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

PPG Industries (NYSE:PPG) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 8.340-8.590 for the period, compared to the consensus earnings per share estimate of 8.480. The company issued revenue guidance of -. PPG Industries also updated its FY24 guidance to $8.34-$8.59 EPS.

PPG Industries Trading Down 3.1 %

Shares of PPG stock opened at $130.92 on Friday. The stock has a market cap of $30.81 billion, a price-to-earnings ratio of 22.11, a price-to-earnings-growth ratio of 1.61 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.47 and a debt-to-equity ratio of 0.72. PPG Industries has a fifty-two week low of $120.32 and a fifty-two week high of $152.89. The firm’s 50 day moving average price is $140.36 and its two-hundred day moving average price is $138.88.

PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, April 18th. The specialty chemicals company reported $1.86 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.86. The firm had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.43 billion. PPG Industries had a net margin of 7.74% and a return on equity of 23.13%. PPG Industries’s revenue was down 1.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.82 earnings per share. On average, analysts anticipate that PPG Industries will post 8.46 EPS for the current year.

PPG Industries Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 1.99%. PPG Industries’s dividend payout ratio (DPR) is 43.92%.

Analysts Set New Price Targets

A number of research analysts have recently commented on PPG shares. Barclays cut shares of PPG Industries from an overweight rating to an equal weight rating and reduced their target price for the stock from $163.00 to $149.00 in a research report on Tuesday, February 27th. Wells Fargo & Company raised shares of PPG Industries from an equal weight rating to an overweight rating and boosted their target price for the stock from $150.00 to $163.00 in a research report on Thursday, April 11th. Citigroup reduced 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 report on Wednesday, April 10th. Royal Bank of Canada reduced their target price on shares of PPG Industries from $158.00 to $156.00 and set a sector perform rating on the stock in a research report on Monday, January 22nd. Finally, UBS Group reduced their target price on shares of PPG Industries from $156.00 to $150.00 and set a neutral rating on the stock in a research report on Friday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Hold and an average price target of $158.00.

Insider Buying and Selling at PPG Industries

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $140.94, for a total transaction of $479,196.00. Following the transaction, the chief financial officer now owns 28,439 shares of the company’s stock, valued at approximately $4,008,192.66. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PPG Industries

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of PPG Industries by 17.2% during the 4th quarter. Vanguard Group Inc. now owns 24,480,664 shares of the specialty chemicals company’s stock valued at $3,661,083,000 after purchasing an additional 3,600,558 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of PPG Industries by 2.2% during the 1st quarter. Geode Capital Management LLC now owns 4,854,892 shares of the specialty chemicals company’s stock valued at $647,037,000 after purchasing an additional 106,294 shares in the last quarter. Moneta Group Investment Advisors LLC boosted its position in shares of PPG Industries by 163,082.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 4,157,889 shares of the specialty chemicals company’s stock valued at $522,813,000 after purchasing an additional 4,155,341 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of PPG Industries by 2.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,193,621 shares of the specialty chemicals company’s stock valued at $418,589,000 after purchasing an additional 65,996 shares in the last quarter. Finally, Morgan Stanley boosted its position in shares of PPG Industries by 26.5% during the 4th quarter. Morgan Stanley now owns 2,775,122 shares of the specialty chemicals company’s stock valued at $348,944,000 after purchasing an additional 581,750 shares in the last quarter. Institutional investors own 81.86% of the company’s stock.

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.