PPG Industries (NYSE:PPG) Releases FY24 Earnings Guidance

PPG Industries (NYSE:PPG) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $8.34-$8.59 for the period, compared to the consensus estimate of $8.48. PPG Industries also updated its FY 2024 guidance to 8.340-8.590 EPS.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PPG. Citigroup reduced their price objective on PPG Industries from $170.00 to $161.00 and set a buy rating for the company in a research note on Wednesday, April 10th. Robert W. Baird reiterated an outperform rating and issued a $150.00 price objective on shares of PPG Industries in a research note on Friday, January 19th. Wolfe Research began coverage on PPG Industries in a research note on Friday, March 1st. They issued a peer perform rating for the company. Wells Fargo & Company upgraded PPG Industries from an equal weight rating to an overweight rating and boosted their price objective for the company from $150.00 to $163.00 in a research note on Thursday, April 11th. Finally, UBS Group reduced their price objective on PPG Industries from $156.00 to $150.00 and set a neutral rating for the company in a research note on Friday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $158.00.

PPG Industries Trading Up 0.1 %

Shares of PPG stock opened at $135.11 on Friday. The business’s fifty day moving average price is $140.53 and its 200 day moving average price is $138.87. PPG Industries has a 1-year low of $120.32 and a 1-year high of $152.89. The firm has a market capitalization of $31.80 billion, a PE ratio of 25.30, a P/E/G ratio of 1.61 and a beta of 1.28. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.47 and a quick ratio of 1.05.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, April 18th. The specialty chemicals company reported $1.86 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.86. PPG Industries had a return on equity of 23.51% and a net margin of 6.96%. The firm had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.43 billion. During the same quarter in the prior year, the company posted $1.82 earnings per share. PPG Industries’s quarterly revenue was down 1.6% on a year-over-year basis. As a group, sell-side analysts forecast that PPG Industries will post 8.46 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Vincent J. Morales sold 3,400 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $140.94, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.55% of the stock is currently owned by corporate insiders.

Institutional Trading of PPG Industries

Several large investors have recently bought and sold shares of PPG. Vontobel Holding Ltd. grew its holdings in PPG Industries by 51.9% in the first quarter. Vontobel Holding Ltd. now owns 5,991 shares of the specialty chemicals company’s stock valued at $797,000 after purchasing an additional 2,048 shares during the last quarter. Sei Investments Co. grew its holdings in PPG Industries by 14.7% in the first quarter. Sei Investments Co. now owns 23,667 shares of the specialty chemicals company’s stock valued at $3,099,000 after purchasing an additional 3,025 shares during the last quarter. Prudential PLC acquired a new stake in PPG Industries in the first quarter valued at $619,000. Vanguard Group Inc. grew its holdings in PPG Industries by 1.3% in the first quarter. Vanguard Group Inc. now owns 20,180,199 shares of the specialty chemicals company’s stock valued at $2,645,019,000 after purchasing an additional 252,358 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. grew its holdings in PPG Industries by 7.1% in the first quarter. Candriam Luxembourg S.C.A. now owns 19,480 shares of the specialty chemicals company’s stock valued at $2,553,000 after purchasing an additional 1,283 shares during the last quarter. Institutional investors and hedge funds 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.