KeyCorp Analysts Reduce Earnings Estimates for PPG Industries, Inc. (PPG)

PPG Industries, Inc. (NYSE:PPG) – Stock analysts at KeyCorp lowered their Q3 2017 EPS estimates for shares of PPG Industries in a report issued on Monday. KeyCorp analyst M. Sison now anticipates that the specialty chemicals company will post earnings per share of $1.50 for the quarter, down from their previous estimate of $1.60. KeyCorp has a “Buy” rating and a $125.00 price objective on the stock. KeyCorp also issued estimates for PPG Industries’ FY2017 earnings at $5.95 EPS.

PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, hitting the consensus estimate of $1.83. The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.92 billion. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The company’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.73 earnings per share.

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A number of other brokerages have also weighed in on PPG. BidaskClub upgraded PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Credit Suisse Group restated an “outperform” rating and issued a $114.00 target price (up from $109.00) on shares of PPG Industries in a research note on Monday, July 17th. They noted that the move was a valuation call. Argus upgraded PPG Industries from a “hold” rating to a “buy” rating and raised their target price for the company from $110.61 to $136.00 in a research note on Wednesday, July 5th. Jefferies Group LLC restated a “buy” rating and issued a $120.00 target price on shares of PPG Industries in a research note on Thursday, July 6th. Finally, Zacks Investment Research lowered PPG Industries from a “hold” rating to a “sell” rating in a research note on Monday, September 25th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $115.67.

PPG Industries (PPG) opened at 113.40 on Wednesday. PPG Industries has a 52-week low of $89.64 and a 52-week high of $114.15. The company has a market cap of $29.08 billion, a price-to-earnings ratio of 29.83 and a beta of 1.55. The stock’s 50 day moving average is $107.75 and its 200 day moving average is $107.59.

Several large investors have recently added to or reduced their stakes in the company. Investment Partners Ltd. OH ADV lifted its holdings in shares of PPG Industries by 0.3% during the 2nd quarter. Investment Partners Ltd. OH ADV now owns 2,485 shares of the specialty chemicals company’s stock valued at $273,000 after purchasing an additional 7 shares in the last quarter. Sigma Planning Corp raised its position in PPG Industries by 0.3% in the 2nd quarter. Sigma Planning Corp now owns 4,069 shares of the specialty chemicals company’s stock valued at $447,000 after buying an additional 12 shares during the last quarter. Sullivan Bruyette Speros & Blaney LLC raised its position in PPG Industries by 0.4% in the 2nd quarter. Sullivan Bruyette Speros & Blaney LLC now owns 3,165 shares of the specialty chemicals company’s stock valued at $348,000 after buying an additional 12 shares during the last quarter. Balasa Dinverno & Foltz LLC raised its position in PPG Industries by 1.6% in the 2nd quarter. Balasa Dinverno & Foltz LLC now owns 2,027 shares of the specialty chemicals company’s stock valued at $223,000 after buying an additional 31 shares during the last quarter. Finally, First Interstate Bank raised its position in PPG Industries by 3.1% in the 2nd quarter. First Interstate Bank now owns 1,157 shares of the specialty chemicals company’s stock valued at $127,000 after buying an additional 35 shares during the last quarter. Institutional investors and hedge funds own 73.92% of the company’s stock.

In other news, VP Glenn E. Bost II sold 19,812 shares of PPG Industries stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $100.80, for a total transaction of $1,997,049.60. Following the transaction, the vice president now owns 52,748 shares in the company, valued at approximately $5,316,998.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Viktoras R. Sekmakas sold 18,616 shares of PPG Industries stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $102.49, for a total value of $1,907,953.84. Following the transaction, the insider now owns 15,545 shares in the company, valued at approximately $1,593,207.05. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.

About PPG Industries

PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.

Earnings History and Estimates for PPG Industries (NYSE:PPG)

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