PPG Industries, Inc. (NYSE:PPG) – Stock analysts at Jefferies Financial Group reduced their Q2 2020 earnings estimates for PPG Industries in a research note issued on Thursday, January 16th. Jefferies Financial Group analyst L. Alexander now expects that the specialty chemicals company will post earnings per share of $1.93 for the quarter, down from their previous estimate of $1.95. Jefferies Financial Group also issued estimates for PPG Industries’ Q3 2020 earnings at $1.72 EPS, Q4 2020 earnings at $1.64 EPS, FY2022 earnings at $8.05 EPS and FY2023 earnings at $9.00 EPS.
PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, January 16th. The specialty chemicals company reported $1.31 EPS for the quarter, missing the Zacks’ consensus estimate of $1.34 by ($0.03). The firm had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.67 billion. PPG Industries had a return on equity of 28.55% and a net margin of 8.21%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the business posted $1.15 earnings per share.
Other equities analysts also recently issued reports about the company. Berenberg Bank began coverage on PPG Industries in a research note on Wednesday, November 6th. They issued a “buy” rating and a $150.00 target price for the company. UBS Group lifted their target price on PPG Industries from $135.00 to $140.00 and gave the company a “buy” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. upgraded PPG Industries from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $108.00 to $120.00 in a research note on Friday, October 18th. Goldman Sachs Group downgraded PPG Industries from a “conviction-buy” rating to a “buy” rating in a research note on Monday, November 18th. Finally, Deutsche Bank lifted their target price on PPG Industries from $135.00 to $148.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $130.56.
NYSE:PPG opened at $128.49 on Monday. The company has a market capitalization of $30.38 billion, a price-to-earnings ratio of 24.66, a price-to-earnings-growth ratio of 2.08 and a beta of 1.24. PPG Industries has a one year low of $100.90 and a one year high of $134.36. The stock has a 50-day simple moving average of $131.14 and a 200 day simple moving average of $121.91. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.02 and a current ratio of 1.41.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Stockholders of record on Tuesday, January 21st will be given a dividend of $0.51 per share. The ex-dividend date is Thursday, February 20th. This represents a $2.04 annualized dividend and a dividend yield of 1.59%. PPG Industries’s dividend payout ratio is presently 32.80%.
In other news, CEO Michael H. Mcgarry sold 30,450 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $130.00, for a total transaction of $3,958,500.00. Following the completion of the transaction, the chief executive officer now directly owns 149,884 shares in the company, valued at $19,484,920. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.37% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of PPG. FMR LLC boosted its position in shares of PPG Industries by 27.8% during the first quarter. FMR LLC now owns 169,739 shares of the specialty chemicals company’s stock worth $19,158,000 after buying an additional 36,888 shares during the period. Man Group plc boosted its position in shares of PPG Industries by 22.8% during the second quarter. Man Group plc now owns 38,469 shares of the specialty chemicals company’s stock worth $4,490,000 after buying an additional 7,148 shares during the period. AQR Capital Management LLC boosted its position in shares of PPG Industries by 191.3% during the second quarter. AQR Capital Management LLC now owns 180,052 shares of the specialty chemicals company’s stock worth $20,852,000 after buying an additional 118,236 shares during the period. Morgan Stanley boosted its position in shares of PPG Industries by 19.8% during the second quarter. Morgan Stanley now owns 813,175 shares of the specialty chemicals company’s stock worth $94,906,000 after buying an additional 134,654 shares during the period. Finally, Point72 Asset Management L.P. bought a new stake in PPG Industries during the second quarter worth approximately $6,060,000. Institutional investors and hedge funds own 77.07% of the company’s stock.
About PPG Industries
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.
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