PPG Industries (NYSE:PPG) Announces Quarterly Earnings Results

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

PPG Industries Stock Down 3.1 %

PPG stock opened at $130.90 on Monday. PPG Industries has a twelve month low of $120.32 and a twelve month high of $152.89. The company has a quick ratio of 1.05, a current ratio of 1.47 and a debt-to-equity ratio of 0.72. The firm has a market cap of $30.81 billion, a PE ratio of 22.11, a price-to-earnings-growth ratio of 1.56 and a beta of 1.28. The business has a 50 day moving average of $140.36 and a 200 day moving average of $138.99.

PPG Industries Announces Dividend

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

Insider Activity at PPG Industries

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 stock was sold at an average price of $140.94, for a total transaction 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 filing with the SEC, which can be accessed through this link. 0.56% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quarry LP purchased a new stake in PPG Industries during the 2nd quarter valued at $29,000. Harbour Investments Inc. boosted its stake in PPG Industries by 84.9% during the 1st quarter. Harbour Investments Inc. now owns 220 shares of the specialty chemicals company’s stock valued at $29,000 after purchasing an additional 101 shares during the last quarter. Clear Street Markets LLC purchased a new stake in PPG Industries during the 4th quarter valued at $30,000. Parkside Financial Bank & Trust boosted its stake in PPG Industries by 45.8% during the 1st quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock valued at $36,000 after purchasing an additional 87 shares during the last quarter. Finally, Clarity Asset Management Inc. purchased a new stake in PPG Industries during the 4th quarter valued at $42,000. Institutional investors own 81.86% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Royal Bank of Canada dropped their price objective on PPG Industries from $158.00 to $156.00 and set a “sector perform” rating for the company in a report on Monday, January 22nd. Wells Fargo & Company upgraded PPG Industries from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $150.00 to $163.00 in a report on Thursday, April 11th. Wolfe Research assumed coverage on PPG Industries in a research report on Friday, March 1st. They issued a “peer perform” rating for the company. KeyCorp decreased their target price on PPG Industries from $167.00 to $164.00 and set an “overweight” rating for the company in a research report on Tuesday, April 9th. Finally, Citigroup decreased their target price on PPG Industries from $170.00 to $161.00 and set a “buy” rating for the company in a research report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, PPG Industries presently has a consensus rating of “Hold” and a consensus target price of $158.00.

About PPG Industries

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.