PPG Industries (NYSE:PPG) Issues Earnings Results

by · The Cerbat Gem

PPG Industries (NYSE:PPG – Get Free Report) released its quarterly earnings results on Tuesday. The specialty chemicals company reported $1.51 EPS 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%

NYSE:PPG traded down $2.28 during trading hours on Tuesday, reaching $110.37. The company’s stock had a trading volume of 2,808,556 shares, compared to its average volume of 2,040,351. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.08 and a current ratio of 1.47. The firm has a market capitalization of $24.77 billion, a price-to-earnings ratio of 25.03, a PEG ratio of 3.32 and a beta of 1.17. The firm has a 50-day simple moving average of $103.68 and a 200-day simple moving average of $105.50. PPG Industries has a 1 year low of $90.24 and a 1 year high of $124.54.

PPG Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Shareholders of record on Friday, February 20th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, February 20th. This represents a $2.84 annualized dividend and a dividend yield of 2.6%. PPG Industries’s dividend payout ratio (DPR) is 64.40%.

Insider Transactions at PPG Industries

In other news, CFO Vincent J. Morales sold 5,200 shares of the firm’s 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 transaction, the chief financial officer directly owned 28,439 shares of the company’s stock, valued at approximately $3,128,290. This trade represents a 15.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.33% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Hotchkis & Wiley Capital Management LLC grew its position in shares of PPG Industries by 15.7% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 3,946,145 shares of the specialty chemicals company’s stock worth $414,779,000 after buying an additional 535,095 shares during the last quarter. Invesco Ltd. grew its stake in PPG Industries by 2.2% in the third quarter. Invesco Ltd. now owns 3,398,513 shares of the specialty chemicals company’s stock worth $357,218,000 after purchasing an additional 72,692 shares during the period. Amundi increased its stake in shares of PPG Industries by 27.8% in the 3rd quarter. Amundi now owns 1,149,348 shares of the specialty chemicals company’s stock worth $118,981,000 after acquiring an additional 250,255 shares in the last quarter. AQR Capital Management LLC grew its holdings in PPG Industries by 16.3% in the third quarter. AQR Capital Management LLC now owns 753,391 shares of the specialty chemicals company’s stock worth $78,955,000 after purchasing an additional 105,505 shares during the period. Finally, Raymond James Financial Inc. grew its stake in shares of PPG Industries by 3.5% in the 3rd quarter. Raymond James Financial Inc. now owns 662,158 shares of the specialty chemicals company’s stock worth $69,599,000 after buying an additional 22,575 shares during the last quarter. Hedge funds and other institutional investors own 81.86% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PPG. JPMorgan Chase & Co. boosted their price target on shares of PPG Industries from $112.00 to $117.00 and gave the company an “overweight” rating in a research report on Friday, November 21st. Citigroup boosted their target price on shares of PPG Industries from $116.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, December 18th. UBS Group cut their price target on PPG Industries from $115.00 to $110.00 and set a “neutral” rating for the company in a report on Thursday, October 30th. Sanford C. Bernstein decreased their price objective on PPG Industries from $129.00 to $123.00 and set an “outperform” rating on the stock in a research note on Monday, November 24th. Finally, BNP Paribas Exane cut their target price on PPG Industries from $113.00 to $112.00 and set a “neutral” rating for the company in a research note on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, PPG Industries presently has an average rating of “Moderate Buy” and a consensus target price of $120.86.

Read Our Latest Research 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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