Zacks Investment Research upgraded shares of PPG Industries (NYSE:PPG) from a sell rating to a hold rating in a research report sent to investors on Monday, November 27th.
According to Zacks, “Earnings estimates for PPG Industries for the fourth quarter have been stable over the past month. PPG Industries is taking steps for growing organically as well as cutting costs. The company also remains committed to deploy cash on acquisitions and share repurchases. However, PPG Industries has underperformed the industry it belongs to over a year. PPG Industries faces macroeconomic challenges. Some of its end-markets including marine still remain sluggish. It is also exposed to raw materials cost pressure, which is affecting margins. Moreover, PPG Industries faces headwinds from recent natural disasters which may continue to affect sales volume and margins in the fourth quarter.”
A number of other equities research analysts have also recently weighed in on the stock. Citigroup lifted their price target on shares of PPG Industries from $114.00 to $127.00 and gave the company a neutral rating in a research report on Wednesday, October 25th. Robert W. Baird lifted their price objective on shares of PPG Industries from $115.00 to $130.00 and gave the company an outperform rating in a report on Friday, October 20th. Bank of America set a $120.00 price objective on shares of PPG Industries and gave the company a hold rating in a report on Friday, October 20th. Credit Suisse Group set a $119.00 price objective on shares of PPG Industries and gave the company a buy rating in a report on Friday, October 20th. Finally, Jefferies Group restated a buy rating and issued a $120.00 price objective on shares of PPG Industries in a report on Thursday, October 19th. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $119.40.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.52. PPG Industries had a net margin of 12.21% and a return on equity of 27.85%. The business had revenue of $3.78 billion during the quarter, compared to analysts’ expectations of $3.75 billion. During the same period last year, the business earned $1.56 earnings per share. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. analysts anticipate that PPG Industries will post 5.9 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 12th. Investors of record on Friday, November 10th will be given a $0.45 dividend. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $1.80 annualized dividend and a yield of 1.54%. PPG Industries’s dividend payout ratio (DPR) is 26.12%.
Hedge funds have recently added to or reduced their stakes in the stock. Harbour Capital Advisors LLC increased its stake in PPG Industries by 10,896.0% in the 2nd quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock valued at $100,000 after buying an additional 10,896 shares during the period. Bruderman Asset Management LLC acquired a new position in shares of PPG Industries during the 2nd quarter worth $105,000. State of Alaska Department of Revenue acquired a new position in shares of PPG Industries during the 2nd quarter worth $113,000. First Interstate Bank grew its stake in shares of PPG Industries by 3.1% during the 2nd quarter. First Interstate Bank now owns 1,157 shares of the specialty chemicals company’s stock worth $127,000 after purchasing an additional 35 shares during the period. Finally, Global X Management Co. LLC grew its stake in shares of PPG Industries by 9.2% during the 2nd quarter. Global X Management Co. LLC now owns 1,288 shares of the specialty chemicals company’s stock worth $142,000 after purchasing an additional 108 shares during the period. Hedge funds and other institutional investors own 75.09% of the company’s stock.
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About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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