PPG Industries (NYSE:PPG) Updates Q3 Earnings Guidance

PPG Industries (NYSE:PPG) updated its third quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $2.10-$2.20 for the period, compared to the consensus estimate of $2.29. PPG Industries also updated its FY 2024 guidance to 8.150-8.300 EPS.

PPG Industries Trading Down 1.5 %

PPG Industries stock opened at $131.71 on Friday. 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 12-month low of $120.32 and a 12-month high of $152.60. The firm has a market capitalization of $30.89 billion, a price-to-earnings ratio of 22.25, a P/E/G ratio of 1.70 and a beta of 1.26. The firm has a 50 day moving average of $129.76 and a 200 day moving average of $136.45.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, July 18th. The specialty chemicals company reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.48 by $0.02. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The firm had revenue of $4.79 billion during the quarter, compared to analysts’ expectations of $4.93 billion. During the same period in the prior year, the company posted $2.25 earnings per share. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, research analysts predict that PPG Industries will post 8.42 earnings per share for the current year.

PPG Industries Increases Dividend

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

PPG Industries announced that its Board of Directors has initiated a stock repurchase plan 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 reacquire up to 8.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

PPG has been the subject of several recent analyst reports. Wells Fargo & Company upgraded PPG Industries from an equal weight rating to an overweight rating and upped their price target for the stock from $150.00 to $163.00 in a research note on Thursday, April 11th. StockNews.com raised shares of PPG Industries from a hold rating to a buy rating in a research note on Tuesday, April 30th. Barclays decreased their price target on shares of PPG Industries from $149.00 to $148.00 and set an equal weight rating on the stock in a research note on Monday, April 22nd. Citigroup cut their price objective on PPG Industries from $170.00 to $161.00 and set a buy rating for the company in a research report on Wednesday, April 10th. Finally, Deutsche Bank Aktiengesellschaft decreased 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. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $154.80.

Insider Activity at PPG Industries

In other news, CEO Timothy M. Knavish acquired 2,061 shares of the company’s stock in a transaction on Wednesday, May 8th. The stock was bought at an average cost of $133.24 per share, with a total value of $274,607.64. Following the completion of the purchase, the chief executive officer now directly owns 35,833 shares of the company’s stock, valued at $4,774,388.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.55% of the stock is currently owned by insiders.

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.