PPG Industries (NYSE:PPG) Updates FY 2024 Earnings Guidance

PPG Industries (NYSE:PPG) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 8.340-8.590 for the period, compared to the consensus earnings per share estimate of 8.480. The company issued revenue guidance of -. PPG Industries also updated its FY24 guidance to $8.34-$8.59 EPS.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PPG. Citigroup cut their price objective on PPG Industries from $170.00 to $161.00 and set a buy rating for the company in a report on Wednesday, April 10th. Barclays lowered PPG Industries from an overweight rating to an equal weight rating and cut their price objective for the stock from $163.00 to $149.00 in a report on Tuesday, February 27th. Wells Fargo & Company upgraded PPG Industries from an equal weight rating to an overweight rating and raised their target price for the company from $150.00 to $163.00 in a report on Thursday, April 11th. UBS Group cut their target price on PPG Industries from $156.00 to $150.00 and set a neutral rating on the stock in a report on Friday. Finally, Redburn Atlantic lowered PPG Industries from a buy rating to a neutral rating and set a $160.00 target price on the stock. in a report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $158.00.

PPG Industries Trading Up 0.1 %

Shares of NYSE:PPG opened at $135.11 on Friday. The company has a market cap of $31.80 billion, a P/E ratio of 25.30, a P/E/G ratio of 1.61 and a beta of 1.28. The stock’s 50-day moving average is $140.53 and its 200-day moving average is $138.87. PPG Industries has a 52-week low of $120.32 and a 52-week high of $152.89. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.05 and a current ratio of 1.47.

PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, April 18th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.86. The company had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.43 billion. PPG Industries had a return on equity of 23.51% and a net margin of 6.96%. The firm’s revenue was down 1.6% compared to the same quarter last year. During the same period last year, the business posted $1.82 earnings per share. Equities research analysts predict that PPG Industries will post 8.46 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Vincent J. Morales sold 3,400 shares of PPG Industries stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $140.94, for a total transaction of $479,196.00. Following the sale, the chief financial officer now directly owns 28,439 shares of the company’s stock, valued at $4,008,192.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On PPG Industries

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in PPG Industries by 17.2% during the fourth quarter. Vanguard Group Inc. now owns 24,480,664 shares of the specialty chemicals company’s stock worth $3,661,083,000 after buying an additional 3,600,558 shares in the last quarter. Geode Capital Management LLC grew its position in PPG Industries by 2.2% during the first quarter. Geode Capital Management LLC now owns 4,854,892 shares of the specialty chemicals company’s stock worth $647,037,000 after buying an additional 106,294 shares in the last quarter. Moneta Group Investment Advisors LLC grew its position in PPG Industries by 163,082.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 4,157,889 shares of the specialty chemicals company’s stock worth $522,813,000 after buying an additional 4,155,341 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in PPG Industries by 2.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,193,621 shares of the specialty chemicals company’s stock worth $418,589,000 after buying an additional 65,996 shares in the last quarter. Finally, Morgan Stanley grew its position in PPG Industries by 26.5% during the fourth quarter. Morgan Stanley now owns 2,775,122 shares of the specialty chemicals company’s stock worth $348,944,000 after buying an additional 581,750 shares in the last quarter. 81.86% of the stock is owned by institutional investors and hedge funds.

About PPG Industries

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.