PPG Industries, Inc. (NYSE:PPG – Get Rating) – Equities research analysts at Seaport Res Ptn decreased their Q2 2023 earnings per share (EPS) estimates for PPG Industries in a research report issued to clients and investors on Wednesday, January 18th. Seaport Res Ptn analyst M. Harrison now forecasts that the specialty chemicals company will earn $2.15 per share for the quarter, down from their prior forecast of $2.17. The consensus estimate for PPG Industries’ current full-year earnings is $5.99 per share.
Other research analysts have also recently issued reports about the company. The Goldman Sachs Group began coverage on PPG Industries in a research note on Thursday, October 13th. They set a “buy” rating and a $145.00 price target on the stock. Wells Fargo & Company decreased their price target on PPG Industries from $118.00 to $115.00 and set an “equal weight” rating on the stock in a research note on Monday, January 9th. BMO Capital Markets upped their price target on PPG Industries from $122.00 to $125.00 and gave the stock an “outperform” rating in a research note on Friday, October 21st. Royal Bank of Canada cut PPG Industries from an “outperform” rating to a “sector perform” rating and upped their price target for the stock from $128.00 to $129.00 in a research note on Tuesday, January 10th. Finally, Barclays decreased their price target on PPG Industries from $150.00 to $130.00 in a research note on Tuesday, October 11th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, PPG Industries has an average rating of “Moderate Buy” and a consensus price target of $133.06.
PPG Industries Trading Up 6.0 %
PPG Industries (NYSE:PPG – Get Rating) last issued its quarterly earnings data on Friday, January 20th. The specialty chemicals company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.08. The company had revenue of $4.19 billion during the quarter, compared to analyst estimates of $4.12 billion. PPG Industries had a return on equity of 23.00% and a net margin of 6.08%. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.26 earnings per share.
Institutional Trading of PPG Industries
Hedge funds and other institutional investors have recently bought and sold shares of the business. Janiczek Wealth Management LLC acquired a new stake in PPG Industries in the second quarter valued at $29,000. Guardian Wealth Advisors LLC acquired a new stake in PPG Industries in the third quarter valued at $27,000. Parkside Financial Bank & Trust raised its stake in PPG Industries by 45.8% in the first quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock valued at $36,000 after buying an additional 87 shares in the last quarter. Tradition Wealth Management LLC purchased a new position in shares of PPG Industries during the second quarter worth about $33,000. Finally, New England Asset Management Inc. purchased a new position in shares of PPG Industries during the second quarter worth about $33,000. 80.04% of the stock is currently owned by institutional investors and hedge funds.
PPG Industries Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 10th. Shareholders of record on Friday, February 17th will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 1.89%. PPG Industries’s dividend payout ratio is presently 54.87%.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company's 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; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.
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