Q2 2024 EPS Estimates for PPG Industries, Inc. (NYSE:PPG) Cut by Seaport Res Ptn

PPG Industries, Inc. (NYSE:PPG) – Investment analysts at Seaport Res Ptn lowered their Q2 2024 earnings per share (EPS) estimates for PPG Industries in a note issued to investors on Monday, April 22nd. Seaport Res Ptn analyst M. Harrison now expects that the specialty chemicals company will post earnings of $2.49 per share for the quarter, down from their previous estimate of $2.54. Seaport Res Ptn has a “Buy” rating on the stock. The consensus estimate for PPG Industries’ current full-year earnings is $8.47 per share. Seaport Res Ptn also issued estimates for PPG Industries’ FY2024 earnings at $8.43 EPS, Q2 2025 earnings at $2.78 EPS and Q3 2025 earnings at $2.56 EPS.

Other research analysts also recently issued reports about the company. Barclays lowered their price target on PPG Industries from $149.00 to $148.00 and set an “equal weight” rating on the stock in a report on Monday. BMO Capital Markets lowered their price target on PPG Industries from $168.00 to $165.00 and set an “outperform” rating on the stock in a report on Tuesday. 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 report on Thursday, February 1st. KeyCorp lowered their price target on PPG Industries from $164.00 to $162.00 and set an “overweight” rating on the stock in a report on Monday. Finally, StockNews.com downgraded PPG Industries from a “buy” rating to a “hold” rating in a report on Monday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, PPG Industries currently has a consensus rating of “Hold” and an average price target of $155.47.

PPG Industries Trading Up 0.1 %

PPG Industries stock opened at $130.52 on Tuesday. The company has a current ratio of 1.55, a quick ratio of 1.05 and a debt-to-equity ratio of 0.73. The business’s fifty day simple moving average is $139.81 and its two-hundred day simple moving average is $138.91. PPG Industries has a 12 month low of $120.32 and a 12 month high of $152.89. The company has a market capitalization of $30.61 billion, a price-to-earnings ratio of 22.05, a price-to-earnings-growth ratio of 1.57 and a beta of 1.28.

PPG Industries (NYSE:PPG) last released its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, hitting the consensus estimate of $1.86. PPG Industries had a return on equity of 22.98% and a net margin of 7.74%. The business had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.43 billion. During the same period in the previous year, the company posted $1.82 earnings per share. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year.

Institutional Trading of PPG Industries

Several institutional investors have recently made changes to their positions in PPG. OFI Invest Asset Management purchased a new stake in shares of PPG Industries during the third quarter worth about $25,000. Valued Wealth Advisors LLC purchased a new stake in shares of PPG Industries during the fourth quarter worth about $26,000. SJS Investment Consulting Inc. grew its position in shares of PPG Industries by 588.5% during the fourth quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock worth $27,000 after purchasing an additional 153 shares in the last quarter. Private Wealth Management Group LLC purchased a new stake in shares of PPG Industries during the fourth quarter worth about $27,000. Finally, CVA Family Office LLC purchased a new stake in shares of PPG Industries during the fourth quarter worth about $28,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

Insiders Place Their Bets

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of the company’s 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 sale, the chief financial officer now owns 28,439 shares in the company, valued at $4,008,192.66. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.56% of the company’s stock.

PPG Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 10th will be given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date is Thursday, May 9th. PPG Industries’s payout ratio is 43.92%.

PPG Industries declared that its board has authorized a stock repurchase plan on Thursday, April 18th that permits the company to buyback $2.50 billion in shares. This buyback authorization permits the specialty chemicals company to buy up to 8.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

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.