PPG Industries (NYSE:PPG – Get Free Report) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $8.34-$8.59 for the period, compared to the consensus EPS estimate of $8.48. PPG Industries also updated its Q2 guidance to $2.24-$2.52 EPS.
PPG Industries Price Performance
Shares of PPG stock traded up $0.15 during trading hours on Thursday, hitting $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 company has a current ratio of 1.47, a quick ratio of 1.05 and a debt-to-equity ratio of 0.72. The stock has a market cap of $31.80 billion, a price-to-earnings ratio of 25.27, a P/E/G ratio of 1.60 and a beta of 1.28. The business has a fifty day moving average of $140.60 and a 200-day moving average of $138.90. PPG Industries has a twelve month low of $120.32 and a twelve month high of $152.89.
PPG Industries (NYSE:PPG – Get Free Report) last announced its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.86. The business had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.43 billion. PPG Industries had a net margin of 6.96% and a return on equity of 23.51%. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.82 earnings per share. As a group, equities research analysts anticipate that PPG Industries will post 8.46 EPS for the current year.
Analysts Set New Price Targets
View Our Latest Analysis on PPG Industries
Insider Activity at PPG Industries
In related 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 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.55% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the stock. Quarry LP acquired a new position in PPG Industries during the 2nd quarter worth $29,000. Harbour Investments Inc. lifted its position in shares of PPG Industries by 84.9% in the 1st quarter. Harbour Investments Inc. now owns 220 shares of the specialty chemicals company’s stock worth $29,000 after buying an additional 101 shares during the last quarter. Clear Street Markets LLC bought a new position in shares of PPG Industries in the 4th quarter worth about $30,000. Parkside Financial Bank & Trust lifted its position in shares of PPG Industries by 45.8% in the 1st quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock worth $36,000 after buying an additional 87 shares during the last quarter. Finally, Clarity Asset Management Inc. bought a new position in shares of PPG Industries in the 4th quarter worth about $42,000. 81.86% of the stock is owned by institutional investors and hedge funds.
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.
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