PPG Industries (NYSE:PPG) posted its quarterly earnings results on Thursday. The specialty chemicals company reported $1.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.18 by $0.01, Bloomberg Earnings reports. PPG Industries had a net margin of 12.21% and a return on equity of 27.85%. The firm had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.61 billion. During the same quarter in the prior year, the business posted $1.19 earnings per share. The company’s quarterly revenue was up 7.8% compared to the same quarter last year.
PPG Industries (NYSE:PPG) traded up $3.91 on Friday, hitting $118.41. 3,735,200 shares of the stock traded hands, compared to its average volume of 1,702,175. PPG Industries has a twelve month low of $96.00 and a twelve month high of $122.07. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.65 and a quick ratio of 1.26. The company has a market capitalization of $30,070.00, a PE ratio of 21.73, a P/E/G ratio of 2.02 and a beta of 1.60.
The business also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.52%. PPG Industries’s dividend payout ratio (DPR) is currently 33.03%.
Several research analysts recently issued reports on the stock. Atlantic Securities lowered shares of PPG Industries from an “overweight” rating to a “neutral” rating in a research report on Wednesday. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $120.00 price target on shares of PPG Industries in a research report on Friday. Raymond James Financial assumed coverage on shares of PPG Industries in a research report on Tuesday, December 19th. They issued an “outperform” rating and a $139.00 price target for the company. Robert W. Baird increased their price target on shares of PPG Industries from $115.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, October 20th. Finally, Wells Fargo & Co reissued a “market perform” rating and issued a $120.00 price target (up previously from $110.00) on shares of PPG Industries in a research report on Tuesday, November 28th. They noted that the move was a valuation call. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. PPG Industries has a consensus rating of “Hold” and an average price target of $123.19.
PPG Industries announced that its board has approved a stock buyback plan on Thursday, December 14th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
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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.
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