PPG Industries (NYSE:PPG) Posts Quarterly Earnings Results, Beats Estimates By $0.25 EPS

PPG Industries (NYSE:PPG – Get Rating) posted its quarterly earnings results on Thursday. The specialty chemicals company reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.25, MarketWatch Earnings reports. The company had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.24 billion. PPG Industries had a return on equity of 25.70% and a net margin of 8.56%. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.88 EPS. PPG Industries updated its Q2 2022 guidance to $1.600-$1.900 EPS and its Q2 guidance to $1.60-1.90 EPS.

PPG Industries stock traded down $1.51 during midday trading on Friday, reaching $131.64. 26,729 shares of the stock traded hands, compared to its average volume of 1,674,059. The stock’s fifty day moving average is $132.26 and its 200-day moving average is $151.04. PPG Industries has a 12 month low of $111.32 and a 12 month high of $182.97. The stock has a market cap of $31.09 billion, a P/E ratio of 22.15, a PEG ratio of 1.59 and a beta of 1.22. The company has a quick ratio of 0.97, a current ratio of 1.42 and a debt-to-equity ratio of 1.03.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 10th. Stockholders of record on Tuesday, May 10th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.79%. PPG Industries’s dividend payout ratio (DPR) is 39.27%.

Several brokerages have commented on PPG. Deutsche Bank Aktiengesellschaft cut their target price on PPG Industries from $185.00 to $180.00 and set a “buy” rating for the company in a research note on Monday, January 24th. Royal Bank of Canada decreased their price objective on PPG Industries from $174.00 to $169.00 in a report on Tuesday, January 25th. Mizuho decreased their price target on PPG Industries from $187.00 to $182.00 and set a “buy” rating on the stock in a research note on Monday, January 24th. Vertical Research cut PPG Industries from a “buy” rating to a “hold” rating and set a $176.00 price target on the stock. in a research note on Tuesday, January 4th. Finally, Jefferies Financial Group decreased their price target on PPG Industries from $170.00 to $130.00 and set a “hold” rating on the stock in a research note on Wednesday, March 9th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $173.44.

Several large investors have recently bought and sold shares of the company. Parametric Portfolio Associates LLC increased its holdings in PPG Industries by 5.2% during the 4th quarter. Parametric Portfolio Associates LLC now owns 732,068 shares of the specialty chemicals company’s stock worth $126,238,000 after purchasing an additional 36,287 shares during the period. California State Teachers Retirement System lifted its position in PPG Industries by 1.9% during the 4th quarter. California State Teachers Retirement System now owns 427,215 shares of the specialty chemicals company’s stock worth $73,669,000 after acquiring an additional 7,926 shares during the period. Sei Investments Co. lifted its position in PPG Industries by 150.2% during the 4th quarter. Sei Investments Co. now owns 20,642 shares of the specialty chemicals company’s stock worth $3,551,000 after acquiring an additional 12,393 shares during the period. Allstate Corp raised its stake in shares of PPG Industries by 696.1% during the 4th quarter. Allstate Corp now owns 19,975 shares of the specialty chemicals company’s stock valued at $3,444,000 after buying an additional 17,466 shares during the last quarter. Finally, Weiss Multi Strategy Advisers LLC purchased a new position in shares of PPG Industries during the 4th quarter valued at about $1,607,000. 78.95% of the stock is owned by institutional investors and hedge funds.

PPG Industries Company Profile (Get Rating)

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company's 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; 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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