PPG Industries (NYSE:PPG) Issues FY24 Earnings Guidance

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

Wall Street Analyst Weigh In

A number of research firms have commented on PPG. Wells Fargo & Company upgraded shares of PPG Industries from an equal weight rating to an overweight rating and increased their price objective for the company from $150.00 to $163.00 in a report on Thursday, April 11th. UBS Group cut their price target on shares of PPG Industries from $156.00 to $150.00 and set a neutral rating for the company in a report on Friday. Wolfe Research began coverage on shares of PPG Industries in a report on Friday, March 1st. They set a peer perform rating for the company. KeyCorp cut their price target 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. Finally, Barclays downgraded shares of PPG Industries from an overweight rating to an equal weight rating and cut their price target for the stock from $163.00 to $149.00 in a report on Tuesday, February 27th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $158.00.

PPG Industries Stock Performance

Shares of PPG stock opened at $130.92 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.47 and a debt-to-equity ratio of 0.72. PPG Industries has a 52 week low of $120.32 and a 52 week high of $152.89. The stock has a market capitalization of $30.81 billion, a PE ratio of 22.11, a P/E/G ratio of 1.61 and a beta of 1.28. The firm has a 50 day moving average of $140.36 and a two-hundred day moving average of $138.88.

PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, meeting the consensus estimate of $1.86. PPG Industries had a net margin of 7.74% and a return on equity of 23.13%. The company had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.43 billion. During the same quarter last year, the company posted $1.82 EPS. The firm’s revenue was down 1.6% compared to the same quarter last year. On average, research analysts predict that PPG Industries will post 8.46 EPS for the current fiscal year.

PPG Industries Announces Dividend

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

Insider Transactions at PPG Industries

In other news, CFO Vincent J. Morales sold 3,400 shares of PPG Industries 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 sale, the chief financial officer now directly owns 28,439 shares of the company’s stock, valued at approximately $4,008,192.66. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.55% of the company’s stock.

Institutional Investors Weigh In On PPG Industries

Institutional investors have recently modified their holdings of the company. Quarry LP purchased a new stake in shares of PPG Industries during the 2nd quarter worth $29,000. Harbour Investments Inc. lifted its position in shares of PPG Industries by 84.9% during the 1st quarter. Harbour Investments Inc. now owns 220 shares of the specialty chemicals company’s stock worth $29,000 after purchasing an additional 101 shares during the last quarter. Clear Street Markets LLC purchased a new stake in shares of PPG Industries during the 4th quarter worth $30,000. 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. Finally, Achmea Investment Management B.V. purchased a new stake in shares of PPG Industries during the 1st quarter worth $40,000. 81.86% of the stock is owned by hedge funds and other institutional investors.

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.