PPG Industries (NYSE:PPG) Releases Q2 Earnings Guidance

PPG Industries (NYSE:PPG) issued an update on its second quarter earnings guidance on Thursday morning. 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.

Analysts Set New Price Targets

A number of analysts have weighed in on PPG shares. Redburn Atlantic cut shares of PPG Industries from a buy rating to a neutral rating and set a $160.00 target price on the stock. in a report on Thursday, February 1st. UBS Group reaffirmed a neutral rating and set a $156.00 target price (down from $173.00) on shares of PPG Industries in a report on Thursday, March 7th. Vertical Research upgraded PPG Industries from a hold rating to a buy rating in a research report on Wednesday, January 3rd. Barclays lowered PPG Industries from an overweight rating to an equal weight rating and dropped their target price for the stock from $163.00 to $149.00 in a research report on Tuesday, February 27th. Finally, Citigroup cut their target price on PPG Industries from $170.00 to $161.00 and set a buy rating on the stock in a research note on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, PPG Industries currently has an average rating of Moderate Buy and an average target price of $158.40.

PPG Industries Stock Up 0.1 %

Shares of PPG Industries stock traded up $0.15 on Thursday, hitting $135.11. 2,308,894 shares of the company traded hands, compared to its average volume of 1,733,113. 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. The company has a 50-day moving average price of $140.60 and a 200 day moving average price of $138.90. The company has a market cap of $31.80 billion, a PE ratio of 25.27, a PEG ratio of 1.60 and a beta of 1.28.

PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.86. The company 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 business’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period last year, the business earned $1.82 EPS. Sell-side analysts predict that PPG Industries will post 8.46 earnings per share for the current year.

Insider Buying and Selling at PPG Industries

In other news, CFO Vincent J. Morales sold 3,400 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $140.94, for a total transaction of $479,196.00. Following the transaction, the chief financial officer now owns 28,439 shares in the company, valued at approximately $4,008,192.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PPG. West Michigan Advisors LLC lifted its stake in shares of PPG Industries by 3.4% in the fourth quarter. West Michigan Advisors LLC now owns 2,262 shares of the specialty chemicals company’s stock worth $338,000 after buying an additional 74 shares during the last quarter. Colony Group LLC grew its holdings in PPG Industries by 3.0% in the 2nd quarter. Colony Group LLC now owns 2,540 shares of the specialty chemicals company’s stock valued at $377,000 after buying an additional 74 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in PPG Industries by 0.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 12,009 shares of the specialty chemicals company’s stock worth $1,510,000 after buying an additional 79 shares during the period. Benjamin F. Edwards & Company Inc. boosted its position in shares of PPG Industries by 0.8% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 10,581 shares of the specialty chemicals company’s stock valued at $1,569,000 after acquiring an additional 83 shares during the period. Finally, Parkside Financial Bank & Trust grew 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 worth $36,000 after acquiring an additional 87 shares during the last quarter. 81.86% of the stock is owned by institutional investors.

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.