PPG Industries (NYSE:PPG) Updates Q2 Earnings Guidance

PPG Industries (NYSE:PPG) updated its second quarter earnings guidance on Thursday. The company provided earnings per share guidance of $2.24-$2.52 for the period, compared to the consensus earnings per share estimate of $2.54. PPG Industries also updated its FY 2024 guidance to 8.340-8.590 EPS.

PPG Industries Trading Down 3.1 %

Shares of PPG stock opened at $130.92 on Friday. The business’s fifty day moving average price is $140.36 and its 200 day moving average price is $138.88. 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 $30.81 billion, a PE ratio of 22.11, 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 Friday, April 19th. 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 23.13% and a net margin of 7.74%. 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.

PPG Industries Dividend Announcement

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

Wall Street Analysts Forecast Growth

PPG has been the topic of a number of recent analyst reports. Robert W. Baird reaffirmed an outperform rating and set a $150.00 price objective on shares of PPG Industries in a report on Friday, January 19th. Redburn Atlantic downgraded PPG Industries from a buy rating to a neutral rating and set a $160.00 target price on the stock. in a research report on Thursday, February 1st. UBS Group decreased their target price on PPG Industries from $156.00 to $150.00 and set a neutral rating on the stock in a research report on Friday. Barclays downgraded PPG Industries from an overweight rating to an equal weight rating and decreased their target price for the stock from $163.00 to $149.00 in a research report on Tuesday, February 27th. Finally, Wells Fargo & Company upgraded PPG Industries from an equal weight rating to an overweight rating and boosted their target price for the stock from $150.00 to $163.00 in a research report on Thursday, April 11th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $158.00.

Insiders Place Their Bets

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was 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 in the company, valued at $4,008,192.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.55% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PPG Industries

A number of large investors have recently modified their holdings of the stock. West Michigan Advisors LLC grew its stake in shares of PPG Industries by 3.4% in the fourth quarter. West Michigan Advisors LLC now owns 2,262 shares of the specialty chemicals company’s stock valued at $338,000 after buying an additional 74 shares in the last quarter. Colony Group LLC grew its stake in shares of PPG Industries by 3.0% in the second quarter. Colony Group LLC now owns 2,540 shares of the specialty chemicals company’s stock valued at $377,000 after buying an additional 74 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of PPG Industries by 0.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 12,009 shares of the specialty chemicals company’s stock valued at $1,510,000 after buying an additional 79 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its stake in shares of PPG Industries by 0.8% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 10,581 shares of the specialty chemicals company’s stock valued at $1,569,000 after buying an additional 83 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its stake in shares of PPG Industries by 45.8% in the first quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock valued at $36,000 after buying an additional 87 shares in the last quarter. Institutional investors and hedge funds 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.