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 (EPS) guidance of 8.340-8.590 for the period, compared to the consensus estimate of 8.480. The company issued revenue guidance of -. PPG Industries also updated its FY24 guidance to $8.34-$8.59 EPS.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Citigroup dropped their price target on PPG Industries from $170.00 to $161.00 and set a buy rating on the stock in a research report on Wednesday, April 10th. Wells Fargo & Company raised PPG Industries from an equal weight rating to an overweight rating and boosted their target price for the company from $150.00 to $163.00 in a report on Thursday, April 11th. Wolfe Research began coverage on PPG Industries in a report on Friday, March 1st. They set a peer perform rating for the company. UBS Group reissued a neutral rating and issued a $156.00 price objective (down from $173.00) on shares of PPG Industries in a research note on Thursday, March 7th. Finally, 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 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $158.40.

PPG Industries Price Performance

PPG traded up $0.15 on Thursday, hitting $135.11. 2,298,130 shares of the company were exchanged, compared to its average volume of 1,733,392. 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 0.72, a quick ratio of 1.05 and a current ratio of 1.47. The firm has a market capitalization of $31.80 billion, a P/E ratio of 25.27, a price-to-earnings-growth ratio of 1.60 and a beta of 1.28. The business’s fifty day moving average is $140.60 and its 200 day moving average is $138.90.

PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, April 18th. The specialty chemicals company reported $1.86 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.86. The business had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.43 billion. PPG Industries had a return on equity of 23.51% and a net margin of 6.96%. The company’s revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.82 EPS. As a group, sell-side analysts anticipate that PPG Industries will post 8.46 EPS for the current year.

Insider Transactions at PPG Industries

In related news, CFO Vincent J. Morales sold 3,400 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $140.94, for a total value of $479,196.00. Following the sale, 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 SEC, which is available through this hyperlink. Corporate insiders own 0.55% of the company’s stock.

Institutional Investors Weigh In On PPG Industries

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP acquired a new position in shares of PPG Industries in the second quarter worth $29,000. Harbour Investments Inc. lifted its holdings in PPG Industries by 84.9% in the 1st quarter. Harbour Investments Inc. now owns 220 shares of the specialty chemicals company’s stock valued at $29,000 after purchasing an additional 101 shares in the last quarter. Clear Street Markets LLC acquired a new stake in shares of PPG Industries during the 4th quarter worth about $30,000. Parkside Financial Bank & Trust grew its holdings in shares of PPG Industries by 45.8% during the first quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock worth $36,000 after buying an additional 87 shares in the last quarter. Finally, Achmea Investment Management B.V. acquired a new position in shares of PPG Industries in the first quarter valued at approximately $40,000. Hedge funds and other 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.