PPG Industries (NYSE:PPG) Releases Earnings Results, Beats Estimates By $0.02 EPS

PPG Industries (NYSE:PPG) announced its earnings results on Thursday. The specialty chemicals company reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.48 by $0.02, Briefing.com reports. PPG Industries had a return on equity of 23.50% and a net margin of 7.98%. The firm had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.93 billion. During the same quarter in the previous year, the business earned $2.25 EPS. The company’s revenue was down 1.6% compared to the same quarter last year.

PPG Industries Trading Down 2.8 %

PPG Industries stock opened at $128.04 on Friday. The stock has a market cap of $30.03 billion, a P/E ratio of 21.63, a PEG ratio of 1.62 and a beta of 1.26. PPG Industries has a fifty-two week low of $120.32 and a fifty-two week high of $152.60. The firm’s fifty day moving average price is $129.62 and its 200-day moving average price is $136.22. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.08 and a current ratio of 1.55.

PPG Industries Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 12th will be issued a $0.68 dividend. The ex-dividend date of this dividend is Monday, August 12th. This represents a $2.72 annualized dividend and a dividend yield of 2.12%. This is a boost from PPG Industries’s previous quarterly dividend of $0.65. PPG Industries’s dividend payout ratio is presently 43.92%.

PPG Industries declared that its board has authorized a stock repurchase program on Thursday, April 18th that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the specialty chemicals company to buy up to 8.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PPG shares. Evercore ISI downgraded PPG Industries from an “outperform” rating to an “in-line” rating and set a $152.00 target price on the stock. in a research note on Monday, April 22nd. KeyCorp cut their target price on PPG Industries from $164.00 to $162.00 and set an “overweight” rating on the stock in a research note on Monday, April 22nd. Deutsche Bank Aktiengesellschaft dropped their price objective on PPG Industries from $160.00 to $155.00 and set a “buy” rating on the stock in a research note on Monday, April 22nd. Royal Bank of Canada dropped their price objective on PPG Industries from $156.00 to $141.00 and set a “sector perform” rating on the stock in a research note on Monday, April 22nd. Finally, Barclays dropped their price objective on PPG Industries from $149.00 to $148.00 and set an “equal weight” rating on the stock in a research note on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $154.14.

Insider Transactions at PPG Industries

In other news, CEO Timothy M. Knavish purchased 2,061 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The shares were purchased at an average price of $133.24 per share, with a total value of $274,607.64. Following the completion of the acquisition, the chief executive officer now owns 35,833 shares in the company, valued at approximately $4,774,388.92. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.55% of the company’s stock.

PPG Industries Company Profile

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.