PPG Industries (NYSE:PPG) Announces Earnings Results

PPG Industries (NYSE:PPG) issued its earnings results on Friday. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.86, Yahoo Finance reports. PPG Industries had a net margin of 7.74% and a return on equity of 23.13%. The firm had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.43 billion. During the same quarter last year, the company posted $1.82 earnings per share. PPG Industries’s revenue was down 1.6% on a year-over-year basis.

PPG Industries Trading Down 3.1 %

PPG Industries stock opened at $130.90 on Friday. The company has a 50 day moving average price of $140.36 and a 200 day moving average price of $138.95. PPG Industries has a 52 week low of $120.32 and a 52 week high of $152.89. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.05 and a current ratio of 1.47. The firm has a market capitalization of $30.81 billion, a price-to-earnings ratio of 22.11, a P/E/G ratio of 1.56 and a beta of 1.28.

PPG Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 10th will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date is Thursday, May 9th. PPG Industries’s dividend payout ratio is 43.92%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Redburn Atlantic cut shares of PPG Industries from a “buy” rating to a “neutral” rating and set a $160.00 target price on the stock. in a report on Thursday, February 1st. Citigroup cut their target price on shares of PPG Industries from $170.00 to $161.00 and set a “buy” rating on the stock in a report on Wednesday, April 10th. Wells Fargo & Company upgraded shares of PPG Industries from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $150.00 to $163.00 in a research note on Thursday, April 11th. Barclays lowered shares of PPG Industries from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $163.00 to $149.00 in a research note on Tuesday, February 27th. Finally, Vertical Research upgraded shares of PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, January 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $158.00.

Insider Buying and Selling

In related news, CFO Vincent J. Morales sold 3,400 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $140.94, for a total value of $479,196.00. Following the completion of the transaction, the chief financial officer now owns 28,439 shares of the company’s stock, valued at approximately $4,008,192.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On PPG Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its stake in PPG Industries by 0.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 470,605 shares of the specialty chemicals company’s stock worth $70,380,000 after purchasing an additional 3,684 shares during the period. Sanibel Captiva Trust Company Inc. acquired a new position in PPG Industries in the 4th quarter worth approximately $341,000. DRW Securities LLC acquired a new position in PPG Industries in the 4th quarter worth approximately $205,000. Oarsman Capital Inc. acquired a new stake in shares of PPG Industries during the 4th quarter valued at $262,000. Finally, Clarity Asset Management Inc. acquired a new stake in shares of PPG Industries during the 4th quarter valued at $42,000. Institutional investors and hedge funds own 81.86% of the company’s stock.

PPG Industries Company Profile

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.