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.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PPG shares. UBS Group lowered their target price on PPG Industries from $156.00 to $150.00 and set a neutral rating for the company in a report on Friday. Robert W. Baird reiterated an outperform rating and set a $150.00 price target on shares of PPG Industries in a report on Friday, January 19th. Redburn Atlantic cut 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. KeyCorp cut their price target on PPG Industries from $167.00 to $164.00 and set an overweight rating for the company in a research note on Tuesday, April 9th. Finally, Vertical Research upgraded PPG Industries from a hold rating to a buy rating in a research note on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $158.00.

PPG Industries Stock Performance

Shares of PPG opened at $135.11 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.05 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $31.80 billion, a P/E ratio of 25.30, a price-to-earnings-growth ratio of 1.61 and a beta of 1.28. The firm’s fifty day simple moving average is $140.53 and its two-hundred day simple moving average is $138.87. PPG Industries has a 12 month low of $120.32 and a 12 month high of $152.89.

PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, April 18th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.86. The company had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.43 billion. PPG Industries had a net margin of 6.96% and a return on equity of 23.51%. The business’s revenue was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.82 EPS. As a group, analysts predict that PPG Industries will post 8.46 EPS for the current year.

Insider Buying and Selling

In related news, CFO Vincent J. Morales sold 3,400 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $140.94, for a total value of $479,196.00. Following the sale, the chief financial officer now owns 28,439 shares in the company, valued at approximately $4,008,192.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.55% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PPG Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in PPG. Vontobel Holding Ltd. increased its stake in PPG Industries by 51.9% in the 1st quarter. Vontobel Holding Ltd. now owns 5,991 shares of the specialty chemicals company’s stock valued at $797,000 after buying an additional 2,048 shares during the last quarter. Sei Investments Co. increased its stake in PPG Industries by 14.7% in the 1st quarter. Sei Investments Co. now owns 23,667 shares of the specialty chemicals company’s stock valued at $3,099,000 after buying an additional 3,025 shares during the last quarter. Prudential PLC purchased a new stake in PPG Industries in the 1st quarter valued at about $619,000. Vanguard Group Inc. increased its stake in PPG Industries by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 20,180,199 shares of the specialty chemicals company’s stock valued at $2,645,019,000 after buying an additional 252,358 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. increased its stake in PPG Industries by 7.1% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 19,480 shares of the specialty chemicals company’s stock valued at $2,553,000 after buying an additional 1,283 shares during the last quarter. Hedge funds and other 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.