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

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

PPG Industries Price Performance

PPG Industries stock opened at $130.90 on Friday. PPG Industries has a 52 week low of $120.32 and a 52 week high of $152.89. The business has a 50-day simple moving average of $140.36 and a 200 day simple moving average of $138.95. 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 market cap of $30.81 billion, a price-to-earnings ratio of 22.11, a PEG ratio of 1.56 and a beta of 1.28.

PPG Industries (NYSE:PPG) last posted its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 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 business had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.43 billion. During the same period in the previous year, the business earned $1.82 earnings per share. The firm’s revenue was down 1.6% on a year-over-year basis. On average, research analysts forecast that PPG Industries will post 8.46 earnings per share for the current fiscal year.

PPG Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 10th will be given 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 payout ratio is 43.92%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PPG. UBS Group cut their price objective on PPG Industries from $156.00 to $150.00 and set a neutral rating for the company in a report on Friday. Vertical Research upgraded PPG Industries from a hold rating to a buy rating in a report on Wednesday, January 3rd. Citigroup cut their price objective on PPG Industries from $170.00 to $161.00 and set a buy rating for the company in a report on Wednesday, April 10th. 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 report on Thursday, February 1st. Finally, Barclays cut PPG Industries from an overweight rating to an equal weight rating and cut their price objective for the stock from $163.00 to $149.00 in a report on Tuesday, February 27th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $158.00.

Insider Buying and Selling at PPG Industries

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of the company’s stock in a transaction that occurred 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 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 Securities & Exchange Commission, which is available at the SEC website. 0.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. West Michigan Advisors LLC raised its position in PPG Industries by 3.4% during the 4th quarter. West Michigan Advisors LLC now owns 2,262 shares of the specialty chemicals company’s stock valued at $338,000 after purchasing an additional 74 shares during the last quarter. Colony Group LLC raised its position in PPG Industries by 3.0% during the 2nd quarter. Colony Group LLC now owns 2,540 shares of the specialty chemicals company’s stock valued at $377,000 after purchasing an additional 74 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in PPG Industries by 0.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 12,009 shares of the specialty chemicals company’s stock valued at $1,510,000 after purchasing an additional 79 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its position in shares of PPG Industries by 0.8% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 10,581 shares of the specialty chemicals company’s stock worth $1,569,000 after acquiring an additional 83 shares in the last quarter. Finally, Parkside Financial Bank & Trust raised its position in shares of PPG Industries by 45.8% in the 1st quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock worth $36,000 after acquiring an additional 87 shares in the last quarter. Institutional investors own 81.86% of the company’s stock.

About PPG Industries

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.