Equities analysts predict that PPG Industries, Inc. (NYSE:PPG) will announce sales of $2.82 billion for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for PPG Industries’ earnings. The lowest sales estimate is $2.67 billion and the highest is $3.01 billion. PPG Industries posted sales of $4.02 billion during the same quarter last year, which would indicate a negative year over year growth rate of 29.9%. The business is scheduled to issue its next earnings report on Thursday, July 16th.
On average, analysts expect that PPG Industries will report full-year sales of $12.94 billion for the current year, with estimates ranging from $12.43 billion to $13.30 billion. For the next year, analysts forecast that the company will post sales of $14.36 billion, with estimates ranging from $13.69 billion to $15.25 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for PPG Industries.
PPG Industries (NYSE:PPG) last released its quarterly earnings results on Monday, April 27th. The specialty chemicals company reported $1.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.02. PPG Industries had a net margin of 7.88% and a return on equity of 27.56%. The business had revenue of $3.38 billion for the quarter, compared to analyst estimates of $3.42 billion. During the same quarter in the previous year, the business earned $1.38 earnings per share. The firm’s revenue was down 6.8% compared to the same quarter last year.
Several research firms have weighed in on PPG. BMO Capital Markets upgraded shares of PPG Industries from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $121.00 to $125.00 in a research note on Tuesday. Cfra reiterated a “hold” rating and issued a $99.00 price objective (down previously from $114.00) on shares of PPG Industries in a research note on Tuesday, April 28th. Morgan Stanley upped their price objective on shares of PPG Industries from $95.00 to $105.00 and gave the company an “equal weight” rating in a research note on Thursday, June 25th. Credit Suisse Group dropped their price objective on shares of PPG Industries from $126.00 to $103.00 and set a “neutral” rating on the stock in a research note on Friday, April 24th. Finally, Zacks Investment Research upgraded shares of PPG Industries from a “sell” rating to a “hold” rating and set a $95.00 price objective on the stock in a research note on Friday, March 27th. Eleven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $111.95.
Shares of PPG stock traded up $1.58 during trading hours on Friday, reaching $105.52. 36,686 shares of the stock traded hands, compared to its average volume of 1,630,712. PPG Industries has a 1-year low of $69.77 and a 1-year high of $134.36. The business has a fifty day moving average price of $100.33 and a 200 day moving average price of $107.80. The company has a quick ratio of 1.00, a current ratio of 1.36 and a debt-to-equity ratio of 1.11. The firm has a market capitalization of $24.52 billion, a PE ratio of 21.13, a PEG ratio of 2.50 and a beta of 1.26.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Monday, May 11th were issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 1.93%. The ex-dividend date was Friday, May 8th. PPG Industries’s dividend payout ratio is currently 32.80%.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC increased its position in shares of PPG Industries by 27.8% during the 1st quarter. FMR LLC now owns 169,739 shares of the specialty chemicals company’s stock worth $19,158,000 after purchasing an additional 36,888 shares in the last quarter. Quadrant Capital Group LLC increased its position in PPG Industries by 20.9% in the 4th quarter. Quadrant Capital Group LLC now owns 1,439 shares of the specialty chemicals company’s stock valued at $183,000 after acquiring an additional 249 shares in the last quarter. Victory Capital Management Inc. increased its position in PPG Industries by 6.7% in the 4th quarter. Victory Capital Management Inc. now owns 141,743 shares of the specialty chemicals company’s stock valued at $18,921,000 after acquiring an additional 8,879 shares in the last quarter. Rockefeller Capital Management L.P. increased its position in PPG Industries by 38.8% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,346 shares of the specialty chemicals company’s stock valued at $179,000 after acquiring an additional 376 shares in the last quarter. Finally, National Asset Management Inc. increased its position in PPG Industries by 109.5% in the 4th quarter. National Asset Management Inc. now owns 4,322 shares of the specialty chemicals company’s stock valued at $578,000 after acquiring an additional 2,259 shares in the last quarter. 76.91% of the stock is owned by institutional investors and hedge funds.
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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