PPG Industries (NYSE:PPG) Posts Quarterly Earnings Results, Hits Estimates

PPG Industries (NYSE:PPG) issued its quarterly earnings data on Thursday. The specialty chemicals company reported $1.86 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.86, Yahoo Finance reports. 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 the consensus estimate of $4.43 billion. During the same quarter in the prior year, the firm earned $1.82 earnings per share. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. PPG Industries updated its Q2 guidance to $2.24-$2.52 EPS and its FY24 guidance to $8.34-$8.59 EPS.

PPG Industries Price Performance

NYSE PPG traded up $0.15 during trading on Thursday, hitting $135.11. 2,317,183 shares of the stock traded hands, compared to its average volume of 1,733,392. The company 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. The firm has a 50-day simple moving average of $140.60 and a 200-day simple moving average of $138.90. The company has a quick ratio of 1.05, a current ratio of 1.47 and a debt-to-equity ratio of 0.72. PPG Industries has a 12-month low of $120.32 and a 12-month high of $152.89.

Analyst Upgrades and Downgrades

PPG has been the topic of a number of research reports. Redburn Atlantic downgraded PPG Industries from a “buy” rating to a “neutral” rating and set a $160.00 price target on the stock. in a research note on Thursday, February 1st. Robert W. Baird reaffirmed an “outperform” rating and set a $150.00 price target on shares of PPG Industries in a research report on Friday, January 19th. Wells Fargo & Company raised shares of PPG Industries from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $150.00 to $163.00 in a report on Thursday, April 11th. UBS Group reiterated a “neutral” rating and issued a $156.00 price target (down from $173.00) on shares of PPG Industries in a research report on Thursday, March 7th. Finally, Citigroup cut their price objective on shares of PPG Industries from $170.00 to $161.00 and set a “buy” rating for the company in a research report on Wednesday, April 10th. One equities 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 stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $158.40.

Insider Buying and Selling at PPG Industries

In other news, CFO Vincent J. Morales sold 3,400 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $140.94, for a total value of $479,196.00. Following the sale, the chief financial officer now directly owns 28,439 shares in the company, valued at approximately $4,008,192.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On PPG Industries

Several large investors have recently modified their holdings of PPG. Money Concepts Capital Corp boosted its stake in PPG Industries by 2,104.4% during the fourth 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 purchased a new stake in PPG Industries in the 2nd quarter worth about $119,000. Salem Investment Counselors Inc. boosted its position in shares of PPG Industries by 17.6% during the first quarter. Salem Investment Counselors Inc. now owns 668 shares of the specialty chemicals company’s stock valued at $88,000 after buying an additional 100 shares during the period. Chilton Capital Management LLC bought a new position in shares of PPG Industries during the first quarter valued at approximately $70,000. Finally, Milestone Investment Advisors LLC purchased a new stake in shares of PPG Industries in the first quarter worth approximately $67,000. Institutional investors own 81.86% of the company’s stock.

About PPG Industries

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.