We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
PPG Evaluates Alternatives for Silica Products Business
Read MoreHide Full Article
PPG Industries Inc. (PPG - Free Report) has announced that it selected Morgan Stanley & Co. LLC as a financial advisor to help it evaluate strategic alternatives for its silica products business.
The silica products business, which is part of the company's specialty coatings and materials strategic business unit, manufactures and provides precipitated silica products as performance-enhancing additives to leading manufacturers across the world. In 2023, the business accounted for 1-2% of PPG's overall net sales.
PPG intends to finish its evaluation of strategic alternatives by mid-2024. There is no guarantee that the assessment will result in a transaction or other consequence. PPG does not intend to declare developments or provide updates on the progress or status of the review unless and until it thinks it is appropriate or obliged to do so.
The silica products business is led by around 350 employees and manufactures products in Lake Charles, LA and Delfzijl, the Netherlands. There is also small batch processing at a component of a PPG facility in Barberton, OH, and a portion of a PPG facility in Monroeville, PA, which contains a laboratory, pilot plant and the business's leadership and administrative team offices.
Shares of PPG have gained 10.7% over the past year compared with a 17.9% rise of its industry.
Image Source: Zacks Investment Research
PPG, on its third-quarter call, said that it expects total organic sales to be up or down a low single-digit percent in the fourth quarter. The company's projected adjusted EPS for the fourth quarter is in the range of $1.44-$1.50. For the full year, the company raised its adjusted EPS projection to the band of $7.58-$7.64.
Better-ranked stocks in the basic materials space include The Andersons Inc. (ANDE - Free Report) , Cal-Maine Foods Inc. (CALM - Free Report) and Steel Dynamics Inc. (STLD - Free Report) .
Andersons currently carries a Zacks Rank #1 (Strong Buy). ANDE beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average. The company’s shares have surged 55.8% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
CalMaine Foods currently carries a Zacks Rank #1. CALM beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 131.5%. The company’s shares have inched up 1.6% in the past year.
The Zacks Consensus Estimate for Steel Dynamics’ current-year earnings has been revised upward by 4.3% in the past 60 days. It currently carries a Zacks Rank #1. Steel Dynamics delivered a trailing four-quarter earnings surprise of roughly 6.5%, on average. STLD shares are up around 5.8% in a year.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
PPG Evaluates Alternatives for Silica Products Business
PPG Industries Inc. (PPG - Free Report) has announced that it selected Morgan Stanley & Co. LLC as a financial advisor to help it evaluate strategic alternatives for its silica products business.
The silica products business, which is part of the company's specialty coatings and materials strategic business unit, manufactures and provides precipitated silica products as performance-enhancing additives to leading manufacturers across the world. In 2023, the business accounted for 1-2% of PPG's overall net sales.
PPG intends to finish its evaluation of strategic alternatives by mid-2024. There is no guarantee that the assessment will result in a transaction or other consequence. PPG does not intend to declare developments or provide updates on the progress or status of the review unless and until it thinks it is appropriate or obliged to do so.
The silica products business is led by around 350 employees and manufactures products in Lake Charles, LA and Delfzijl, the Netherlands. There is also small batch processing at a component of a PPG facility in Barberton, OH, and a portion of a PPG facility in Monroeville, PA, which contains a laboratory, pilot plant and the business's leadership and administrative team offices.
Shares of PPG have gained 10.7% over the past year compared with a 17.9% rise of its industry.
Image Source: Zacks Investment Research
PPG, on its third-quarter call, said that it expects total organic sales to be up or down a low single-digit percent in the fourth quarter. The company's projected adjusted EPS for the fourth quarter is in the range of $1.44-$1.50. For the full year, the company raised its adjusted EPS projection to the band of $7.58-$7.64.
PPG Industries, Inc. Price and Consensus
PPG Industries, Inc. price-consensus-chart | PPG Industries, Inc. Quote
Zacks Rank & Key Picks
PPG currently carries a Zacks Rank #4 (Sell).
Better-ranked stocks in the basic materials space include The Andersons Inc. (ANDE - Free Report) , Cal-Maine Foods Inc. (CALM - Free Report) and Steel Dynamics Inc. (STLD - Free Report) .
Andersons currently carries a Zacks Rank #1 (Strong Buy). ANDE beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average. The company’s shares have surged 55.8% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
CalMaine Foods currently carries a Zacks Rank #1. CALM beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 131.5%. The company’s shares have inched up 1.6% in the past year.
The Zacks Consensus Estimate for Steel Dynamics’ current-year earnings has been revised upward by 4.3% in the past 60 days. It currently carries a Zacks Rank #1. Steel Dynamics delivered a trailing four-quarter earnings surprise of roughly 6.5%, on average. STLD shares are up around 5.8% in a year.