PPG Industries (NYSE:PPG) Issues Q2 Earnings Guidance

PPG Industries (NYSE:PPG) updated its second quarter earnings guidance on Thursday. The company provided EPS guidance of $2.24-$2.52 for the period, compared to the consensus EPS estimate of $2.54. PPG Industries also updated its FY 2024 guidance to 8.340-8.590 EPS.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PPG. Barclays downgraded PPG Industries from an overweight rating to an equal weight rating and lowered their price target for the company from $163.00 to $149.00 in a report on Tuesday, February 27th. Citigroup lowered their price target on PPG Industries from $170.00 to $161.00 and set a buy rating on the stock in a report on Wednesday, April 10th. Robert W. Baird reiterated an outperform rating and set a $150.00 price target on shares of PPG Industries in a report on Friday, January 19th. Vertical Research upgraded PPG Industries from a hold rating to a buy rating in a report on Wednesday, January 3rd. Finally, Redburn Atlantic downgraded PPG Industries from a buy rating to a neutral rating and set a $160.00 price target on the stock. in a report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, PPG Industries currently has a consensus rating of Hold and a consensus price target of $158.00.

PPG Industries Stock Performance

PPG opened at $130.92 on Friday. The company has a market cap of $30.81 billion, a PE ratio of 22.11, a price-to-earnings-growth ratio of 1.61 and a beta of 1.28. The stock has a 50-day moving average of $140.36 and a 200-day moving average of $138.88. 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 released its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.86. The company had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.43 billion. PPG Industries had a return on equity of 23.13% and a net margin of 7.74%. The firm’s revenue was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.82 EPS. As a group, equities research analysts forecast that PPG Industries will post 8.46 earnings per share for the current fiscal year.

PPG Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 10th will be paid a dividend of $0.65 per share. The ex-dividend date is Thursday, May 9th. This represents a $2.60 annualized dividend and a dividend yield of 1.99%. PPG Industries’s dividend payout ratio (DPR) is presently 43.92%.

Insider Transactions at PPG Industries

In other news, CFO Vincent J. Morales sold 3,400 shares of the company’s 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 completion of the sale, the chief financial officer now owns 28,439 shares in the company, valued at approximately $4,008,192.66. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PPG Industries

Several large investors have recently made changes to their positions in the business. West Michigan Advisors LLC lifted its position in shares of PPG Industries by 3.4% during the 4th quarter. West Michigan Advisors LLC now owns 2,262 shares of the specialty chemicals company’s stock worth $338,000 after purchasing an additional 74 shares during the last quarter. Colony Group LLC lifted its position in shares of PPG Industries by 3.0% during the 2nd quarter. Colony Group LLC now owns 2,540 shares of the specialty chemicals company’s stock worth $377,000 after purchasing an additional 74 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of PPG Industries by 0.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 12,009 shares of the specialty chemicals company’s stock worth $1,510,000 after purchasing an additional 79 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its position in shares of PPG Industries by 0.8% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 10,581 shares of the specialty chemicals company’s stock worth $1,569,000 after purchasing an additional 83 shares during the last quarter. Finally, Parkside Financial Bank & Trust lifted its position in shares of PPG Industries by 45.8% during the 1st quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock worth $36,000 after purchasing an additional 87 shares during the last quarter. Institutional investors and hedge funds own 81.86% of the company’s stock.

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.