Seaport Res Ptn Upgrades PPG Industries (NYSE:PPG) to Buy

Seaport Res Ptn upgraded shares of PPG Industries (NYSE:PPG) from a neutral rating to a buy rating in a research report report published on Monday morning, Zacks.com reports. Seaport Res Ptn also issued estimates for PPG Industries’ Q2 2024 earnings at $2.49 EPS, FY2024 earnings at $8.43 EPS, Q1 2025 earnings at $2.09 EPS, Q2 2025 earnings at $2.78 EPS, Q3 2025 earnings at $2.56 EPS, Q4 2025 earnings at $1.95 EPS and FY2025 earnings at $9.38 EPS.

PPG has been the topic of a number of other reports. Redburn Atlantic downgraded PPG Industries from a buy rating to a neutral rating and set a $160.00 price target on the stock. in a research note on Thursday, February 1st. Royal Bank of Canada decreased their price target on PPG Industries from $156.00 to $141.00 and set a sector perform rating on the stock in a research note on Monday. Bank of America decreased their price target on PPG Industries from $167.00 to $164.00 and set a buy rating on the stock in a research note on Monday. StockNews.com downgraded PPG Industries from a buy rating to a hold rating in a research note on Monday. Finally, Wolfe Research assumed coverage on PPG Industries in a research report on Friday, March 1st. They set a peer perform rating on the stock. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $155.47.

PPG Industries Trading Down 1.0 %

NYSE:PPG opened at $129.23 on Monday. The firm has a market cap of $30.30 billion, a P/E ratio of 21.83, a PEG ratio of 1.62 and a beta of 1.28. The company has a current ratio of 1.55, a quick ratio of 1.05 and a debt-to-equity ratio of 0.73. The stock’s 50 day simple moving average is $139.54 and its 200-day simple moving average is $138.85. 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 results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.86. PPG Industries had a return on equity of 22.98% and a net margin of 7.74%. The firm had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.43 billion. During the same period in the previous year, the business earned $1.82 earnings per share. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. Equities analysts anticipate that PPG Industries will post 8.45 EPS for the current year.

PPG Industries announced that its Board of Directors has initiated a stock buyback plan on Thursday, April 18th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to repurchase up to 8.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

PPG Industries Dividend Announcement

The business 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 is Thursday, May 9th. This represents a $2.60 annualized dividend and a dividend yield of 2.01%. PPG Industries’s dividend payout ratio is currently 43.92%.

Insider Activity

In other news, CFO Vincent J. Morales sold 3,400 shares of the company’s stock in a transaction 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 sale, the chief financial officer now directly owns 28,439 shares in the company, valued at $4,008,192.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On PPG Industries

Institutional investors have recently added to or reduced their stakes in the business. Valued Wealth Advisors LLC acquired a new position in PPG Industries in the fourth quarter valued at $26,000. Private Wealth Management Group LLC acquired a new position in PPG Industries in the fourth quarter valued at $27,000. SJS Investment Consulting Inc. increased its stake in PPG Industries by 588.5% in the fourth quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock valued at $27,000 after purchasing an additional 153 shares during the last quarter. CVA Family Office LLC acquired a new position in PPG Industries in the fourth quarter valued at $28,000. Finally, Richardson Financial Services Inc. acquired a new position in PPG Industries in the fourth quarter valued at $29,000. 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.