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Based in Pittsburgh, Pennsylvania, PPG Industries, Inc. specializes in manufacturing and distributing paints, coatings, and specialty materials. With a market cap of $28.89 billion, the company serves a broad range of industries, including automotive, aerospace, construction, and industrial markets.
Companies worth more than $10 billion are typically classified as “large-cap” stocks and PPG Industries fits well into this category. With a focus on continuous improvement and industry-leading solutions, PPG is well-positioned to adapt to evolving market demands while maintaining its leadership in the global coatings industry.
Shares of PPG are trading 15.7% below their 52-week high of $151.16, which they hit on Dec. 14, 2023. The stock has declined marginally over the past three months, lagging the iShares U.S. Basic Materials ETF’s 2.7% gain over the same time frame.
In the long term, PPG stock is down 14.8% on a YTD basis, underperforming IYM’s 4.8% gains. Moreover, shares of PPG have declined 4.7% over the past 52 weeks, lagging IYM’s 10.4% returns over the same time frame.
To confirm its bearish trend, PPG has been trading below its 200-day moving average since early April. However, it has been trading above the 50-day moving average since early September.
Shares of PPG plunged 1.5% on Jul. 18, the day its Q2 results were reported. Adjusted EPS of $2.50 per share beat the Wall Street expectations of $2.48. However, revenue of $4.79 billion missed the consensus estimate of $4.91 billion. PPG Industries expects its EPS for the current year to range between $8.15 and $8.30.
Furthermore, PPG has underperformed its rival Sherwin-Williams Company’s 21.2% gain on a YTD basis.
Even though PPG has underperformed the broader market, analysts remain moderately optimistic about its prospects. The stock has a consensus rating of “Moderate Buy” from the 22 analysts in coverage, and the mean price target of $152.16 suggests a 19.4% premium to its current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
Tuesday, September 17, 2024
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Meta Platforms, Inc. (META), Texas Instruments Inc. (TXN) and The Charles Schwab Corp. (SCHW), as well as a micro-cap stock IDT Corp. (IDT). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.
These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>
Meta Platforms’ shares have outperformed the Zacks Internet - Software industry over the year-to-date period (+51.1% vs. +15.7%). The company is benefiting from steady user growth across all regions, particularly Asia Pacific. Increased engagement for its offerings like Instagram, WhatsApp, Messenger and Facebook has been a major growth driver.
META has been leveraging AI to improve the potency of its platform offerings. These services currently reach more than 3.2 billion people daily. User growth remained solid in the United States, with WhatsApp reaching more than 100 million monthly users and Thread approaching 200 million milestone.
It witnessed good year-over-year growth across Facebook, Instagram and Threads. Meta now expects to invest significantly more over the next few years in developing more advanced models and the largest AI services in the world. However, monetization of these AI services will take considerable time, which is a concern.
(You can read the full research report on Meta Platforms here >>>)
Shares of Texas Instruments have gained +19.0% over the year-to-date period against the Zacks Semiconductor - General industry’s gain of +94.4%. The company is benefiting from solid data center demand which is boosting its prospects in the enterprise systems market. Improving conditions in the personal electronics and communication equipment markets are a plus.
Texas Instruments’ growing investments in new growth avenues and competitive advantages are tailwinds. Its deepening focus on manufacturing, advanced technology infusion, product portfolio expansion and consistent returns to shareholders, is another positive.
However, widespread weakness in the industrial, and automotive markets is major concern. Sluggishness in its Analog, Embedded Processing and Other segments is a negative. Increasing manufacturing costs are hurting its profitability. Overall weak demand environment and growing U.S.-China tensions are concerns.
(You can read the full research report on Texas Instruments here >>>)
Charles Schwab’s have underperformed the Zacks Financial - Investment Bank industry over the year-to-date period (-6.3% vs. +15.7%). As the company deals with low-yielding assets on its balance sheet, it plans to shrink itself to sustain profits and rely more on off-balance sheet arrangements to house deposits. This will likely put pressure on top-line expansion.
The Zacks analyst project total revenues to increase just 1.7% in 2024. Also, elevated expenses are likely to hamper profitability. Though we estimate the total expense to decline in 2024, it will increase in 2025. Yet, higher rates will likely aid net interest margin (NIM) while rising funding costs and low-yielding assets will weigh on it. We project NIM to be 2.13% in 2024.
