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

PPG Industries (NYSE:PPG) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 8.150-8.150 for the period, compared to the consensus earnings per share estimate of 8.220. The company issued revenue guidance of -.

PPG Industries Stock Up 0.4 %

PPG traded up $0.49 during midday trading on Wednesday, hitting $130.36. The company had a trading volume of 2,006,446 shares, compared to its average volume of 1,596,135. The company has a market capitalization of $30.57 billion, a price-to-earnings ratio of 22.15, a PEG ratio of 1.72 and a beta of 1.26. The stock’s 50 day moving average price is $126.49 and its 200 day moving average price is $129.25. The company has a quick ratio of 1.05, a current ratio of 1.49 and a debt-to-equity ratio of 0.73. PPG Industries has a 52 week low of $118.07 and a 52 week high of $151.16.

PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, July 18th. The specialty chemicals company reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.48 by $0.02. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. The business had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.93 billion. During the same period in the prior year, the business earned $2.25 EPS. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. On average, research analysts anticipate that PPG Industries will post 8.24 earnings per share for the current fiscal year.

PPG Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 12th were given a $0.68 dividend. This is a positive change from PPG Industries’s previous quarterly dividend of $0.65. This represents a $2.72 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date was Monday, August 12th. PPG Industries’s dividend payout ratio is presently 45.95%.

Wall Street Analysts Forecast Growth

PPG has been the subject of several recent analyst reports. Royal Bank of Canada reduced their target price on shares of PPG Industries from $140.00 to $139.00 and set a “sector perform” rating for the company in a research note on Tuesday, July 23rd. Bank of America decreased their price objective on shares of PPG Industries from $152.00 to $150.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. BMO Capital Markets cut their target price on PPG Industries from $165.00 to $161.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. UBS Group increased their price target on PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Finally, Citigroup cut their price objective on PPG Industries from $145.00 to $144.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, PPG Industries currently has an average rating of “Moderate Buy” and an average target price of $151.08.

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.