PPG Industries (NYSE:PPG – Get Free Report) posted its earnings results on Thursday. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.86, Yahoo Finance reports. The firm had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.43 billion. PPG Industries had a return on equity of 23.51% and a net margin of 6.96%. PPG Industries’s revenue was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.82 EPS. PPG Industries updated its Q2 guidance to $2.24-$2.52 EPS and its FY24 guidance to $8.34-$8.59 EPS.
PPG Industries Stock Performance
Shares of PPG traded up $0.15 during midday trading on Thursday, reaching $135.11. 2,317,183 shares of the stock were exchanged, compared to its average volume of 1,733,392. The company has a market capitalization of $31.80 billion, a price-to-earnings ratio of 25.27, a PEG ratio of 1.60 and a beta of 1.28. PPG Industries has a twelve month low of $120.32 and a twelve month high of $152.89. The business’s 50-day moving average price is $140.60 and its 200 day moving average price is $138.90. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.47 and a quick ratio of 1.05.
Insider Buying and Selling at PPG Industries
In other news, CFO Vincent J. Morales sold 3,400 shares of PPG Industries stock in a transaction on 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 directly owns 28,439 shares of the company’s stock, valued at approximately $4,008,192.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.55% of the stock is owned by company insiders.
Hedge Funds Weigh In On PPG Industries
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on the stock. Robert W. Baird reissued an “outperform” rating and set a $150.00 price target on shares of PPG Industries in a research report on Friday, January 19th. Royal Bank of Canada cut their price objective on 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. Redburn Atlantic lowered PPG Industries from a “buy” rating to a “neutral” rating and set a $160.00 target price for the company. in a report on Thursday, February 1st. Citigroup cut their price target on PPG Industries from $170.00 to $161.00 and set a “buy” rating on the stock in a report on Wednesday, April 10th. Finally, UBS Group reissued a “neutral” rating and set a $156.00 price objective (down from $173.00) on shares of PPG Industries in a research report on Thursday, March 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $158.40.
Check Out Our Latest Stock Analysis on PPG
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.
See Also
- Five stocks we like better than PPG Industries
- Using the MarketBeat Stock Split Calculator
- Comprehensive PepsiCo Stock Analysis
- How to Effectively Use the MarketBeat Ratings Screener
- CSX Co.: The Railroad Powering Ahead with an Earnings Beat
- How Can Investors Benefit From After-Hours Trading
- Bear Market Funds to Watch This Year
Receive News & Ratings for PPG Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PPG Industries and related companies with MarketBeat.com's FREE daily email newsletter.