PPG Industries (NYSE:PPG) Issues Q3 2024 Earnings Guidance

PPG Industries (NYSE:PPG) updated its third quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 2.100-2.200 for the period, compared to the consensus EPS estimate of 2.280. The company issued revenue guidance of -. PPG Industries also updated its FY 2024 guidance to 8.150-8.300 EPS.

PPG Industries Price Performance

Shares of NYSE:PPG traded down $2.05 on Thursday, hitting $131.71. The company had a trading volume of 2,431,207 shares, compared to its average volume of 1,647,631. The company has a current ratio of 1.55, a quick ratio of 1.08 and a debt-to-equity ratio of 0.73. PPG Industries has a 52-week low of $120.32 and a 52-week high of $152.60. The business has a 50 day moving average of $129.82 and a 200 day moving average of $136.48. The company has a market cap of $30.89 billion, a PE ratio of 22.33, a PEG ratio of 1.69 and a beta of 1.26.

PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, July 18th. The specialty chemicals company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.02. PPG Industries had a return on equity of 22.98% and a net margin of 7.74%. The business had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.93 billion. During the same period in the prior year, the business earned $2.25 earnings per share. The business’s revenue was down 1.6% on a year-over-year basis. As a group, equities analysts anticipate that PPG Industries will post 8.42 earnings per share for the current fiscal year.

PPG Industries Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 12th will be given a dividend of $0.68 per share. This is an increase from PPG Industries’s previous quarterly dividend of $0.65. This represents a $2.72 annualized dividend and a yield of 2.07%. PPG Industries’s dividend payout ratio is 43.92%.

PPG Industries declared that its board has authorized a stock buyback program on Thursday, April 18th that allows the company to buyback $2.50 billion in outstanding shares. This buyback authorization allows the specialty chemicals company to purchase up to 8.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on PPG shares. BMO Capital Markets reduced their target price on PPG Industries from $168.00 to $165.00 and set an outperform rating on the stock in a research report on Tuesday, April 23rd. Deutsche Bank Aktiengesellschaft reduced their target price on PPG Industries from $160.00 to $155.00 and set a buy rating on the stock in a research report on Monday, April 22nd. Seaport Res Ptn upgraded PPG Industries from a neutral rating to a buy rating in a research report on Monday, April 22nd. Evercore ISI downgraded PPG Industries from an outperform rating to an in-line rating and set a $152.00 target price on the stock. in a research report on Monday, April 22nd. Finally, Barclays dropped their price target on PPG Industries from $149.00 to $148.00 and set an equal weight rating for the company in a research note on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $154.80.

Insider Activity at PPG Industries

In related news, CEO Timothy M. Knavish bought 2,061 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were acquired at an average cost of $133.24 per share, for a total transaction of $274,607.64. Following the acquisition, the chief executive officer now owns 35,833 shares in the company, valued at approximately $4,774,388.92. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.55% 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.