PPG Industries (NYSE:PPG) Updates FY24 Earnings Guidance

PPG Industries (NYSE:PPG) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $8.34-$8.59 for the period, compared to the consensus earnings per share estimate of $8.48. PPG Industries also updated its Q2 guidance to $2.24-$2.52 EPS.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. KeyCorp reduced their price objective on PPG Industries from $167.00 to $164.00 and set an overweight rating on the stock in a report on Tuesday, April 9th. Wolfe Research assumed coverage on PPG Industries in a report on Friday, March 1st. They set a peer perform rating on the stock. Citigroup reduced their price objective on PPG Industries from $170.00 to $161.00 and set a buy rating on the stock in a report on Wednesday, April 10th. Barclays downgraded PPG Industries from an overweight rating to an equal weight rating and reduced their price objective for the stock from $163.00 to $149.00 in a report on Tuesday, February 27th. Finally, Vertical Research raised PPG Industries from a hold rating to a buy rating in a report on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, PPG Industries presently has an average rating of Moderate Buy and an average price target of $158.40.

PPG Industries Trading Up 0.1 %

PPG Industries stock traded up $0.15 during mid-day trading on Thursday, hitting $135.11. 2,306,736 shares of the company’s stock were exchanged, compared to its average volume of 1,733,252. The firm has a market capitalization of $31.80 billion, a P/E ratio of 25.27, a PEG ratio of 1.60 and a beta of 1.28. PPG Industries has a fifty-two week low of $120.32 and a fifty-two week high of $152.89. The company has a quick ratio of 1.05, a current ratio of 1.47 and a debt-to-equity ratio of 0.72. The company’s 50 day simple moving average is $140.60 and its 200-day simple moving average is $138.90.

PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, hitting the consensus estimate of $1.86. The business had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.43 billion. PPG Industries had a return on equity of 23.51% and a net margin of 6.96%. The firm’s revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.82 EPS. On average, equities analysts anticipate that PPG Industries will post 8.46 earnings per share for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On PPG Industries

A number of large investors have recently added to or reduced their stakes in the company. West Michigan Advisors LLC grew its holdings in PPG Industries by 3.4% during the fourth quarter. West Michigan Advisors LLC now owns 2,262 shares of the specialty chemicals company’s stock worth $338,000 after purchasing an additional 74 shares during the period. Colony Group LLC grew its holdings in PPG Industries by 3.0% during the second quarter. Colony Group LLC now owns 2,540 shares of the specialty chemicals company’s stock worth $377,000 after purchasing an additional 74 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in PPG Industries by 0.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 12,009 shares of the specialty chemicals company’s stock worth $1,510,000 after purchasing an additional 79 shares during the period. Benjamin F. Edwards & Company Inc. grew its holdings in PPG Industries by 0.8% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 10,581 shares of the specialty chemicals company’s stock worth $1,569,000 after purchasing an additional 83 shares during the period. Finally, Parkside Financial Bank & Trust grew its holdings in 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 purchasing an additional 87 shares during the period. 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.