PPG Industries (NYSE:PPG) Issues Q2 Earnings Guidance

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

Wall Street Analyst Weigh In

PPG has been the subject of a number of analyst reports. Wells Fargo & Company raised shares of PPG Industries from an equal weight rating to an overweight rating and lifted their price objective for the company from $150.00 to $163.00 in a research report on Thursday, April 11th. Barclays lowered PPG Industries from an overweight rating to an equal weight rating and dropped their price objective for the company from $163.00 to $149.00 in a research note on Tuesday, February 27th. Wolfe Research started coverage on PPG Industries in a research note on Friday, March 1st. They issued a peer perform rating on the stock. Vertical Research upgraded shares of PPG Industries from a hold rating to a buy rating in a report on Wednesday, January 3rd. Finally, UBS Group restated a neutral rating and set a $156.00 target price (down previously from $173.00) on shares of PPG Industries in a research note on Thursday, March 7th. One investment 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 MarketBeat, PPG Industries presently has an average rating of Moderate Buy and an average target price of $158.40.

PPG Industries Price Performance

Shares of PPG Industries stock traded up $0.15 on Thursday, reaching $135.11. 2,308,894 shares of the stock were exchanged, compared to its average volume of 1,733,113. The firm’s 50 day moving average is $140.60 and its 200-day moving average is $138.90. The firm has a market cap of $31.80 billion, a PE ratio of 25.27, a P/E/G 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.

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

Insider Activity at PPG Industries

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 value of $479,196.00. Following the completion of the transaction, the chief financial officer now directly owns 28,439 shares in the company, valued at $4,008,192.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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

Hedge funds have recently modified their holdings of the business. Quarry LP acquired a new position in PPG Industries during the 2nd quarter worth about $29,000. Harbour Investments Inc. lifted its stake in shares of PPG Industries by 84.9% in the first quarter. Harbour Investments Inc. now owns 220 shares of the specialty chemicals company’s stock worth $29,000 after acquiring an additional 101 shares during the period. Clear Street Markets LLC acquired a new stake in PPG Industries during the 4th quarter valued at approximately $30,000. Parkside Financial Bank & Trust raised its holdings in PPG Industries by 45.8% during the 1st 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 last quarter. Finally, Clarity Asset Management Inc. acquired a new position in shares of PPG Industries in the 4th quarter worth approximately $42,000. 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.