PPG Industries (NYSE:PPG) Announces Earnings Results

PPG Industries (NYSE:PPG) announced its quarterly earnings results on Thursday. The specialty chemicals company reported $2.50 earnings per share (EPS) 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 company had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.93 billion. During the same period in the previous year, the business earned $2.25 EPS. PPG Industries’s revenue for the quarter was down 1.6% on a year-over-year basis.

PPG Industries Price Performance

PPG Industries stock opened at $128.04 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.55 and a quick ratio of 1.08. The business has a 50 day simple moving average of $129.62 and a 200-day simple moving average of $136.22. PPG Industries has a 12 month low of $120.32 and a 12 month high of $152.60. The stock has a market capitalization of $30.03 billion, a PE ratio of 21.63, a price-to-earnings-growth ratio of 1.62 and a beta of 1.26.

PPG Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 12th will be given a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a yield of 2.12%. This is a boost from PPG Industries’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Monday, August 12th. PPG Industries’s dividend payout ratio (DPR) is presently 43.92%.

Insider Activity at PPG Industries

In other news, CEO Timothy M. Knavish acquired 2,061 shares of the business’s stock in a transaction on Wednesday, May 8th. The stock was bought at an average price of $133.24 per share, for a total transaction of $274,607.64. Following the transaction, the chief executive officer now owns 35,833 shares in the company, valued at $4,774,388.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.55% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft decreased their target price on PPG Industries from $160.00 to $155.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. Wells Fargo & Company upgraded shares of PPG Industries from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $150.00 to $163.00 in a report on Thursday, April 11th. Evercore ISI downgraded shares of PPG Industries from an “outperform” rating to an “in-line” rating and set a $152.00 target price on the stock. in a research report on Monday, April 22nd. Royal Bank of Canada reduced their price target on shares of PPG Industries from $156.00 to $141.00 and set a “sector perform” rating for the company in a research report on Monday, April 22nd. Finally, KeyCorp decreased their price objective on shares of PPG Industries from $164.00 to $162.00 and set an “overweight” rating for the company in a research note on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $154.14.

PPG Industries declared that its board has initiated a share buyback plan on Thursday, April 18th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to reacquire up to 8.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

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.