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.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PPG. UBS Group decreased their target price on PPG Industries from $156.00 to $150.00 and set a neutral rating for the company in a research report on Friday. Royal Bank of Canada decreased their target price on PPG Industries from $158.00 to $156.00 and set a sector perform rating for the company in a research report on Monday, January 22nd. 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. Wolfe Research began coverage on PPG Industries in a research report on Friday, March 1st. They issued a peer perform rating for the company. Finally, Wells Fargo & Company upgraded PPG Industries from an equal weight rating to an overweight rating and lifted their price target for the company from $150.00 to $163.00 in a research report on Thursday, April 11th. One investment 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’s stock. According to MarketBeat, the company presently has an average rating of Hold and an average target price of $158.00.

PPG Industries Trading Down 3.1 %

Shares of PPG stock opened at $130.92 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.47 and a debt-to-equity ratio of 0.72. The business has a 50-day moving average price of $140.36 and a two-hundred day moving average price of $138.88. PPG Industries has a 12-month low of $120.32 and a 12-month high of $152.89. The firm has a market cap of $30.81 billion, a P/E ratio of 22.11, a price-to-earnings-growth ratio of 1.61 and a beta of 1.28.

PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 during the quarter, compared to analyst estimates of $4.43 billion. During the same quarter in the previous year, the company posted $1.82 earnings per share. The company’s revenue was down 1.6% compared to the same quarter last year. Equities analysts anticipate that PPG Industries will post 8.46 EPS for the current fiscal year.

PPG Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 10th will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 1.99%. The ex-dividend date is Thursday, May 9th. PPG Industries’s dividend payout ratio (DPR) is currently 43.92%.

Insider Activity

In other 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 value 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 approximately $4,008,192.66. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.55% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PPG Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vontobel Holding Ltd. raised its position in PPG Industries by 51.9% during the 1st quarter. Vontobel Holding Ltd. now owns 5,991 shares of the specialty chemicals company’s stock valued at $797,000 after purchasing an additional 2,048 shares during the last quarter. Sei Investments Co. raised its position in PPG Industries by 14.7% during the 1st quarter. Sei Investments Co. now owns 23,667 shares of the specialty chemicals company’s stock valued at $3,099,000 after purchasing an additional 3,025 shares during the last quarter. Prudential PLC bought a new position in PPG Industries during the 1st quarter valued at approximately $619,000. Vanguard Group Inc. raised its position in PPG Industries by 1.3% during 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 purchasing an additional 252,358 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. raised its position in PPG Industries by 7.1% during 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 purchasing an additional 1,283 shares during the last quarter. Institutional investors own 81.86% of the company’s stock.

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.