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

PPG Industries (NYSE:PPG) updated its FY 2024 earnings guidance on Thursday. 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.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PPG. Redburn Atlantic downgraded shares of PPG Industries from a buy rating to a neutral rating and set a $160.00 target price on the stock. in a research note on Thursday, February 1st. Royal Bank of Canada cut their price target on PPG Industries from $158.00 to $156.00 and set a sector perform rating for the company in a report on Monday, January 22nd. Robert W. Baird reaffirmed an outperform rating and issued a $150.00 price target on shares of PPG Industries in a report on Friday, January 19th. Citigroup cut their price target on PPG Industries from $170.00 to $161.00 and set a buy rating for the company in a report on Wednesday, April 10th. Finally, KeyCorp cut their price target on PPG Industries from $167.00 to $164.00 and set an overweight rating for the company in a report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $158.00.

PPG Industries Stock Performance

Shares of PPG stock opened at $130.92 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.47 and a quick ratio of 1.05. The stock has a market cap of $30.81 billion, a PE ratio of 22.11, a price-to-earnings-growth ratio of 1.61 and a beta of 1.28. The stock has a 50-day moving average of $140.36 and a 200-day moving average of $138.88. PPG Industries has a one year low of $120.32 and a one year high of $152.89.

PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, April 18th. The specialty chemicals company reported $1.86 EPS for the quarter, meeting analysts’ consensus estimates of $1.86. The company had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.43 billion. PPG Industries had a return on equity of 23.13% and a net margin of 7.74%. PPG Industries’s revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.82 EPS. As a group, sell-side analysts expect that PPG Industries will post 8.46 earnings per share for the current year.

PPG Industries Announces Dividend

The business 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. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.99%. PPG Industries’s dividend payout ratio (DPR) is presently 43.92%.

Insider Activity at PPG Industries

In related news, CFO Vincent J. Morales sold 3,400 shares of the business’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 value 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 approximately $4,008,192.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.55% of the stock is owned by insiders.

Hedge Funds Weigh In On PPG Industries

Institutional investors and hedge funds have recently modified their holdings of the business. Money Concepts Capital Corp grew its position in shares of PPG Industries by 2,104.4% in the 4th quarter. Money Concepts Capital Corp now owns 992 shares of the specialty chemicals company’s stock valued at $125,000 after purchasing an additional 947 shares during the period. State of Wyoming acquired a new position in PPG Industries during the 2nd quarter worth approximately $119,000. Salem Investment Counselors Inc. boosted its position in PPG Industries by 17.6% during the 1st quarter. Salem Investment Counselors Inc. now owns 668 shares of the specialty chemicals company’s stock worth $88,000 after acquiring an additional 100 shares during the last quarter. Chilton Capital Management LLC acquired a new position in PPG Industries during the 1st quarter worth approximately $70,000. Finally, Milestone Investment Advisors LLC acquired a new position in PPG Industries during the 1st quarter worth approximately $67,000. 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.