PPG Industries (NYSE:PPG) Updates FY 2024 Earnings Guidance

PPG Industries (NYSE:PPG) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 8.340-8.590 for the period, compared to the consensus earnings per share estimate of 8.480. The company issued revenue guidance of -. PPG Industries also updated its FY24 guidance to $8.34-$8.59 EPS.

Wall Street Analyst Weigh In

A number of research firms have commented on PPG. Citigroup decreased their target price on PPG Industries from $170.00 to $161.00 and set a buy rating on the stock in a research report on Wednesday, April 10th. KeyCorp cut their price target on PPG Industries from $167.00 to $164.00 and set an overweight rating for the company in a report on Tuesday, April 9th. Vertical Research raised PPG Industries from a hold rating to a buy rating in a report on Wednesday, January 3rd. Wells Fargo & Company raised PPG Industries from an equal weight rating to an overweight rating and boosted their price target for the stock from $150.00 to $163.00 in a report on Thursday, April 11th. Finally, Wolfe Research began coverage on PPG Industries in a report on Friday, March 1st. They issued a peer perform rating for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $158.00.

PPG Industries Stock Performance

PPG Industries stock opened at $135.11 on Friday. The firm has a market capitalization of $31.80 billion, a P/E ratio of 25.30, a PEG ratio of 1.61 and a beta of 1.28. The stock has a fifty day moving average price of $140.53 and a 200 day moving average price of $138.87. PPG Industries has a 52 week low of $120.32 and a 52 week high of $152.89. The company has a current ratio of 1.47, a quick ratio of 1.05 and a debt-to-equity ratio of 0.72.

PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, April 18th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.86. PPG Industries had a return on equity of 23.51% and a net margin of 6.96%. The firm had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.43 billion. During the same quarter in the previous year, the business earned $1.82 earnings per share. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. Equities research analysts anticipate that PPG Industries will post 8.46 earnings per share for the current year.

Insider Buying and Selling at PPG Industries

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of the business’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 owns 28,439 shares of the company’s stock, valued at $4,008,192.66. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On PPG Industries

Institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP purchased a new stake in shares of PPG Industries in the second quarter worth about $29,000. Harbour Investments Inc. boosted its position in shares of PPG Industries by 84.9% in the first quarter. Harbour Investments Inc. now owns 220 shares of the specialty chemicals company’s stock worth $29,000 after buying an additional 101 shares during the period. Clear Street Markets LLC purchased a new stake in shares of PPG Industries in the fourth quarter worth about $30,000. Parkside Financial Bank & Trust boosted its position 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 worth $36,000 after buying an additional 87 shares during the period. Finally, Clarity Asset Management Inc. purchased a new stake in shares of PPG Industries in the fourth quarter worth about $42,000. 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.