PPG Industries, Inc. to Post Q2 2024 Earnings of $2.49 Per Share, Seaport Res Ptn Forecasts (NYSE:PPG)

PPG Industries, Inc. (NYSE:PPG) – Seaport Res Ptn decreased their Q2 2024 earnings per share (EPS) estimates for shares of PPG Industries in a report released on Monday, April 22nd. Seaport Res Ptn analyst M. Harrison now anticipates that the specialty chemicals company will post earnings per share of $2.49 for the quarter, down from their previous forecast of $2.54. Seaport Res Ptn 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.

A number of other brokerages have also weighed in on PPG. Bank of America decreased their target price on PPG Industries from $167.00 to $164.00 and set a “buy” rating on the stock in a research note on Monday. Citigroup lowered their target price on shares of PPG Industries from $170.00 to $161.00 and set a “buy” rating on the stock in a research note on Wednesday, April 10th. UBS Group cut their price target on shares of PPG Industries from $156.00 to $150.00 and set a “neutral” rating for the company in a research note on Friday. Royal Bank of Canada decreased their price target on shares of PPG Industries from $156.00 to $141.00 and set a “sector perform” rating on the stock in a report on Monday. Finally, KeyCorp dropped their price objective on shares of PPG Industries from $164.00 to $162.00 and set an “overweight” rating for the company in a report on Monday. One investment 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. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $155.50.

PPG Industries Trading Up 0.2 %

PPG Industries stock opened at $131.13 on Tuesday. The stock has a market cap of $30.86 billion, a P/E ratio of 22.15, a PEG ratio of 1.56 and a beta of 1.28. PPG Industries has a fifty-two week low of $120.32 and a fifty-two week high of $152.89. The firm’s fifty day moving average price is $140.16 and its 200-day moving average price is $138.99. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.05 and a current ratio of 1.47.

PPG Industries (NYSE:PPG) last posted its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.86. PPG Industries had a net margin of 7.74% and a return on equity of 23.13%. The business had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.43 billion. During the same quarter in the prior year, the firm posted $1.82 EPS. PPG Industries’s revenue was down 1.6% on a year-over-year basis.

Institutional Investors Weigh In On PPG Industries

A number of large investors have recently made changes to their positions in PPG. OFI Invest Asset Management purchased a new stake in PPG Industries in the third quarter worth $25,000. Valued Wealth Advisors LLC bought a new position in PPG Industries in the 4th quarter worth $26,000. SJS Investment Consulting Inc. lifted its position in shares of PPG Industries by 588.5% in the 4th quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock worth $27,000 after purchasing an additional 153 shares during the period. Private Wealth Management Group LLC purchased a new stake in shares of PPG Industries in the 4th quarter worth about $27,000. Finally, CVA Family Office LLC bought a new stake in shares of PPG Industries during the 4th quarter valued at about $28,000. 81.86% of the stock is currently owned by institutional investors.

Insider Buying and Selling at PPG Industries

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of the business’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 owns 28,439 shares in the company, valued at $4,008,192.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.56% of the stock is currently owned by corporate insiders.

PPG Industries Dividend Announcement

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

PPG Industries announced that its Board of Directors has approved a stock buyback program on Thursday, April 18th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the specialty chemicals company to repurchase up to 8.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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.