PPG Industries (NYSE:PPG) Releases Q2 Earnings Guidance

PPG Industries (NYSE:PPG) updated its second quarter earnings guidance on Thursday. 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.

Analyst Ratings Changes

Several research firms have recently issued reports on PPG. Royal Bank of Canada dropped their price target on shares of PPG Industries from $158.00 to $156.00 and set a sector perform rating for the company in a research note on Monday, January 22nd. Redburn Atlantic downgraded shares of PPG Industries from a buy rating to a neutral rating and set a $160.00 price target for the company. in a research note on Thursday, February 1st. UBS Group lowered their target price 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. KeyCorp lowered their target price on shares of PPG Industries from $167.00 to $164.00 and set an overweight rating for the company in a research note on Tuesday, April 9th. Finally, Barclays downgraded shares of PPG Industries from an overweight rating to an equal weight rating and lowered their target price for the stock from $163.00 to $149.00 in a research note on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $158.00.

PPG Industries Price Performance

PPG stock opened at $135.11 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. PPG Industries has a one year low of $120.32 and a one year high of $152.89. The stock has a market cap of $31.80 billion, a PE ratio of 25.30, a P/E/G ratio of 1.61 and a beta of 1.28. The firm has a 50 day simple moving average of $140.53 and a two-hundred day simple moving average of $138.87.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, April 18th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.86. PPG Industries had a net margin of 6.96% and a return on equity of 23.51%. The company had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.43 billion. During the same quarter in the prior year, the company earned $1.82 EPS. The firm’s revenue was down 1.6% on a year-over-year basis. On average, analysts predict that PPG Industries will post 8.46 EPS for the current fiscal year.

Insider Activity at PPG Industries

In related news, CFO Vincent J. Morales sold 3,400 shares of the company’s stock in a transaction on Friday, March 1st. The shares were 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 approximately $4,008,192.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Money Concepts Capital Corp raised its holdings in 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 worth $125,000 after purchasing an additional 947 shares in the last quarter. State of Wyoming bought a new position in PPG Industries in the 2nd quarter worth $119,000. Salem Investment Counselors Inc. raised its holdings in PPG Industries by 17.6% in the 1st quarter. Salem Investment Counselors Inc. now owns 668 shares of the specialty chemicals company’s stock worth $88,000 after purchasing an additional 100 shares in the last quarter. Chilton Capital Management LLC bought a new position in shares of PPG Industries in the 1st quarter worth about $70,000. Finally, Milestone Investment Advisors LLC bought a new position in shares of PPG Industries in the 1st quarter worth about $67,000. 81.86% of the stock is currently owned by institutional investors.

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.