Seaport Res Ptn Upgrades PPG Industries (NYSE:PPG) to Buy

Seaport Res Ptn upgraded shares of PPG Industries (NYSE:PPG) from a neutral rating to a buy rating in a research note published on Monday morning, Zacks.com reports. Seaport Res Ptn also issued estimates for PPG Industries’ Q2 2024 earnings at $2.49 EPS, FY2024 earnings at $8.43 EPS, Q1 2025 earnings at $2.09 EPS, Q2 2025 earnings at $2.78 EPS, Q3 2025 earnings at $2.56 EPS, Q4 2025 earnings at $1.95 EPS and FY2025 earnings at $9.38 EPS.

PPG has been the subject of a number of other reports. Bank of America lowered their price target on PPG Industries from $167.00 to $164.00 and set a buy rating for the company in a research report on Monday. Wolfe Research began coverage on PPG Industries in a research report on Friday, March 1st. They issued a peer perform rating for the company. Barclays lowered their price target on PPG Industries from $149.00 to $148.00 and set an equal weight rating for the company in a research report on Monday. UBS Group lowered their price target on PPG Industries from $156.00 to $150.00 and set a neutral rating for the company in a research report on Friday, April 19th. Finally, Redburn Atlantic downgraded PPG Industries from a buy rating to a neutral rating and set a $160.00 target price for the company. in a research report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $155.47.

PPG Industries Trading Down 1.0 %

PPG stock opened at $129.23 on Monday. The firm has a fifty day moving average price of $139.54 and a 200 day moving average price of $138.85. PPG Industries has a fifty-two week low of $120.32 and a fifty-two week high of $152.89. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.05 and a current ratio of 1.55. The firm has a market cap of $30.30 billion, a PE ratio of 21.83, a price-to-earnings-growth ratio of 1.62 and a beta of 1.28.

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, meeting analysts’ consensus estimates of $1.86. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The firm had revenue of $4.31 billion during the quarter, compared to analyst estimates of $4.43 billion. During the same period last year, the firm posted $1.82 earnings per share. PPG Industries’s revenue for the quarter was down 1.6% compared to the same quarter last year. Sell-side analysts anticipate that PPG Industries will post 8.45 earnings per share for the current fiscal year.

PPG Industries declared that its board has initiated a stock repurchase plan on Thursday, April 18th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to buy up to 8.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

PPG Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 10th will be issued a $0.65 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.60 annualized dividend and a dividend yield of 2.01%. PPG Industries’s payout ratio is currently 43.92%.

Insider Buying and Selling at PPG Industries

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of PPG Industries stock in a transaction dated Friday, March 1st. The stock was 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.55% of the stock is owned by insiders.

Institutional Investors Weigh In On PPG Industries

A number of large investors have recently modified their holdings of PPG. J.W. Cole Advisors Inc. increased its holdings in shares of PPG Industries by 6.7% during the fourth quarter. J.W. Cole Advisors Inc. now owns 11,004 shares of the specialty chemicals company’s stock valued at $1,646,000 after acquiring an additional 690 shares in the last quarter. FMR LLC increased its holdings in shares of PPG Industries by 11.0% during the third quarter. FMR LLC now owns 358,333 shares of the specialty chemicals company’s stock valued at $46,512,000 after acquiring an additional 35,571 shares in the last quarter. Cerity Partners LLC increased its holdings in shares of PPG Industries by 137.5% during the fourth quarter. Cerity Partners LLC now owns 34,937 shares of the specialty chemicals company’s stock valued at $5,224,000 after acquiring an additional 20,226 shares in the last quarter. Nomura Holdings Inc. increased its holdings in shares of PPG Industries by 2.3% during the third quarter. Nomura Holdings Inc. now owns 8,479 shares of the specialty chemicals company’s stock valued at $1,101,000 after acquiring an additional 192 shares in the last quarter. Finally, Financial Counselors Inc. increased its holdings in shares of PPG Industries by 6.4% during the third quarter. Financial Counselors Inc. now owns 1,883 shares of the specialty chemicals company’s stock valued at $244,000 after acquiring an additional 114 shares in the last quarter. Hedge funds and other institutional investors own 81.86% of the company’s stock.

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.