Q2 2024 Earnings Forecast for PPG Industries, Inc. (NYSE:PPG) Issued By Seaport Res Ptn

PPG Industries, Inc. (NYSE:PPG) – Analysts at Seaport Res Ptn dropped their Q2 2024 earnings estimates for PPG Industries in a report released on Monday, April 22nd. Seaport Res Ptn analyst M. Harrison now anticipates that the specialty chemicals company will earn $2.49 per share for the quarter, down from their prior forecast of $2.54. Seaport Res Ptn currently has a “Buy” rating on the stock. The consensus estimate for PPG Industries’ current full-year earnings is $8.46 per share. Seaport Res Ptn also issued estimates for PPG Industries’ FY2024 earnings at $8.43 EPS, Q2 2025 earnings at $2.78 EPS and Q3 2025 earnings at $2.56 EPS.

Several other equities research analysts have also commented on the company. KeyCorp lowered their price objective on PPG Industries from $164.00 to $162.00 and set an “overweight” rating on the stock in a research report on Monday. Redburn Atlantic lowered shares of PPG Industries from a “buy” rating to a “neutral” rating and set a $160.00 price target on the stock. in a research report on Thursday, February 1st. Wells Fargo & Company upgraded shares of PPG Industries from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $150.00 to $163.00 in a research report on Thursday, April 11th. UBS Group dropped their target price on PPG Industries from $156.00 to $150.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on PPG Industries from $160.00 to $155.00 and set a “buy” rating for the company in a report on Monday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, PPG Industries has an average rating of “Hold” and a consensus target price of $155.50.

PPG Industries Stock Up 0.2 %

PPG Industries stock opened at $131.13 on Tuesday. The business’s 50-day moving average price is $140.16 and its 200 day moving average price is $138.99. 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 firm has a market cap of $30.86 billion, a price-to-earnings ratio of 22.15, a price-to-earnings-growth ratio of 1.56 and a beta of 1.28. PPG Industries has a 52 week low of $120.32 and a 52 week high of $152.89.

PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, hitting the consensus estimate of $1.86. The company had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.43 billion. PPG Industries had a return on equity of 23.13% and a net margin of 7.74%. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period last year, the firm earned $1.82 EPS.

PPG Industries announced that its board has initiated a stock buyback program on Thursday, April 18th that permits the company to buyback $2.50 billion in shares. This buyback authorization permits the specialty chemicals company to purchase up to 8.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

PPG Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 10th will be paid a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 1.98%. The ex-dividend date is Thursday, May 9th. PPG Industries’s dividend payout ratio is currently 43.92%.

Insider Transactions at PPG Industries

In other news, CFO Vincent J. Morales sold 3,400 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $140.94, for a total value of $479,196.00. Following the transaction, the chief financial officer now directly owns 28,439 shares of the company’s stock, valued at $4,008,192.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On PPG Industries

Several hedge funds and other institutional investors have recently modified their holdings of PPG. Norges Bank purchased a new position in shares of PPG Industries in the fourth quarter worth about $554,685,000. Vanguard Group Inc. lifted its stake in shares of PPG Industries by 17.2% in the fourth quarter. Vanguard Group Inc. now owns 24,480,664 shares of the specialty chemicals company’s stock worth $3,661,083,000 after buying an additional 3,600,558 shares in the last quarter. Invesco Ltd. lifted its stake in shares of PPG Industries by 41.1% in the third quarter. Invesco Ltd. now owns 3,294,142 shares of the specialty chemicals company’s stock worth $427,580,000 after buying an additional 959,849 shares in the last quarter. Assenagon Asset Management S.A. increased its position in PPG Industries by 4,484.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 723,690 shares of the specialty chemicals company’s stock worth $108,228,000 after purchasing an additional 707,903 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in PPG Industries during the fourth quarter worth about $74,492,000. 81.86% of the stock is owned by hedge funds and other institutional investors.

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.