PPG Industries (PPG) Approves Share Buyback Plan

PPG Industries (NYSE:PPG) declared that its board has approved a share repurchase program, which permits the company to buyback $2.50 billion in outstanding shares on Thursday, December 14th, EventVestor reports. This buyback authorization permits the specialty chemicals company to buy shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Shares of PPG Industries (PPG) traded down $2.43 during midday trading on Friday, hitting $113.82. The company had a trading volume of 1,834,900 shares, compared to its average volume of 1,440,968. The company has a market cap of $29,582.82, a P/E ratio of 19.74, a price-to-earnings-growth ratio of 2.32 and a beta of 1.59. PPG Industries has a 1-year low of $93.80 and a 1-year high of $119.85. The company has a current ratio of 1.65, a quick ratio of 1.26 and a debt-to-equity ratio of 0.68.

PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.52. The business had revenue of $3.78 billion for the quarter, compared to the consensus estimate of $3.75 billion. PPG Industries had a return on equity of 27.85% and a net margin of 12.21%. The business’s revenue was up 3.2% on a year-over-year basis. During the same quarter last year, the business posted $1.56 EPS. equities research analysts forecast that PPG Industries will post 5.89 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 12th. Investors of record on Friday, November 10th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend was Thursday, November 9th. PPG Industries’s dividend payout ratio (DPR) is 26.12%.

A number of research firms have commented on PPG. Jefferies Group reaffirmed a “buy” rating and set a $120.00 target price on shares of PPG Industries in a report on Friday, September 15th. Robert W. Baird increased their target price on PPG Industries from $115.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, October 20th. Wells Fargo & Company reaffirmed a “market perform” rating and set a $120.00 target price (up previously from $110.00) on shares of PPG Industries in a report on Tuesday, November 28th. They noted that the move was a valuation call. Citigroup increased their target price on PPG Industries from $112.00 to $114.00 and gave the stock a “buy” rating in a report on Monday, October 2nd. Finally, Zacks Investment Research downgraded PPG Industries from a “hold” rating to a “sell” rating in a report on Monday, September 25th. Ten investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. PPG Industries presently has an average rating of “Hold” and a consensus price target of $119.40.

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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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