PPG Industries (NYSE:PPG) Updates Q2 2024 Earnings Guidance

PPG Industries (NYSE:PPG) issued an update on its second quarter 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 2.420-2.520 for the period, compared to the consensus EPS estimate of 2.550. The company issued revenue guidance of -. PPG Industries also updated its FY 2024 guidance to 8.340-8.590 EPS.

PPG Industries Stock Performance

Shares of PPG traded up $0.15 during trading hours on Thursday, reaching $135.11. 2,298,130 shares of the company’s stock traded hands, compared to its average volume of 1,733,392. The firm has a market capitalization 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’s fifty day simple moving average is $140.60 and its two-hundred day simple moving average is $138.90. PPG Industries has a twelve month low of $120.32 and a twelve month high of $152.89. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.47 and a quick ratio of 1.05.

PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, April 18th. The specialty chemicals company reported $1.86 EPS for the quarter, hitting analysts’ consensus estimates of $1.86. The company 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%. PPG Industries’s revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.82 EPS. Analysts predict that PPG Industries will post 8.46 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PPG. Vertical Research raised PPG Industries from a hold rating to a buy rating in a research note on Wednesday, January 3rd. Barclays cut shares of PPG Industries from an overweight rating to an equal weight rating and lowered their price objective for the stock from $163.00 to $149.00 in a research note on Tuesday, February 27th. Citigroup cut their target price on shares of PPG Industries from $170.00 to $161.00 and set a buy rating for the company in a research note on Wednesday, April 10th. UBS Group restated a neutral rating and issued a $156.00 price target (down previously from $173.00) on shares of PPG Industries in a research report on Thursday, March 7th. Finally, KeyCorp cut their price objective on PPG Industries from $167.00 to $164.00 and set an overweight rating for the company in a research report on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $158.40.

Insider Transactions at PPG Industries

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $140.94, for a total value 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 document filed with the SEC, which can be accessed through this link. 0.55% of the stock is owned by insiders.

Hedge Funds Weigh In On PPG Industries

A number of hedge funds have recently modified their holdings of PPG. West Michigan Advisors LLC grew its stake in 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 valued at $338,000 after purchasing an additional 74 shares in the last quarter. Colony Group LLC grew its stake in shares of 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 in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in PPG Industries by 0.7% in the fourth 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 last quarter. Benjamin F. Edwards & Company Inc. raised its position in PPG Industries by 0.8% during 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 in the last quarter. Finally, Parkside Financial Bank & Trust lifted its stake in PPG Industries by 45.8% in the first quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock valued at $36,000 after acquiring an additional 87 shares during the last quarter. 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.