Q2 2024 EPS Estimates for PPG Industries, Inc. (NYSE:PPG) Cut by Seaport Res Ptn

PPG Industries, Inc. (NYSE:PPG) – Seaport Res Ptn lowered their Q2 2024 earnings per share estimates for PPG Industries in a research note issued on Monday, April 22nd. Seaport Res Ptn analyst M. Harrison now expects that the specialty chemicals company will earn $2.49 per share for the quarter, down from their previous estimate of $2.54. Seaport Res Ptn has a “Buy” rating on the stock. The consensus estimate for PPG Industries’ current full-year earnings is $8.47 per share. Seaport Res Ptn also issued estimates for PPG Industries’ FY2024 earnings at $8.43 EPS, Q2 2025 earnings at $2.78 EPS and Q3 2025 earnings at $2.56 EPS.

PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, hitting the consensus estimate of $1.86. The company had revenue of $4.31 billion during the quarter, compared to analyst estimates of $4.43 billion. PPG Industries had a return on equity of 22.98% and a net margin of 7.74%. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.82 earnings per share.

PPG has been the topic of a number of other reports. Evercore ISI cut PPG Industries from an “outperform” rating to an “in-line” rating and set a $152.00 price target on the stock. in a research note on Monday. Wolfe Research began coverage on PPG Industries in a research note on Friday, March 1st. They set a “peer perform” rating on the stock. Redburn Atlantic cut PPG Industries from a “buy” rating to a “neutral” rating and set a $160.00 price target on the stock. in a research note on Thursday, February 1st. Vertical Research upgraded PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, January 3rd. Finally, Citigroup decreased their price target on PPG Industries from $170.00 to $161.00 and set a “buy” rating on the stock in a research note on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $155.47.

PPG Industries Trading Up 0.1 %

Shares of PPG Industries stock opened at $130.52 on Tuesday. The firm has a market capitalization of $30.61 billion, a price-to-earnings ratio of 22.05, a PEG ratio of 1.57 and a beta of 1.28. PPG Industries has a fifty-two week low of $120.32 and a fifty-two week high of $152.89. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.05 and a current ratio of 1.55. The stock has a 50 day moving average of $139.81 and a 200 day moving average of $138.91.

PPG Industries declared that its board has initiated a share buyback program on Thursday, April 18th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to buy up to 8.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

PPG Industries Dividend Announcement

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

Insider Activity at PPG Industries

In related news, CFO Vincent J. Morales sold 3,400 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $140.94, for a total value of $479,196.00. Following the transaction, the chief financial officer now owns 28,439 shares of the company’s stock, valued at $4,008,192.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.56% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PPG Industries

Several large investors have recently bought and sold shares of PPG. OFI Invest Asset Management purchased a new position in shares of PPG Industries during the third quarter worth about $25,000. Valued Wealth Advisors LLC purchased a new position in shares of PPG Industries during the fourth quarter worth about $26,000. SJS Investment Consulting Inc. grew its holdings in shares of PPG Industries by 588.5% during the fourth quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock worth $27,000 after buying an additional 153 shares during the last quarter. Private Wealth Management Group LLC purchased a new position in shares of PPG Industries during the fourth quarter worth about $27,000. Finally, CVA Family Office LLC purchased a new position in shares of PPG Industries during the fourth quarter worth about $28,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

PPG Industries Company Profile

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.