Q2 2024 Earnings Estimate for PPG Industries, Inc. Issued By Seaport Res Ptn (NYSE:PPG)

PPG Industries, Inc. (NYSE:PPG) – Analysts at Seaport Res Ptn dropped their Q2 2024 earnings per share (EPS) estimates for shares of PPG Industries in a research note issued to investors on Monday, April 22nd. Seaport Res Ptn analyst M. Harrison now expects that the specialty chemicals company will post earnings per share of $2.49 for the quarter, down from their prior forecast of $2.54. Seaport Res Ptn has a “Buy” rating on the stock. The consensus estimate for PPG Industries’ current full-year earnings is $8.46 per share. Seaport Res Ptn also issued estimates for PPG Industries’ FY2024 earnings at $8.43 EPS, Q2 2025 earnings at $2.78 EPS and Q3 2025 earnings at $2.56 EPS.

PPG Industries (NYSE:PPG) last announced its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, meeting analysts’ consensus estimates of $1.86. PPG Industries had a return on equity of 23.13% and a net margin of 7.74%. The company had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.43 billion. During the same period last year, the business posted $1.82 EPS. PPG Industries’s revenue for the quarter was down 1.6% on a year-over-year basis.

A number of other equities analysts have also recently commented on the company. Redburn Atlantic cut PPG Industries from a “buy” rating to a “neutral” rating and set a $160.00 target price for the company. in a report on Thursday, February 1st. Wells Fargo & Company raised PPG Industries from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $150.00 to $163.00 in a research report on Thursday, April 11th. KeyCorp reduced their price target on PPG Industries from $164.00 to $162.00 and set an “overweight” rating on the stock in a research report on Monday. Bank of America reduced their price target on PPG Industries from $167.00 to $164.00 and set a “buy” rating on the stock in a research report on Monday. Finally, Royal Bank of Canada reduced their price target on PPG Industries from $156.00 to $141.00 and set a “sector perform” rating on the stock in a research report on Monday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $155.50.

PPG Industries Stock Performance

Shares of PPG Industries stock opened at $130.40 on Tuesday. The business has a 50-day moving average of $140.00 and a 200 day moving average of $138.97. PPG Industries has a 12 month low of $120.32 and a 12 month high of $152.89. The stock has a market capitalization of $30.69 billion, a price-to-earnings ratio of 22.03, a price-to-earnings-growth ratio of 1.56 and a beta of 1.28. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.47 and a quick ratio of 1.05.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PPG. OFI Invest Asset Management acquired a new position in PPG Industries during the third quarter worth approximately $25,000. Valued Wealth Advisors LLC acquired a new position in PPG Industries during the fourth quarter worth approximately $26,000. SJS Investment Consulting Inc. increased its position in PPG Industries by 588.5% during the fourth quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock worth $27,000 after buying an additional 153 shares during the period. Private Wealth Management Group LLC acquired a new position in PPG Industries during the fourth quarter worth approximately $27,000. Finally, CVA Family Office LLC acquired a new position in PPG Industries during the fourth quarter worth approximately $28,000. Institutional investors and hedge funds own 81.86% of the company’s stock.

Insider Transactions at PPG Industries

In other news, CFO Vincent J. Morales sold 3,400 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $140.94, for a total transaction of $479,196.00. Following the sale, the chief financial officer now owns 28,439 shares of the company’s stock, valued at approximately $4,008,192.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.56% of the company’s stock.

PPG Industries declared that its Board of Directors has authorized a stock repurchase plan on Thursday, April 18th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to purchase up to 8.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

PPG Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 10th will be given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend is Thursday, May 9th. PPG Industries’s dividend payout ratio (DPR) is presently 43.92%.

PPG Industries Company Profile

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.