PPG Industries (NYSE:PPG) Updates Q3 2022 Earnings Guidance

PPG Industries (NYSE:PPGGet Rating) updated its third quarter 2022 earnings guidance on Thursday. The company provided earnings per share guidance of $1.75-$2.00 for the period, compared to the consensus earnings per share estimate of $2.05. The company issued revenue guidance of -.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Credit Suisse Group lowered their target price on shares of PPG Industries to $110.00 in a report on Friday, July 22nd. Mizuho raised their price target on shares of PPG Industries from $162.00 to $163.00 and gave the company a buy rating in a research report on Monday, July 25th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of PPG Industries from $180.00 to $155.00 in a research report on Monday, April 25th. Bank of America reduced their price target on shares of PPG Industries from $172.00 to $161.00 and set a buy rating for the company in a research report on Wednesday, July 13th. Finally, Wells Fargo & Company cut their target price on shares of PPG Industries from $140.00 to $126.00 and set an equal weight rating for the company in a research report on Monday, July 18th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $155.18.

PPG Industries Price Performance

Shares of NYSE PPG traded down $0.77 during mid-day trading on Friday, hitting $127.36. 1,099,343 shares of the company’s stock traded hands, compared to its average volume of 1,356,680. The company’s 50-day moving average is $120.60 and its two-hundred day moving average is $130.07. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.50 and a quick ratio of 1.02. The company has a market capitalization of $29.93 billion, a P/E ratio of 27.93, a PEG ratio of 2.63 and a beta of 1.17. PPG Industries has a 1 year low of $107.06 and a 1 year high of $177.32.

PPG Industries Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 12th. Investors of record on Wednesday, August 10th will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 1.95%. This is an increase from PPG Industries’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Tuesday, August 9th. PPG Industries’s dividend payout ratio is presently 51.75%.

Hedge Funds Weigh In On PPG Industries

Several hedge funds have recently added to or reduced their stakes in PPG. First Trust Advisors LP grew its holdings in PPG Industries by 280.6% during the 1st quarter. First Trust Advisors LP now owns 1,734,894 shares of the specialty chemicals company’s stock valued at $227,393,000 after purchasing an additional 1,279,104 shares during the last quarter. Vanguard Group Inc. grew its stake in PPG Industries by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 20,180,199 shares of the specialty chemicals company’s stock worth $2,645,019,000 after acquiring an additional 252,358 shares in the last quarter. 1832 Asset Management L.P. bought a new position in PPG Industries in the 1st quarter worth about $32,027,000. Invesco Ltd. grew its stake in PPG Industries by 14.7% in the 1st quarter. Invesco Ltd. now owns 1,819,112 shares of the specialty chemicals company’s stock worth $238,431,000 after acquiring an additional 233,028 shares in the last quarter. Finally, First Republic Investment Management Inc. grew its stake in PPG Industries by 71.7% in the 1st quarter. First Republic Investment Management Inc. now owns 401,753 shares of the specialty chemicals company’s stock worth $52,658,000 after acquiring an additional 167,825 shares in the last quarter. 79.12% of the stock is currently owned by institutional investors.

About PPG Industries

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PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company's 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; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.

See Also

Earnings History and Estimates for PPG Industries (NYSE:PPG)

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