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

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

Analyst Ratings Changes

A number of analysts have commented on the stock. Wolfe Research assumed coverage on shares of PPG Industries in a research report on Friday, March 1st. They set a peer perform rating on the stock. Barclays cut shares of PPG Industries from an overweight rating to an equal weight rating and cut their price target for the company from $163.00 to $149.00 in a research report on Tuesday, February 27th. UBS Group cut their price target on shares of PPG Industries from $156.00 to $150.00 and set a neutral rating on the stock in a research report on Friday. Vertical Research upgraded shares of PPG Industries from a hold rating to a buy rating in a report on Wednesday, January 3rd. Finally, Robert W. Baird reiterated an outperform rating and set a $150.00 price objective on shares of PPG Industries in a report on Friday, January 19th. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, PPG Industries has an average rating of Moderate Buy and a consensus price target of $158.00.

PPG Industries Stock Up 0.1 %

PPG Industries stock opened at $135.11 on Friday. PPG Industries has a twelve month low of $120.32 and a twelve month high of $152.89. The firm has a 50 day moving average price of $140.53 and a 200-day moving average price of $138.87. The company has a market capitalization of $31.80 billion, a P/E ratio of 25.30, a P/E/G 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 (NYSE:PPG) last released its earnings results on Thursday, April 18th. The specialty chemicals company reported $1.86 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.86. The firm had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.43 billion. PPG Industries had a net margin of 6.96% and a return on equity of 23.51%. The company’s revenue was down 1.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.82 EPS. As a group, equities 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 firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $140.94, for a total value of $479,196.00. Following the completion of the transaction, the chief financial officer now directly owns 28,439 shares of the company’s stock, valued at approximately $4,008,192.66. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.55% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in PPG Industries by 17.2% in the 4th quarter. Vanguard Group Inc. now owns 24,480,664 shares of the specialty chemicals company’s stock worth $3,661,083,000 after purchasing an additional 3,600,558 shares in the last quarter. Geode Capital Management LLC lifted its stake in PPG Industries by 2.2% in the 1st quarter. Geode Capital Management LLC now owns 4,854,892 shares of the specialty chemicals company’s stock worth $647,037,000 after purchasing an additional 106,294 shares in the last quarter. Moneta Group Investment Advisors LLC lifted its stake in PPG Industries by 163,082.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 4,157,889 shares of the specialty chemicals company’s stock worth $522,813,000 after purchasing an additional 4,155,341 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in PPG Industries by 2.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,193,621 shares of the specialty chemicals company’s stock worth $418,589,000 after purchasing an additional 65,996 shares in the last quarter. Finally, Morgan Stanley lifted its stake in PPG Industries by 26.5% in the 4th quarter. Morgan Stanley now owns 2,775,122 shares of the specialty chemicals company’s stock worth $348,944,000 after purchasing an additional 581,750 shares in the last quarter. 81.86% of the stock is owned by institutional investors.

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.