PPG Industries, Inc. (NYSE:PPG – Get Rating) – Research analysts at Seaport Res Ptn cut their Q2 2023 earnings per share estimates for PPG Industries in a research note issued on Wednesday, January 18th. Seaport Res Ptn analyst M. Harrison now anticipates that the specialty chemicals company will earn $2.15 per share for the quarter, down from their prior estimate of $2.17. The consensus estimate for PPG Industries’ current full-year earnings is $5.99 per share.
A number of other brokerages also recently issued reports on PPG. The Goldman Sachs Group started coverage on PPG Industries in a report on Thursday, October 13th. They set a “buy” rating and a $145.00 price target on the stock. StockNews.com raised PPG Industries from a “hold” rating to a “buy” rating in a report on Thursday, October 20th. UBS Group increased their target price on PPG Industries from $144.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, January 11th. Morgan Stanley lowered their target price on PPG Industries from $150.00 to $120.00 and set an “equal weight” rating on the stock in a report on Monday, October 24th. Finally, Mizuho lowered their target price on PPG Industries from $146.00 to $142.00 and set a “buy” rating on the stock in a report on Thursday, January 12th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $133.06.
PPG Industries Trading Up 6.0 %
PPG Industries (NYSE:PPG – Get Rating) last announced its quarterly earnings results on Friday, January 20th. The specialty chemicals company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.08. The firm had revenue of $4.19 billion for the quarter, compared to the consensus estimate of $4.12 billion. PPG Industries had a return on equity of 23.00% and a net margin of 6.08%. The company’s quarterly revenue was down .1% on a year-over-year basis. During the same period in the prior year, the company posted $1.26 earnings per share.
Institutional Trading of PPG Industries
Institutional investors have recently made changes to their positions in the business. Janiczek Wealth Management LLC purchased a new position in PPG Industries during the 2nd quarter valued at approximately $29,000. Guardian Wealth Advisors LLC purchased a new position in PPG Industries during the 3rd quarter valued at approximately $27,000. Parkside Financial Bank & Trust grew its holdings in PPG Industries by 45.8% during the 1st quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock valued at $36,000 after buying an additional 87 shares in the last quarter. Tradition Wealth Management LLC purchased a new position in PPG Industries during the 2nd quarter valued at approximately $33,000. Finally, New England Asset Management Inc. purchased a new position in PPG Industries during the 2nd quarter valued at approximately $33,000. Hedge funds and other institutional investors own 80.04% of the company’s stock.
PPG Industries Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 10th. Investors of record on Friday, February 17th will be given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 1.89%. PPG Industries’s dividend payout ratio is currently 54.87%.
PPG Industries Company Profile
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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