Also, strategic acquisitions have increased the company’s client assets. We estimate total client assets to see a CAGR of 6.9% by 2026. Also, sustainable capital distributions are encouraging.
(You can read the full research report on Charles Schwab here >>>)
Shares of IDT have outperformed the Zacks Diversified Communication Services industry over the year-to-date period (+12.0% vs. +8.8%). This microcap company with market capitalization of $ 965.16 million has high-growth, high-margin businesses which enhanced overall results, boosting consolidated gross margin by 310 basis points in third-quarter fiscal 2024.
NRS, with over 30,000 active terminals and a 65.9% year-over-year increase in merchant services revenues, leads growth, indicating robust expansion and profitability. Positive adjusted EBITDA across segments underscores operational efficiency. IDT's consistent gross profit rise, cost management and technological advancements drive sustained growth.
Yet, IDT faces risks from economic downturns, integration challenges, cybersecurity threats and international expansion. Declining traditional telecom revenues and rising operating expenses pose challenges. Compliance with fintech regulations adds to cost pressures, and competitive markets require continuous innovation to maintain market share.
(You can read the full research report on IDT here >>>)
Other noteworthy reports we are featuring today include AT&T Inc. (T), Sony Group Corp. (SONY) and The Sherwin-Williams Co. (SHW).
Mark Vickery
Senior Editor
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Today's Must Read
User Growth, Instagram Strength Aids Meta Platforms (META)
Texas Instruments (TXN) Banks on Solid Data Center Demand
Higher Rates & Buyouts Aid Schwab (SCHW) Amid Rising Costs
Featured Reports
AT&T (T) Rides on Strong Subscriber Growth, Robust Cash Flow
Per the Zacks analyst, healthy traction in postpaid wireless business with a lower churn rate and increased adoption of higher-tier unlimited plans will likely boost AT&T's top line.
Strength in Music & G&NS Segments Aids SONY Amid Forex Woes
Per the Zacks analyst, solid demand in the Game & Network Services and Music units is driving Sony's performance. FX volatility and the possibility of an economic downturn in the U.S. pose headwinds.
Acquisitions and Cost Actions to Aid Sherwin-Williams (SHW)
Per the Zacks analyst, the company's strategic acquisitions and cost-control initiatives will aid its performance amid headwinds from weak demand in Europe and China.
D.R. Horton (DHI) Banks on Affordable Homes, High Costs Ail
Per the Zacks analyst, D.R. Horton is benefiting from favorable housing demand demographics, affordable home offerings, and improving capital efficiency. However, increasing costs and expenses ail.
Demand for Rental Units Aid AvalonBay (AVB) Amid High Supply
Per the Zacks Analyst, AvalonBay is likely to gain from the healthy demand for residential units amid high home ownership costs, though new deliveries remain a concern.
FDA Nod to Sarepta's (SRPT) DMD Gene Therapy Fuels Growth
The Zacks Analyst is encouraged by the FDA's recent label expansion to Sarepta's Elevidys, the first gene therapy for DMD. The therapy is now approved to treat all DMD patients aged four and older.
Solid Top Line & Strong Cash Flows Drive Unum Group (UNM)
Per the Zacks analyst, Unum Group is set to grow on strong revenues driven by higher overall persistency and healthy balance sheet should drive long-term growth. Yet, high expenses remain a concern.
New Upgrades
Demand From Large Enterprise Customers Benefits Fortinet (FTNT)
Per the Zacks Analyst, Fortinet benefits from increasing demand from large enterprise customers as well as growth in the company's security subscriptions.
Solid Contract Inflow, Budgetary Revisions aid Leidos (LDOS)
Per the analyst Leidos Holdings' gains from strong backlog courtesy of its solid order flow. The Department of Defense's encouraging spending provisions will further boost its prospects.
H&R Block (HRB) Benefits From Block Horizons 2025 Strategy
Per the Zacks analyst, Block Horizons is expected to help H&R Block deliver sustainable revenues and operating profit growth, improve return on investments, and maintain a strong liquidity position.
New Downgrades
PBF Energy (PBF) Refining Margins Ail From Oil Price Swings
Per the Zacks analyst, PBF Energy is grappling with reduced profitability due to high crude prices and increased operating costs. The company's high beta and regulatory costs add to its challenges.
