PPG Industries (NYSE:PPG) Updates Q2 2024 Earnings Guidance

PPG Industries (NYSE:PPG) issued an update on its second quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 2.420-2.520 for the period, compared to the consensus earnings per share estimate of 2.550. The company issued revenue guidance of -. PPG Industries also updated its FY 2024 guidance to 8.340-8.590 EPS.

PPG Industries Stock Down 3.1 %

Shares of NYSE:PPG opened at $130.92 on Friday. The stock has a market cap of $30.81 billion, a price-to-earnings ratio of 22.11, a PEG ratio of 1.61 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.47 and a debt-to-equity ratio of 0.72. PPG Industries has a 12-month low of $120.32 and a 12-month high of $152.89. The business’s 50 day moving average is $140.36 and its 200 day moving average is $138.88.

PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, April 18th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 return on equity of 23.13% and a net margin of 7.74%. PPG Industries’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.82 earnings per share. On average, sell-side analysts forecast that PPG Industries will post 8.46 earnings per share 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. Shareholders of record on Friday, May 10th will be given a $0.65 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.60 annualized dividend and a yield of 1.99%. PPG Industries’s dividend payout ratio is currently 43.92%.

Analysts Set New Price Targets

PPG has been the topic of several research analyst reports. Redburn Atlantic cut PPG Industries from a buy rating to a neutral rating and set a $160.00 price objective on the stock. in a research report on Thursday, February 1st. Robert W. Baird reissued an outperform rating and issued a $150.00 price objective on shares of PPG Industries in a research report on Friday, January 19th. Wolfe Research initiated coverage on PPG Industries in a research report on Friday, March 1st. They issued a peer perform rating on the stock. Royal Bank of Canada cut their price objective on PPG Industries from $158.00 to $156.00 and set a sector perform rating on the stock in a research report on Monday, January 22nd. Finally, Citigroup lowered their target price on PPG Industries from $170.00 to $161.00 and set a buy rating on the stock in a research note on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, PPG Industries has an average rating of Hold and a consensus target price 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 value of $479,196.00. Following the transaction, the chief financial officer now directly owns 28,439 shares in the company, valued at approximately $4,008,192.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On PPG Industries

A number of institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD increased its stake in PPG Industries by 0.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 470,605 shares of the specialty chemicals company’s stock worth $70,380,000 after acquiring an additional 3,684 shares during the last quarter. Sanibel Captiva Trust Company Inc. purchased a new position in shares of PPG Industries in the 4th quarter worth about $341,000. DRW Securities LLC purchased a new position in shares of PPG Industries in the 4th quarter worth about $205,000. Oarsman Capital Inc. purchased a new position in shares of PPG Industries in the 4th quarter worth about $262,000. Finally, Clarity Asset Management Inc. purchased a new position in shares of PPG Industries in the 4th quarter worth about $42,000. 81.86% of the stock is currently owned by institutional investors.

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.