FY2024 EPS Estimate for PPG Industries Reduced by Analyst

PPG Industries, Inc. (NYSE:PPG) – Stock analysts at Zacks Research lowered their FY2024 earnings estimates for shares of PPG Industries in a report issued on Wednesday, January 22nd. Zacks Research analyst R. Department now anticipates that the specialty chemicals company will post earnings of $8.15 per share for the year, down from their previous forecast of $8.17. The consensus estimate for PPG Industries’ current full-year earnings is $8.15 per share. Zacks Research also issued estimates for PPG Industries’ Q4 2024 earnings at $1.66 EPS.

PPG has been the topic of a number of other research reports. Mizuho cut their price objective on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. Royal Bank of Canada cut their price target on PPG Industries from $138.00 to $136.00 and set a “sector perform” rating on the stock in a report on Tuesday, October 22nd. JPMorgan Chase & Co. decreased their price objective on PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a report on Friday, October 18th. Citigroup cut their target price on PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a report on Wednesday, December 18th. Finally, KeyCorp downgraded shares of PPG Industries from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 16th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $149.23.

PPG Industries Trading Up 0.5 %

NYSE:PPG opened at $123.52 on Friday. PPG Industries has a 12 month low of $113.00 and a 12 month high of $145.60. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $28.66 billion, a price-to-earnings ratio of 19.58, a PEG ratio of 1.93 and a beta of 1.24. The firm has a fifty day simple moving average of $121.17 and a two-hundred day simple moving average of $124.74.

Institutional Investors Weigh In On PPG Industries

A number of hedge funds have recently made changes to their positions in the business. State Street Corp raised its position in PPG Industries by 4.4% in the third quarter. State Street Corp now owns 11,717,499 shares of the specialty chemicals company’s stock worth $1,552,100,000 after acquiring an additional 491,774 shares during the period. Wellington Management Group LLP raised its holdings in shares of PPG Industries by 5.7% in the 3rd quarter. Wellington Management Group LLP now owns 8,977,010 shares of the specialty chemicals company’s stock worth $1,189,095,000 after purchasing an additional 485,597 shares during the period. Franklin Resources Inc. raised its holdings in shares of PPG Industries by 5.7% in the 3rd quarter. Franklin Resources Inc. now owns 3,136,570 shares of the specialty chemicals company’s stock worth $403,049,000 after purchasing an additional 170,339 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in PPG Industries by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,571,753 shares of the specialty chemicals company’s stock valued at $340,654,000 after purchasing an additional 15,161 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in PPG Industries by 2.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,877,170 shares of the specialty chemicals company’s stock valued at $248,650,000 after purchasing an additional 36,047 shares during the period. 81.86% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other PPG Industries news, VP Anne M. Foulkes sold 1,985 shares of the company’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $125.80, for a total value of $249,713.00. Following the completion of the transaction, the vice president now owns 13,454 shares in the company, valued at $1,692,513.20. This represents a 12.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.55% of the company’s stock.

PPG Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Friday, February 21st will be paid a $0.68 dividend. The ex-dividend date is Friday, February 21st. This represents a $2.72 annualized dividend and a yield of 2.20%. PPG Industries’s dividend payout ratio (DPR) is 43.11%.

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.