PPG Industries (NYSE:PPG) Issues 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 Ratings Changes

PPG has been the subject of a number of recent analyst reports. Royal Bank of Canada decreased their price target on PPG Industries from $158.00 to $156.00 and set a sector perform rating for the company in a report on Monday, January 22nd. Citigroup dropped their target price on shares of PPG Industries from $170.00 to $161.00 and set a buy rating on the stock in a research report on Wednesday, April 10th. Robert W. Baird reissued an outperform rating and set a $150.00 price objective on shares of PPG Industries in a report on Friday, January 19th. Wells Fargo & Company upgraded shares of PPG Industries from an equal weight rating to an overweight rating and upped their target price for the stock from $150.00 to $163.00 in a research note on Thursday, April 11th. Finally, UBS Group reissued a neutral rating and set a $156.00 price target (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 given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $158.40.

PPG Industries Price Performance

Shares of PPG stock traded up $0.15 during mid-day trading on Thursday, hitting $135.11. The company had a trading volume of 2,308,894 shares, compared to its average volume of 1,733,113. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.47 and a quick ratio of 1.05. The stock’s 50 day moving average price is $140.60 and its 200-day moving average price is $138.90. PPG Industries has a 52-week low of $120.32 and a 52-week high of $152.89. The company has a market capitalization of $31.80 billion, a P/E ratio of 25.27, a P/E/G ratio of 1.60 and a beta of 1.28.

PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, hitting the consensus estimate of $1.86. PPG Industries had a net margin of 6.96% and a return on equity of 23.51%. The company had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.43 billion. During the same quarter in the previous year, the business posted $1.82 earnings per share. PPG Industries’s quarterly revenue was down 1.6% on a year-over-year basis. Equities research analysts forecast that PPG Industries will post 8.46 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Vincent J. Morales sold 3,400 shares of PPG Industries stock in a transaction dated Friday, March 1st. The shares were 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 directly owns 28,439 shares of the company’s stock, 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 owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PPG. Price T Rowe Associates Inc. MD grew its stake in PPG Industries by 0.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 470,605 shares of the specialty chemicals company’s stock worth $70,380,000 after acquiring an additional 3,684 shares in the last quarter. Sanibel Captiva Trust Company Inc. bought a new position in PPG Industries in the fourth quarter worth approximately $341,000. DRW Securities LLC purchased a new position in PPG Industries during the 4th quarter worth $205,000. Oarsman Capital Inc. bought a new stake in PPG Industries during the 4th quarter valued at $262,000. Finally, Clarity Asset Management Inc. purchased a new stake in shares of PPG Industries in the 4th quarter worth $42,000. 81.86% of the stock is currently owned by institutional investors.

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.