PPG Industries (NYSE:PPG) Posts Quarterly Earnings Results, Misses Estimates By $0.09 EPS

by · The Markets Daily

PPG Industries (NYSE:PPG – Get Free Report) released its quarterly earnings results on Tuesday. The specialty chemicals company reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.09), Zacks reports. PPG Industries had a net margin of 6.35% and a return on equity of 23.61%.

PPG Industries Trading Down 2.0%

Shares of PPG traded down $2.28 during trading hours on Tuesday, hitting $110.37. 2,857,470 shares of the stock were exchanged, compared to its average volume of 2,104,351. PPG Industries has a fifty-two week low of $90.24 and a fifty-two week high of $124.54. The business has a 50-day moving average of $103.68 and a 200-day moving average of $105.50. The firm has a market capitalization of $24.77 billion, a P/E ratio of 25.03, a price-to-earnings-growth ratio of 3.32 and a beta of 1.17. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.47 and a quick ratio of 1.08.

PPG Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Stockholders of record on Friday, February 20th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, February 20th. PPG Industries’s dividend payout ratio is currently 64.40%.

Insider Buying and Selling

In other PPG Industries news, CFO Vincent J. Morales sold 5,200 shares of the stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $110.00, for a total transaction of $572,000.00. Following the completion of the sale, the chief financial officer directly owned 28,439 shares in the company, valued at approximately $3,128,290. This trade represents a 15.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On PPG Industries

A number of hedge funds have recently added to or reduced their stakes in the company. Quarry LP bought a new stake in shares of PPG Industries during the third quarter valued at approximately $26,000. Chapman Financial Group LLC bought a new stake in PPG Industries during the 2nd quarter valued at $71,000. Caitong International Asset Management Co. Ltd bought a new stake in PPG Industries during the 3rd quarter valued at $72,000. MUFG Securities EMEA plc acquired a new position in PPG Industries during the second quarter worth $76,000. Finally, Johnson Financial Group Inc. lifted its stake in shares of PPG Industries by 87.8% in the third quarter. Johnson Financial Group Inc. now owns 922 shares of the specialty chemicals company’s stock valued at $97,000 after buying an additional 431 shares in the last quarter. Institutional investors and hedge funds own 81.86% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PPG shares. Wells Fargo & Company decreased their price target on PPG Industries from $132.00 to $130.00 and set an “overweight” rating on the stock in a research report on Thursday, October 30th. Bank of America reduced their price objective on shares of PPG Industries from $118.00 to $116.00 and set a “neutral” rating on the stock in a research note on Thursday, January 8th. Berenberg Bank dropped their target price on shares of PPG Industries from $131.00 to $110.00 and set a “hold” rating for the company in a research report on Thursday, December 4th. Zacks Research upgraded shares of PPG Industries from a “strong sell” rating to a “hold” rating in a research report on Friday. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of PPG Industries in a research note on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, PPG Industries presently has an average rating of “Moderate Buy” and a consensus price target of $120.86.

Read Our Latest Report on PPG Industries

About PPG Industries

(Get Free Report)

PPG Industries is a global supplier of paints, coatings and specialty materials that serves industrial, transportation, consumer and construction markets. Founded in 1883 as the Pittsburgh Plate Glass Company, PPG has evolved from its origins in glass manufacturing into a diversified coatings and materials company headquartered in Pittsburgh, Pennsylvania. The company develops and manufactures a broad array of products used to protect and enhance surfaces, from consumer paints to highly engineered coatings for demanding industrial applications.

PPG’s product portfolio includes architectural and decorative paints, automotive original equipment and refinish coatings, industrial coatings for machinery and equipment, protective and marine coatings, aerospace and defense coatings, and packaging coatings and materials.

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