SunTrust Banks reissued their hold rating on shares of PPG Industries (NYSE:PPG) in a research report sent to investors on Friday morning, The Fly reports. SunTrust Banks currently has a $123.00 price objective on the specialty chemicals company’s stock. SunTrust Banks also issued estimates for PPG Industries’ Q4 2019 earnings at $1.44 EPS and FY2021 earnings at $7.48 EPS. The analysts noted that the move was a valuation call.
Several other equities analysts also recently weighed in on PPG. Deutsche Bank raised their price target on shares of Keysight Technologies from $100.00 to $120.00 and gave the stock a buy rating in a research note on Monday, April 22nd. ValuEngine downgraded shares of Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. Buckingham Research raised their price target on shares of United Continental from $111.00 to $120.00 and gave the stock a buy rating in a research note on Tuesday, July 16th. Zacks Investment Research downgraded shares of GENEL ENERGY PL/ADR from a hold rating to a sell rating in a research note on Thursday, July 4th. Finally, Societe Generale started coverage on shares of PPG Industries in a research note on Tuesday, July 9th. They issued a buy rating and a $138.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $123.00.
Shares of NYSE PPG opened at $116.95 on Friday. The firm has a 50-day moving average of $116.01. PPG Industries has a 52-week low of $94.37 and a 52-week high of $121.29. The firm has a market capitalization of $27.74 billion, a price-to-earnings ratio of 19.76, a price-to-earnings-growth ratio of 2.05 and a beta of 1.24. The company has a current ratio of 1.43, a quick ratio of 1.01 and a debt-to-equity ratio of 0.92.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, July 18th. The specialty chemicals company reported $1.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.83 by $0.02. PPG Industries had a net margin of 8.07% and a return on equity of 28.24%. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $4.10 billion. During the same quarter last year, the business earned $1.90 earnings per share. The company’s revenue for the quarter was down 2.6% compared to the same quarter last year. Equities analysts expect that PPG Industries will post 6.33 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 12th will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.74%. This is an increase from PPG Industries’s previous quarterly dividend of $0.48. The ex-dividend date is Friday, August 9th. PPG Industries’s payout ratio is 32.43%.
In related news, VP William E. Schaupp sold 2,500 shares of PPG Industries stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $106.88, for a total value of $267,200.00. Following the completion of the transaction, the vice president now owns 4,389 shares in the company, valued at $469,096.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Victoria F. Haynes sold 674 shares of PPG Industries stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $107.16, for a total transaction of $72,225.84. The disclosure for this sale can be found here. Insiders sold a total of 17,078 shares of company stock worth $1,967,862 over the last three months. Insiders own 0.37% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. American National Bank acquired a new position in shares of PPG Industries in the second quarter valued at approximately $25,000. Paragon Capital Management LLC acquired a new position in shares of PPG Industries in the first quarter valued at approximately $29,000. Capital Financial Planning LLC acquired a new position in shares of PPG Industries in the fourth quarter valued at approximately $31,000. Zions Bancorporation N.A. acquired a new position in shares of PPG Industries in the first quarter valued at approximately $34,000. Finally, Berman Capital Advisors LLC grew its holdings in shares of PPG Industries by 49.5% in the first quarter. Berman Capital Advisors LLC now owns 323 shares of the specialty chemicals company’s stock valued at $36,000 after purchasing an additional 107 shares in the last quarter. Hedge funds and other institutional investors own 78.54% of the company’s stock.
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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