PPG Industries Inc. (PPG) Rating Increased to Hold at Zacks Investment Research

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PPG Industries Inc. (NYSE:PPG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “PPG Industries' adjusted earnings for the second quarter of 2016 beat the Zacks Consensus Estimate while revenues missed expectations. The company is taking steps for growing organically as well as cutting costs. It also remains on track to deploy cash through acquisitions or share repurchases. However, unfavorable currency translation weighed on net sales in the second quarter. The company faces significant currency headwind and macroeconomic challenges. Moreover, some of its end-markets including heavy-duty equipment and marine still remain sluggish. The company is also exposed to volatility in raw materials and energy costs.”
PPG has been the topic of several other reports. Morgan Stanley reiterated a “hold” rating on shares of PPG Industries in a research report on Thursday, June 16th. Jefferies Group reiterated a “buy” rating on shares of PPG Industries in a research report on Wednesday, July 6th. Longbow Research upgraded shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price target on the stock in a research report on Thursday, June 23rd. Credit Suisse Group AG reiterated a “buy” rating and issued a $115.00 price target on shares of PPG Industries in a research report on Tuesday, August 9th. Finally, JPMorgan Chase & Co. reiterated a “buy” rating and issued a $120.00 price target on shares of PPG Industries in a research report on Friday, June 17th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $121.17.

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PPG Industries (NYSE:PPG) traded down 3.65% during mid-day trading on Friday, reaching $101.46. 1,706,937 shares of the company traded hands. The stock has a market capitalization of $27.02 billion, a PE ratio of 18.75 and a beta of 1.44. The stock has a 50-day moving average of $105.53 and a 200 day moving average of $107.02. PPG Industries has a 52-week low of $82.93 and a 52-week high of $117.00.
PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, July 21st. The company reported $1.85 EPS for the quarter, meeting the consensus estimate of $1.85. The business had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.17 billion. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The company’s quarterly revenue was down .9% on a year-over-year basis. During the same period in the prior year, the business earned $1.67 earnings per share. Equities research analysts expect that PPG Industries will post $6.19 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 12th. Stockholders of record on Wednesday, August 10th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.52%. The ex-dividend date is Monday, August 8th. PPG Industries’s payout ratio is currently 29.57%.
In other news, insider Viktoras R. Sekmakas sold 40,950 shares of the stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $106.64, for a total value of $4,366,908.00. Following the completion of the sale, the insider now owns 69,044 shares of the company’s stock, valued at $7,362,852.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Timothy M. Knavish sold 9,300 shares of the stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $104.08, for a total transaction of $967,944.00. Following the completion of the sale, the vice president now directly owns 11,806 shares of the company’s stock, valued at approximately $1,228,768.48. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by insiders.
Other large investors have added to or reduced their stakes in the company. State Street Corp raised its stake in PPG Industries by 3.3% in the first quarter. State Street Corp now owns 11,616,213 shares of the company’s stock worth $1,295,100,000 after buying an additional 368,260 shares during the last quarter. TIAA CREF Investment Management LLC raised its stake in PPG Industries by 16.0% in the first quarter. TIAA CREF Investment Management LLC now owns 3,775,963 shares of the company’s stock worth $420,982,000 after buying an additional 519,857 shares during the last quarter. Norges Bank purchased a new stake in PPG Industries during the fourth quarter worth $222,942,000. Geode Capital Management LLC raised its stake in PPG Industries by 1.3% in the first quarter. Geode Capital Management LLC now owns 2,065,616 shares of the company’s stock worth $229,806,000 after buying an additional 26,981 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in PPG Industries by 33.5% in the second quarter. American Century Companies Inc. now owns 1,736,674 shares of the company’s stock worth $180,875,000 after buying an additional 435,308 shares during the last quarter. 73.22% of the stock is owned by institutional investors.
About PPG Industries
PPG Industries, Inc (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses.
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