Brokerages predict that PPG Industries, Inc. (NYSE:PPG) will announce sales of $3.73 billion for the current quarter, Zacks reports. Five analysts have issued estimates for PPG Industries’ earnings, with the highest sales estimate coming in at $3.81 billion and the lowest estimate coming in at $3.65 billion. PPG Industries posted sales of $3.57 billion in the same quarter last year, which would indicate a positive year over year growth rate of 4.5%. The business is expected to report its next quarterly earnings results on Thursday, April 19th.
On average, analysts expect that PPG Industries will report full year sales of $3.73 billion for the current fiscal year, with estimates ranging from $14.83 billion to $16.02 billion. For the next fiscal year, analysts forecast that the firm will report sales of $16.02 billion per share, with estimates ranging from $14.99 billion to $16.89 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for PPG Industries.
PPG Industries (NYSE:PPG) last issued its earnings results 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 company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.61 billion. PPG Industries had a net margin of 10.98% and a return on equity of 26.76%. PPG Industries’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.19 earnings per share.
A number of equities research analysts have recently issued reports on the stock. Northcoast Research reissued a “buy” rating and issued a $128.00 price target on shares of PPG Industries in a research note on Friday, January 19th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $120.00 price target on shares of PPG Industries in a research note on Friday, January 19th. Zacks Investment Research raised shares of PPG Industries from a “sell” rating to a “hold” rating in a research note on Thursday, January 4th. Jefferies Group reissued a “buy” rating and issued a $135.00 price target on shares of PPG Industries in a research note on Wednesday, January 3rd. Finally, Citigroup boosted their price target on shares of PPG Industries from $114.00 to $127.00 and gave the company a “neutral” rating in a research note on Wednesday, October 25th. Eleven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $123.75.
A number of institutional investors and hedge funds have recently made changes to their positions in PPG. Lord Abbett & CO. LLC increased its stake in PPG Industries by 5.8% during the 2nd quarter. Lord Abbett & CO. LLC now owns 265,900 shares of the specialty chemicals company’s stock worth $29,238,000 after buying an additional 14,500 shares during the period. Intl Fcstone Inc. acquired a new position in PPG Industries during the 2nd quarter worth approximately $371,000. Burgundy Asset Management Ltd. grew its holdings in PPG Industries by 0.3% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 299,436 shares of the specialty chemicals company’s stock worth $32,926,000 after acquiring an additional 812 shares in the last quarter. Shell Asset Management Co. grew its holdings in PPG Industries by 32.8% during the 3rd quarter. Shell Asset Management Co. now owns 20,445 shares of the specialty chemicals company’s stock worth $4,022,000 after acquiring an additional 5,048 shares in the last quarter. Finally, PGGM Investments grew its holdings in PPG Industries by 66.2% during the 3rd quarter. PGGM Investments now owns 425,167 shares of the specialty chemicals company’s stock worth $46,199,000 after acquiring an additional 169,299 shares in the last quarter. 73.53% of the stock is currently owned by hedge funds and other institutional investors.
PPG Industries (NYSE:PPG) traded up $2.10 during trading on Friday, hitting $117.50. 571,539 shares of the stock were exchanged, compared to its average volume of 1,673,733. The stock has a market cap of $29,026.13, a P/E ratio of 18.29, a price-to-earnings-growth ratio of 2.03 and a beta of 1.58. PPG Industries has a twelve month low of $100.34 and a twelve month high of $122.07. The company has a quick ratio of 1.22, a current ratio of 1.66 and a debt-to-equity ratio of 0.73.
PPG Industries announced that its Board of Directors has authorized a stock repurchase program on Thursday, December 14th that allows the company to buyback $2.50 billion in outstanding shares. This buyback authorization allows the specialty chemicals company to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend is Thursday, February 15th. PPG Industries’s payout ratio is currently 28.53%.
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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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