PPG Industries (NYSE:PPG) Issues Q2 Earnings Guidance

PPG Industries (NYSE:PPG) updated its second quarter earnings guidance on Thursday. The company provided EPS guidance of $2.24-$2.52 for the period, compared to the consensus EPS estimate of $2.54. PPG Industries also updated its FY24 guidance to $8.34-$8.59 EPS.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PPG. KeyCorp decreased their price target on shares of PPG Industries from $167.00 to $164.00 and set an overweight rating on the stock in a research note on Tuesday, April 9th. Royal Bank of Canada decreased their price target on shares of PPG Industries from $158.00 to $156.00 and set a sector perform rating on the stock in a research note on Monday, January 22nd. Wolfe Research began coverage on shares of PPG Industries in a research note on Friday, March 1st. They set a peer perform rating on the stock. Citigroup decreased their price target on shares of PPG Industries from $170.00 to $161.00 and set a buy rating on the stock in a research note on Wednesday, April 10th. Finally, Robert W. Baird restated an outperform rating and issued a $150.00 target price on shares of PPG Industries in a research note on Friday, January 19th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $158.40.

PPG Industries Price Performance

Shares of PPG Industries stock traded up $0.15 during trading on Thursday, reaching $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 has a 50-day moving average price of $140.60 and a two-hundred day moving average price of $138.90. The company has a current ratio of 1.47, a quick ratio of 1.05 and a debt-to-equity ratio of 0.72. PPG Industries has a one year low of $120.32 and a one year high of $152.89. The stock 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.

PPG Industries (NYSE:PPG) last released its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.86. The business had revenue of $4.31 billion during 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 firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.82 earnings per share. As a group, sell-side analysts anticipate that PPG Industries will post 8.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of the business’s 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 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.55% of the company’s stock.

Institutional Trading of PPG Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Money Concepts Capital Corp grew its position in shares of PPG Industries by 2,104.4% during the 4th quarter. Money Concepts Capital Corp now owns 992 shares of the specialty chemicals company’s stock worth $125,000 after buying an additional 947 shares during the period. State of Wyoming acquired a new position in shares of PPG Industries during the 2nd quarter worth about $119,000. Salem Investment Counselors Inc. grew its position in shares of PPG Industries by 17.6% during the 1st quarter. Salem Investment Counselors Inc. now owns 668 shares of the specialty chemicals company’s stock worth $88,000 after buying an additional 100 shares during the period. Chilton Capital Management LLC acquired a new position in shares of PPG Industries during the 1st quarter worth about $70,000. Finally, Milestone Investment Advisors LLC acquired a new position in shares of PPG Industries during the 1st quarter worth about $67,000. 81.86% of the stock is 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.