. Credit Agricole SA analyst N. Wallin now forecasts that the firm will post earnings of $6.00 per share for the year, down from their prior forecast of $6.15.
Several other equities analysts have also recently commented on the company. Zacks Investment Research cut PPG Industries from a “hold” rating to a “sell” rating in a research report on Monday, August 29th. RBC Capital Markets restated an “outperform” rating and set a $106.00 target price (down from $125.00) on shares of PPG Industries in a research report on Wednesday. Credit Suisse Group AG restated a “buy” rating and set a $115.00 target price on shares of PPG Industries in a research report on Tuesday, August 9th. Jefferies Group restated a “buy” rating and set a $129.00 target price (up from $127.00) on shares of PPG Industries in a research report on Monday, July 25th. Finally, Longbow Research upgraded PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 target price for the company in a research report on Thursday, June 23rd. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $115.83.
PPG Industries (NYSE:PPG) traded down 1.46% during midday trading on Tuesday, reaching $90.60. The company had a trading volume of 82,977 shares. The company has a 50-day moving average price of $102.43 and a 200-day moving average price of $106.63. PPG Industries has a one year low of $88.37 and a one year high of $117.00. The stock has a market capitalization of $24.13 billion, a price-to-earnings ratio of 16.74 and a beta of 1.47.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 21st. The company reported $1.85 EPS for the quarter, hitting the consensus estimate of $1.85. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The business earned $4.10 billion during the quarter, compared to analysts’ expectations of $4.17 billion. During the same quarter last year, the firm posted $1.67 earnings per share. The firm’s revenue was down .9% on a year-over-year basis.
In related news, VP Timothy M. Knavish sold 9,300 shares of the company’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $104.08, for a total value of $967,944.00. Following the sale, the vice president now owns 11,806 shares in the company, valued at approximately $1,228,768.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 69,044 shares in the company, valued at approximately $7,362,852.16. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.
Several hedge funds have recently bought and sold shares of PPG. Wellington Management Group LLP boosted its position in PPG Industries by 167.3% in the first quarter. Wellington Management Group LLP now owns 1,476,493 shares of the company’s stock valued at $164,615,000 after buying an additional 924,195 shares during the period. Bank of Montreal Can acquired a new position in PPG Industries during the second quarter valued at about $61,750,000. Emerald Acquisition Ltd. acquired a new position in PPG Industries during the second quarter valued at about $52,722,000. Public Employees Retirement Association of Colorado boosted its position in PPG Industries by 744.6% in the second quarter. Public Employees Retirement Association of Colorado now owns 506,068 shares of the company’s stock valued at $52,707,000 after buying an additional 446,151 shares during the period. Finally, RidgeWorth Capital Management LLC boosted its position in PPG Industries by 360.5% in the second quarter. RidgeWorth Capital Management LLC now owns 569,606 shares of the company’s stock valued at $59,536,000 after buying an additional 445,926 shares during the period. 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.
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