PPG Industries (NYSE:PPG) Issues Q2 2024 Earnings Guidance

PPG Industries (NYSE:PPG) updated its second quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 2.420-2.520 for the period, compared to the consensus EPS estimate of 2.550. The company issued revenue guidance of -. PPG Industries also updated its FY 2024 guidance to 8.340-8.590 EPS.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. KeyCorp decreased their price objective on shares of PPG Industries from $167.00 to $164.00 and set an overweight rating for the company in a report on Tuesday, April 9th. Redburn Atlantic cut shares of PPG Industries from a buy rating to a neutral rating and set a $160.00 price objective for the company. in a report on Thursday, February 1st. Wells Fargo & Company raised shares of 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 report on Thursday, April 11th. Barclays cut shares of PPG Industries from an overweight rating to an equal weight rating and decreased their price objective for the company from $163.00 to $149.00 in a report on Tuesday, February 27th. Finally, UBS Group cut their target price on shares of PPG Industries from $156.00 to $150.00 and set a neutral rating for the company in a research report on Friday. One investment analyst has rated the stock with a sell rating, six have issued 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 an average target price of $158.00.

PPG Industries Stock Performance

PPG opened at $130.92 on Friday. The firm has a market cap of $30.81 billion, a P/E ratio of 22.11, a PEG ratio of 1.61 and a beta of 1.28. PPG Industries has a 1-year low of $120.32 and a 1-year high of $152.89. The company has a 50 day simple moving average of $140.36 and a two-hundred day simple moving average of $138.88. 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 posted its quarterly earnings results on Thursday, April 18th. The specialty chemicals company reported $1.86 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.86. The business had revenue of $4.31 billion during the quarter, compared to analyst estimates of $4.43 billion. PPG Industries had a net margin of 7.74% and a return on equity of 23.13%. The company’s revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.82 earnings per share. Equities 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 announced a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 10th will be given a dividend of $0.65 per share. The ex-dividend date is Thursday, May 9th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.99%. PPG Industries’s dividend payout ratio is 43.92%.

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 shares were sold at an average price of $140.94, for a total transaction of $479,196.00. Following the completion of the transaction, the chief financial officer now owns 28,439 shares in the company, valued at $4,008,192.66. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On PPG Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of 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 acquiring an additional 3,600,558 shares during the last quarter. Geode Capital Management LLC raised its stake 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 valued at $647,037,000 after purchasing an additional 106,294 shares in the last quarter. Moneta Group Investment Advisors LLC raised its stake 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 valued at $522,813,000 after purchasing an additional 4,155,341 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake 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 valued at $418,589,000 after purchasing an additional 65,996 shares in the last quarter. Finally, Morgan Stanley raised its stake 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 valued at $348,944,000 after purchasing an additional 581,750 shares in the last quarter. Institutional investors 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.