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

PPG Industries (NYSE:PPG) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 8.340-8.590 for the period, compared to the consensus earnings per share estimate of 8.480. The company issued revenue guidance of -. PPG Industries also updated its FY24 guidance to $8.34-$8.59 EPS.

PPG Industries Stock Down 3.1 %

Shares of PPG Industries stock opened at $130.90 on Friday. The stock has a market capitalization of $30.81 billion, a P/E ratio of 22.11, a PEG ratio of 1.56 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. The stock has a 50 day moving average price of $140.36 and a two-hundred day moving average price of $138.95. PPG Industries has a 12-month low of $120.32 and a 12-month high of $152.89.

PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, meeting the consensus estimate of $1.86. PPG Industries had a return on equity of 23.13% and a net margin of 7.74%. The company had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.43 billion. During the same period in the prior year, the business earned $1.82 earnings per share. PPG Industries’s revenue for the quarter was down 1.6% compared to the same quarter last year. Equities analysts expect that PPG Industries will post 8.46 earnings per share for the current year.

PPG Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 10th will be given a $0.65 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.60 annualized dividend and a dividend yield of 1.99%. PPG Industries’s dividend payout ratio is 43.92%.

Analysts Set New Price Targets

Several research firms have recently weighed in on PPG. Vertical Research raised PPG Industries from a hold rating to a buy rating in a research report on Wednesday, January 3rd. Barclays cut PPG Industries from an overweight rating to an equal weight rating and reduced their price objective for the company from $163.00 to $149.00 in a research report on Tuesday, February 27th. Redburn Atlantic cut PPG Industries from a buy rating to a neutral rating and set a $160.00 price objective for the company. in a research report on Thursday, February 1st. KeyCorp reduced their target price on PPG Industries from $167.00 to $164.00 and set an overweight rating for the company in a research report on Tuesday, April 9th. Finally, Robert W. Baird reaffirmed an outperform rating and issued a $150.00 target price on shares of PPG Industries in a research report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $158.00.

Insiders Place Their Bets

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $140.94, for a total transaction of $479,196.00. Following the completion of the transaction, the chief financial officer now directly owns 28,439 shares in the company, valued at $4,008,192.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. West Michigan Advisors LLC increased its stake in shares of PPG Industries by 3.4% in the fourth quarter. West Michigan Advisors LLC now owns 2,262 shares of the specialty chemicals company’s stock valued at $338,000 after buying an additional 74 shares in the last quarter. Colony Group LLC increased its stake in shares of PPG Industries by 3.0% in the second quarter. Colony Group LLC now owns 2,540 shares of the specialty chemicals company’s stock valued at $377,000 after buying an additional 74 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of PPG Industries by 0.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 12,009 shares of the specialty chemicals company’s stock valued at $1,510,000 after buying an additional 79 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in shares of PPG Industries by 0.8% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 10,581 shares of the specialty chemicals company’s stock valued at $1,569,000 after buying an additional 83 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its stake in shares of 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. 81.86% of the stock is currently owned by institutional investors and hedge funds.

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.