Soft Demand to Hurt Capri Holdings (CPRI) Top Line
Per the Zacks analysts, softness in demand for luxury fashion items is likely to hurt Capri Holdings top line. The company is seeing sluggishness across its brands.
Mounting Costs Ail Penumbra (PEN), Intense Rivalry Concerns
The Zacks analyst is concerned with Penumbra's weak margins due to soaring operational costs from macroeconomic challenges. Fierce competition from both capitalized and smaller firms raises worry.
Zacks Investment Research
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
Zacks Premium also includes the Zacks Style Scores.
What are the Zacks Style Scores?
The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value Score
For value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth Score
Growth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum Score
Momentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM Score
What if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank
The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +25.41% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only as a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Sherwin-Williams (SHW)
Founded in 1866 and headquartered in Cleveland, OH, The Sherwin-Williams Company is into manufacturing and sales of paints, coatings and related products, primarily in the North and South America. It also has operations in the Caribbean region, Europe and Asia. Sherwin-Williams is one of the biggest paint companies in the United States and in the world. Its well-known brands include Dutch Boy, Minwax and Krylon. The company, on Jun 1, 2017, completed the purchase of rival paints maker Valspar in an all-cash transaction, creating a premier global paints and coatings company.
SHW is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Additionally, the company could be a top pick for growth investors. SHW has a Growth Style Score of A, forecasting year-over-year earnings growth of 10.8% for the current fiscal year.
For fiscal 2024, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.06 to $11.47 per share. SHW boasts an average earnings surprise of 4.5%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, SHW should be on investors' short list.
Zacks Investment Research
Looking for broad exposure to the Materials - Broad segment of the equity market? You should consider the Fidelity MSCI Materials Index ETF (FMAT), a passively managed exchange traded fund launched on 10/21/2013.
Passively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors.
Sector ETFs are also funds of convenience, offering many ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Materials - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 15, placing it in bottom 6%.
Index Details
The fund is sponsored by Fidelity. It has amassed assets over $538.09 million, making it one of the average sized ETFs attempting to match the performance of the Materials - Broad segment of the equity market. FMAT seeks to match the performance of the MSCI USA IMI Materials Index before fees and expenses.
The MSCI USA IMI Materials Index represents the performance of the materials sector in the U.S. equity market.
Costs
When considering an ETF's total return, expense ratios are an important factor, and cheaper funds can significantly outperform their more expensive counterparts in the long term if all other factors remain equal.
Annual operating expenses for this ETF are 0.08%, making it the least expensive product in the space.
It has a 12-month trailing dividend yield of 1.57%.
Sector Exposure and Top Holdings
It is important to delve into an ETF's holdings before investing despite the many upsides to these kinds of funds like diversified exposure, which minimizes single stock risk. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
Looking at individual holdings, Linde Plc Common Stock (LIN) accounts for about 15.99% of total assets, followed by Sherwin Williams Co/the Common Stock Usd1.0 (SHW) and Air Products + Chemicals Inc Common Stock Usd1.0 (APD).
The top 10 holdings account for about 51.83% of total assets under management.
Performance and Risk
So far this year, FMAT has added roughly 7.48%, and was up about 15.68% in the last one year (as of 09/16/2024). During this past 52-week period, the fund has traded between $41.66 and $52.91.
The ETF has a beta of 1.11 and standard deviation of 19.99% for the trailing three-year period, making it a medium risk choice in the space. With about 118 holdings, it effectively diversifies company-specific risk.
Alternatives
Fidelity MSCI Materials Index ETF carries a Zacks ETF Rank of 3 (Hold), which is based on expected asset class return, expense ratio, and momentum, among other factors. Thus, FMAT is a good option for those seeking exposure to the Materials ETFs area of the market. Investors might also want to consider some other ETF options in the space.
Materials Select Sector SPDR ETF (XLB) tracks Materials Select Sector Index and the FlexShares Morningstar Global Upstream Natural Resources ETF (GUNR) tracks Morningstar Global Upstream Natural Resources Index. Materials Select Sector SPDR ETF has $5.42 billion in assets, FlexShares Morningstar Global Upstream Natural Resources ETF has $5.43 billion. XLB has an expense ratio of 0.09% and GUNR charges 0.46%.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
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