PPG Industries (NYSE:PPG) Shares Gap Down After Earnings Miss

PPG Industries, Inc. (NYSE:PPG) gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $122.75, but opened at $115.00. PPG Industries shares last traded at $116.56, with a volume of 373,291 shares traded.

The specialty chemicals company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.65 by ($0.04). PPG Industries had a return on equity of 23.63% and a net margin of 8.24%.

PPG Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be paid a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Friday, February 21st. PPG Industries’s dividend payout ratio is currently 43.11%.

Analyst Upgrades and Downgrades

A number of research firms have commented on PPG. JPMorgan Chase & Co. cut their price objective on shares of PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a report on Friday, October 18th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $155.00 price target (down previously from $160.00) on shares of PPG Industries in a report on Monday, October 21st. Citigroup reduced their price objective on PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a research report on Wednesday, December 18th. Mizuho cut their target price on PPG Industries from $160.00 to $150.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Finally, Royal Bank of Canada lowered their price target on shares of PPG Industries from $138.00 to $136.00 and set a “sector perform” rating on the stock in a research report on Tuesday, October 22nd. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, PPG Industries presently has an average rating of “Moderate Buy” and a consensus target price of $149.23.

Institutional Investors Weigh In On PPG Industries

Hedge funds have recently bought and sold shares of the stock. Legend Financial Advisors Inc. purchased a new stake in shares of PPG Industries during the fourth quarter worth approximately $27,000. Pin Oak Investment Advisors Inc. grew its holdings in PPG Industries by 465.1% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 243 shares of the specialty chemicals company’s stock worth $32,000 after acquiring an additional 200 shares in the last quarter. Capital Performance Advisors LLP purchased a new stake in shares of PPG Industries in the 3rd quarter valued at approximately $34,000. Hara Capital LLC acquired a new stake in shares of PPG Industries in the 3rd quarter valued at $40,000. Finally, Albion Financial Group UT purchased a new stake in shares of PPG Industries during the 4th quarter worth $38,000. Institutional investors and hedge funds own 81.86% of the company’s stock.

PPG Industries Trading Down 5.2 %

The stock has a market cap of $26.98 billion, a price-to-earnings ratio of 18.43, a P/E/G ratio of 1.94 and a beta of 1.24. The business’s 50 day moving average is $121.25 and its 200 day moving average is $124.56. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13.

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.