PPG Industries, Inc. (NYSE:PPG) – Stock analysts at KeyCorp dropped their FY2017 earnings per share estimates for shares of PPG Industries in a research report issued to clients and investors on Wednesday, according to Zacks Investment Research. KeyCorp analyst M. Sison now forecasts that the specialty chemicals company will post earnings per share of $5.85 for the year, down from their previous estimate of $5.95. KeyCorp also issued estimates for PPG Industries’ Q4 2017 earnings at $1.15 EPS and FY2018 earnings at $6.60 EPS.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, January 18th. The specialty chemicals company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.61 billion. PPG Industries had a return on equity of 26.76% and a net margin of 10.98%. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.19 earnings per share.
A number of other equities analysts have also commented on PPG. Zacks Investment Research lowered PPG Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Jefferies Group reissued a “buy” rating and set a $120.00 target price on shares of PPG Industries in a research report on Thursday, October 19th. Credit Suisse Group set a $119.00 target price on PPG Industries and gave the stock a “buy” rating in a research report on Friday, October 20th. Bank of America set a $120.00 target price on PPG Industries and gave the stock a “hold” rating in a research report on Friday, October 20th. Finally, Robert W. Baird lifted their target price on PPG Industries from $115.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, October 20th. Eleven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. PPG Industries currently has a consensus rating of “Hold” and an average target price of $123.35.
PPG Industries (NYSE:PPG) traded down $2.01 during trading on Friday, hitting $115.61. The stock had a trading volume of 1,375,475 shares, compared to its average volume of 1,757,736. The company has a quick ratio of 1.26, a current ratio of 1.65 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $29,419.97, a price-to-earnings ratio of 18.32, a PEG ratio of 2.02 and a beta of 1.58. PPG Industries has a twelve month low of $99.55 and a twelve month high of $122.07.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date is Thursday, February 15th. PPG Industries’s payout ratio is 28.53%.
PPG Industries declared that its Board of Directors has approved a stock repurchase program on Thursday, December 14th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bruderman Asset Management LLC acquired a new stake in PPG Industries during the second quarter valued at approximately $105,000. Cerebellum GP LLC acquired a new stake in PPG Industries during the fourth quarter valued at approximately $128,000. SeaCrest Wealth Management LLC acquired a new stake in PPG Industries during the fourth quarter valued at approximately $132,000. Bristlecone Advisors LLC acquired a new position in shares of PPG Industries in the 3rd quarter worth approximately $179,000. Finally, Ropes Wealth Advisors LLC boosted its holdings in shares of PPG Industries by 5.0% in the 2nd quarter. Ropes Wealth Advisors LLC now owns 1,743 shares of the specialty chemicals company’s stock worth $192,000 after acquiring an additional 83 shares in the last quarter. 75.02% of the stock is currently owned by institutional investors.
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About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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