PPG Industries, Inc. to Post FY2023 Earnings of $5.95 Per Share, Jefferies Financial Group Forecasts (NYSE:PPG)

PPG Industries, Inc. (NYSE:PPG – Get Rating) – Research analysts at Jefferies Financial Group boosted their FY2023 earnings per share estimates for shares of PPG Industries in a research note issued to investors on Monday, March 13th. Jefferies Financial Group analyst L. Alexander now anticipates that the specialty chemicals company will earn $5.95 per share for the year, up from their previous estimate of $5.75. The consensus estimate for PPG Industries’ current full-year earnings is $6.49 per share. Jefferies Financial Group also issued estimates for PPG Industries’ FY2024 earnings at $6.35 EPS, FY2025 earnings at $7.65 EPS and FY2026 earnings at $8.95 EPS.

PPG Industries (NYSE:PPG – Get Rating) last posted its earnings results on Friday, January 20th. The specialty chemicals company reported $1.22 EPS for the quarter, topping the consensus estimate 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 net margin of 5.81% and a return on equity of 22.55%. The business’s quarterly revenue was down .1% on a year-over-year basis. During the same period in the prior year, the business posted $1.26 earnings per share.

PPG has been the subject of a number of other reports. Royal Bank of Canada lowered PPG Industries from an “outperform” rating to a “sector perform” rating and upped their price target for the stock from $128.00 to $129.00 in a report on Tuesday, January 10th. JPMorgan Chase & Co. increased their target price on shares of PPG Industries from $116.00 to $130.00 and gave the stock a “neutral” rating in a research report on Monday, January 23rd. Argus raised their price target on PPG Industries from $144.00 to $149.00 in a report on Monday, January 23rd. StockNews.com raised PPG Industries from a “hold” rating to a “buy” rating in a research report on Monday, January 23rd. Finally, Vertical Research downgraded PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday, January 23rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $135.84.

PPG Industries Stock Performance

NYSE:PPG opened at $125.43 on Wednesday. The firm has a market capitalization of $29.52 billion, a PE ratio of 28.97, a PEG ratio of 2.75 and a beta of 1.17. The company has a current ratio of 1.52, a quick ratio of 1.04 and a debt-to-equity ratio of 0.97. PPG Industries has a 1 year low of $107.06 and a 1 year high of $138.10. The firm’s fifty day simple moving average is $129.73 and its 200 day simple moving average is $124.84.

Hedge Funds Weigh In On PPG Industries

Several institutional investors have recently bought and sold shares of the company. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in PPG Industries by 12.6% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 17,967 shares of the specialty chemicals company’s stock worth $1,989,000 after purchasing an additional 2,015 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of PPG Industries by 102.2% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 11,995 shares of the specialty chemicals company’s stock valued at $1,372,000 after acquiring an additional 6,064 shares in the last quarter. Bank of Montreal Can lifted its position in PPG Industries by 14.3% in the second quarter. Bank of Montreal Can now owns 250,556 shares of the specialty chemicals company’s stock valued at $30,807,000 after purchasing an additional 31,301 shares during the period. Insight Folios Inc increased its position in PPG Industries by 8.1% during the 3rd quarter. Insight Folios Inc now owns 2,448 shares of the specialty chemicals company’s stock worth $271,000 after purchasing an additional 183 shares during the period. Finally, Echo Street Capital Management LLC purchased a new position in shares of PPG Industries during the 2nd quarter worth approximately $410,000. 80.04% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at PPG Industries

In other PPG Industries news, Chairman Michael H. Mcgarry sold 61,867 shares of the stock in a transaction on Tuesday, January 31st. The stock was sold at an average price of $129.96, for a total value of $8,040,235.32. Following the completion of the sale, the chairman now owns 183,645 shares in the company, valued at approximately $23,866,504.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Chairman Michael H. Mcgarry sold 61,867 shares of PPG Industries stock in a transaction on Tuesday, January 31st. The stock was sold at an average price of $129.96, for a total transaction of $8,040,235.32. Following the completion of the sale, the chairman now directly owns 183,645 shares in the company, valued at $23,866,504.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Anne M. Foulkes sold 21,757 shares of the company’s stock in a transaction that occurred on Tuesday, January 24th. The stock was sold at an average price of $128.33, for a total transaction of $2,792,075.81. Following the completion of the sale, the vice president now directly owns 10,577 shares of the company’s stock, valued at approximately $1,357,346.41. The disclosure for this sale can be found here. 0.50% of the stock is owned by corporate insiders.

PPG Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Friday, February 17th were paid a $0.62 dividend. The ex-dividend date was Thursday, February 16th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 1.98%. PPG Industries’s dividend payout ratio (DPR) is currently 57.27%.

About PPG Industries

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PPG Industries, Inc engages in the manufacture and distribution of paints, coatings, and specialty materials. It operates through the Performance Coatings and Industrial Coatings segments. The Performance Coatings segment supplies a variety of protective and decorative coatings, sealants, and finishes along with pavement marking products, paint strippers, stains, and related chemicals, as well as transparencies and transparent armor.