Key Points
- PPG Vice President Chancey Hagerty sold 2,500 shares for $317,850, reducing their direct holdings by 20.39% to 9,761 shares.
- PPG reported quarterly EPS of $2.25 and revenue of $4.35 billion, both above analyst expectations; revenue rose 6.6% year over year.
- The company declared a quarterly dividend of $0.74 per share, equivalent to an annualized yield of 2.4%. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $128.29.
PPG Industries, Inc. (NYSE:PPG - Get Free Report) VP Chancey Hagerty sold 2,500 shares of the stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $127.14, for a total value of $317,850.00. Following the transaction, the vice president directly owned 9,761 shares of the company's stock, valued at approximately $1,241,013.54. The trade was a 20.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
PPG Industries Stock Down 3.0%
Shares of PPG stock opened at $123.42 on Friday. PPG Industries, Inc. has a 1 year low of $93.39 and a 1 year high of $133.43. The stock has a market cap of $27.26 billion, a PE ratio of 17.63, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00. The business's fifty day moving average is $109.61 and its 200-day moving average is $112.78. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.58.
PPG Industries (NYSE:PPG - Get Free Report) last posted its quarterly earnings data on Tuesday, October 27th. The specialty chemicals company reported $2.25 EPS for the quarter, topping analysts' consensus estimates of $2.12 by $0.13. The company had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.28 billion. PPG Industries had a return on equity of 20.90% and a net margin of 9.41%. The company's quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.13 EPS. Equities analysts expect that PPG Industries, Inc. will post 7.98 earnings per share for the current fiscal year.
PPG Industries Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Tuesday, November 10th will be issued a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Tuesday, November 10th. PPG Industries's payout ratio is presently 42.29%.
Wall Street Analysts Forecast Growth
Several brokerages have commented on PPG. Barclays boosted their price target on shares of PPG Industries from $136.00 to $137.00 and gave the stock an "overweight" rating in a research report on Thursday, October 29th. Weiss Ratings restated a "hold (c)" rating on shares of PPG Industries in a research report on Monday, September 14th. Bank of America upgraded shares of PPG Industries from a "neutral" rating to a "buy" rating and raised their price objective for the company from $127.00 to $134.00 in a research report on Friday, July 17th. Citigroup lifted their price objective on shares of PPG Industries from $118.00 to $130.00 and gave the stock a "neutral" rating in a research note on Thursday, October 29th. Finally, Sanford C. Bernstein reiterated an "outperform" rating and issued a $137.00 target price on shares of PPG Industries in a report on Thursday, October 29th. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $128.29.
View Our Latest Analysis on PPG
Hedge Funds Weigh In On PPG Industries
A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of PPG Industries during the second quarter valued at $2,856,392,000. State Street Corp boosted its position in shares of PPG Industries by 8.8% in the 2nd quarter. State Street Corp now owns 13,871,116 shares of the specialty chemicals company's stock valued at $1,682,428,000 after purchasing an additional 1,124,109 shares during the period. Pzena Investment Management LLC purchased a new position in PPG Industries in the 2nd quarter worth about $946,964,000. Dimensional Fund Advisors LP increased its stake in PPG Industries by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,925,343 shares of the specialty chemicals company's stock worth $312,613,000 after purchasing an additional 58,411 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in PPG Industries during the 2nd quarter worth about $318,870,000. 81.86% of the stock is currently owned by institutional investors and hedge funds.
PPG Industries Company Profile
(
Get Free Report)
PPG Industries, Inc is a global manufacturer of paints, coatings and specialty materials. The company develops products designed to protect, decorate and improve the performance of surfaces and components used in transportation, construction, manufacturing and consumer products.
Its product portfolio includes automotive and commercial vehicle coatings, aerospace coatings, industrial and protective coatings, architectural paints, packaging coatings, and coatings used in marine and other specialty applications.
Further Reading
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