PPG Industries (NYSE:PPG) Updates Q2 Earnings Guidance

PPG Industries (NYSE:PPG) issued an update on its second quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $2.24-$2.52 for the period, compared to the consensus estimate of $2.54. PPG Industries also updated its FY 2024 guidance to 8.340-8.590 EPS.

PPG Industries Trading Down 3.1 %

Shares of PPG stock opened at $130.90 on Friday. The firm has a 50 day moving average price of $140.36 and a two-hundred day moving average price of $138.95. 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 company has a market capitalization of $30.81 billion, a PE ratio of 22.11, a price-to-earnings-growth ratio of 1.56 and a beta of 1.28. PPG Industries has a 12-month low of $120.32 and a 12-month high of $152.89.

PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.86. The firm had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.43 billion. PPG Industries had a net margin of 7.74% and a return on equity of 23.13%. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period last year, the business posted $1.82 earnings per share. As a group, analysts predict that PPG Industries will post 8.46 earnings per share for the current year.

PPG Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 10th will be given a dividend of $0.65 per share. The ex-dividend date is Thursday, May 9th. This represents a $2.60 annualized dividend and a yield of 1.99%. PPG Industries’s dividend payout ratio (DPR) is presently 43.92%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PPG shares. Redburn Atlantic downgraded shares of PPG Industries from a buy rating to a neutral rating and set a $160.00 price objective for the company. in a research report on Thursday, February 1st. Wells Fargo & Company upgraded PPG Industries from an equal weight rating to an overweight rating and boosted their price target for the company from $150.00 to $163.00 in a research note on Thursday, April 11th. Barclays cut PPG Industries from an overweight rating to an equal weight rating and cut their price target for the company from $163.00 to $149.00 in a research note on Tuesday, February 27th. Robert W. Baird reiterated an outperform rating and issued a $150.00 price target on shares of PPG Industries in a research note on Friday, January 19th. Finally, Vertical Research upgraded PPG Industries from a hold rating to a buy rating in a research note on Wednesday, January 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $158.00.

Insiders Place Their Bets

In other PPG Industries 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 transaction of $479,196.00. Following the completion of the sale, the chief financial officer now directly 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 can be accessed through the SEC website. Corporate insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Money Concepts Capital Corp increased its holdings in shares of PPG Industries by 2,104.4% during the fourth quarter. Money Concepts Capital Corp now owns 992 shares of the specialty chemicals company’s stock worth $125,000 after buying an additional 947 shares in the last quarter. State of Wyoming acquired a new stake in PPG Industries during the 2nd quarter worth about $119,000. Salem Investment Counselors Inc. grew its holdings 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 period. Chilton Capital Management LLC acquired a new stake in PPG Industries during the 1st quarter worth about $70,000. Finally, Milestone Investment Advisors LLC bought a new position in shares of PPG Industries during the 1st quarter worth about $67,000. 81.86% of the stock is currently owned by institutional investors and hedge funds.

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.