PPG Industries (NYSE:PPG) Issues Earnings Results, Hits Estimates

PPG Industries (NYSE:PPG) issued its quarterly earnings data on Thursday. The specialty chemicals company reported $1.86 EPS for the quarter, hitting analysts’ consensus estimates of $1.86, Yahoo Finance reports. The firm had revenue of $4.31 billion during 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% on a year-over-year basis. During the same period in the prior year, the business 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 mid-day trading on Thursday, hitting $135.11. The company’s stock had a trading volume of 2,306,736 shares, compared to its average volume of 1,733,252. The stock’s 50-day moving average is $140.60 and its two-hundred day moving average is $138.90. The firm has a market capitalization of $31.80 billion, a PE ratio of 25.27, a price-to-earnings-growth ratio of 1.60 and a beta of 1.28. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.05 and a current ratio of 1.47. PPG Industries has a one year low of $120.32 and a one year high of $152.89.

Analysts Set New Price Targets

A number of research firms have recently commented on PPG. Redburn Atlantic downgraded PPG Industries from a “buy” rating to a “neutral” rating and set a $160.00 price objective on the stock. in a research note on Thursday, February 1st. Robert W. Baird reaffirmed an “outperform” rating and set a $150.00 price objective on shares of PPG Industries in a research note on Friday, January 19th. Vertical Research upgraded shares of PPG Industries from a “hold” rating to a “buy” rating in a report on Wednesday, January 3rd. Wolfe Research started coverage on shares of PPG Industries in a research note on Friday, March 1st. They issued a “peer perform” rating for the company. Finally, KeyCorp lowered their target price on PPG Industries from $167.00 to $164.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, PPG Industries currently has a consensus rating of “Moderate Buy” and a consensus price target of $158.40.

Insider Buying and Selling

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of the 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 completion of 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 legal filing with the SEC, which is available through the SEC website. 0.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

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