PPG Industries Inc (NYSE:PPG) announced a business-restructuring program that includes actions necessary to achieve cost synergies related to recent acquisitions. In addition, the program aims to further right-size employee headcount and production capacity in certain businesses and regions based on current product demand and in various global administrative functions. A pretax restructuring charge of $135 million to $140 million will be recorded in PPG’s second quarter 2015 financial results, of which about 85 percent represents cash charges. PPG said it expects these restructuring actions will result in full-year pretax savings of $100 million to $105 million by 2017, including 2015 partial-year savings of $15 m illion to $20 million. :theflyonthewall.com
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The company is expected to announce next quarter earnings on April 16, at consensus estimate of $2.34.
PPG Industries Inc (NYSE:PPG) is currently trading 4.47% below its 52-week-high, 32.47% above its 52-week-low. The 12-months range for the stock is $171.56 – $237.9. PPG Industries Inc (PPG) has a price to earnings ratio of 15.34 versus S&P 500 average of 17.42. PPG stock price has underperformed the S&P 500 by 3.8%. The Diversified Chemicals company is currently valued at $31.36 billion and its share price closed the last trading session at $227.27. The stock has a 50-day moving average of $228.61 and a 200-day moving average of $218.36.
PPG Industries Inc (PPG) current short interest stands at 8.45 million shares. It has increased by 641% from the same period of last month. Around 1% of the company’s shares, which are float, are short sold. With a 10-days average volume of 0.69 million shares, the number of days required to cover the short positions stand at 1.3 days.
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There are currently twenty-two analysts that cover PPG stock. Of those twenty-two, fifteen have a Buy rating, six have a Hold rating and one has a Sell rating. On a consensus basis this yields to an Overweight rating. The consensus target price stands at $249.89.
A previous analyst activity consisted of RBC Capital Mkts reiterating their Outperform stance. RBC Capital Mkts decreased price target from $250 to $243. This corresponds to a 6.92% upside from the last closing price. On the date of report, the stock closed at $186.11.
PPG Industries, Inc. supplies products for the manufacturing, construction, automotive, chemical processing, and other industries worldwide. The Company makes protective and decorative coatings, flat glass, fabricated glass products, continuous-strand fiber glass products, and industrial and specialty chemicals.