PPG Industries, Inc. (NYSE:PPG) Expected to Earn Q1 2023 Earnings of $1.19 Per Share

PPG Industries, Inc. (NYSE:PPGGet Rating) – Equities research analysts at Seaport Res Ptn lowered their Q1 2023 earnings per share estimates for shares of PPG Industries in a research note issued to investors on Monday, January 23rd. Seaport Res Ptn analyst M. Harrison now expects that the specialty chemicals company will post earnings per share of $1.19 for the quarter, down from their prior estimate of $1.29. The consensus estimate for PPG Industries’ current full-year earnings is $6.80 per share. Seaport Res Ptn also issued estimates for PPG Industries’ Q2 2023 earnings at $2.09 EPS, Q3 2023 earnings at $2.05 EPS, Q4 2023 earnings at $1.64 EPS, FY2023 earnings at $6.97 EPS, Q1 2024 earnings at $1.73 EPS, Q2 2024 earnings at $2.52 EPS, Q3 2024 earnings at $2.40 EPS, Q4 2024 earnings at $1.91 EPS and FY2024 earnings at $8.56 EPS.

A number of other equities analysts also recently commented on PPG. Robert W. Baird cut their price objective on PPG Industries from $180.00 to $125.00 in a report on Tuesday, October 11th. Deutsche Bank Aktiengesellschaft raised their price objective on PPG Industries from $128.00 to $145.00 in a report on Monday. Argus raised their price objective on PPG Industries from $144.00 to $149.00 in a report on Monday. The Goldman Sachs Group started coverage on PPG Industries in a report on Thursday, October 13th. They set a “buy” rating and a $145.00 target price on the stock. Finally, Bank of America dropped their target price on PPG Industries from $164.00 to $143.00 in a report on Tuesday, October 11th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $135.55.

PPG Industries Stock Performance

PPG Industries stock opened at $130.97 on Tuesday. The stock’s 50-day moving average is $129.61 and its 200-day moving average is $124.03. The company has a market cap of $30.78 billion, a price-to-earnings ratio of 30.25, a price-to-earnings-growth ratio of 2.69 and a beta of 1.18. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.52 and a quick ratio of 1.04. PPG Industries has a 12 month low of $107.06 and a 12 month high of $159.16.

PPG Industries (NYSE:PPGGet Rating) last issued its quarterly earnings results on Friday, January 20th. The specialty chemicals company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.08. The firm had revenue of $4.19 billion for the quarter, compared to analyst estimates of $4.12 billion. PPG Industries had a return on equity of 22.95% and a net margin of 5.81%. The firm’s quarterly revenue was down .1% on a year-over-year basis. During the same period last year, the company earned $1.26 EPS.

PPG Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 10th. Stockholders of record on Friday, February 17th will be given a $0.62 dividend. The ex-dividend date of this dividend is Thursday, February 16th. This represents a $2.48 annualized dividend and a dividend yield of 1.89%. PPG Industries’s payout ratio is 57.27%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of PPG Industries by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 20,472,227 shares of the specialty chemicals company’s stock worth $2,266,070,000 after acquiring an additional 68,359 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of PPG Industries by 12.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 17,310,493 shares of the specialty chemicals company’s stock worth $1,979,281,000 after acquiring an additional 1,963,056 shares in the last quarter. State Street Corp grew its position in shares of PPG Industries by 2.5% in the 2nd quarter. State Street Corp now owns 11,682,267 shares of the specialty chemicals company’s stock worth $1,335,750,000 after acquiring an additional 285,651 shares in the last quarter. Clearbridge Investments LLC grew its position in shares of PPG Industries by 1.5% in the 2nd quarter. Clearbridge Investments LLC now owns 5,346,747 shares of the specialty chemicals company’s stock worth $611,347,000 after acquiring an additional 76,632 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of 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 acquiring an additional 65,996 shares in the last quarter. Institutional investors and hedge funds own 80.04% of the company’s stock.

About PPG Industries

(Get Rating)

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.

Recommended Stories

Earnings History and Estimates for PPG Industries (NYSE:PPG)

Receive News & Ratings for PPG Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PPG Industries and related companies with MarketBeat.com's FREE daily email newsletter.