PPG Industries FY2024 EPS Estimate Reduced by Zacks Research

PPG Industries, Inc. (NYSE:PPG) – Zacks Research lowered their FY2024 earnings per share (EPS) estimates for PPG Industries in a research 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.

Other equities analysts have also recently issued research reports about the stock. BMO Capital Markets reiterated an “outperform” rating and issued a $155.00 target price (down previously from $160.00) on shares of PPG Industries in a research report on Monday, October 21st. Royal Bank of Canada dropped their target price on PPG Industries from $138.00 to $136.00 and set a “sector perform” rating for the company in a report on Tuesday, October 22nd. KeyCorp cut PPG Industries from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 16th. Citigroup lowered their price objective on PPG Industries from $150.00 to $145.00 and set a “buy” rating for the company in a research report on Wednesday, December 18th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $149.23.

PPG Industries Stock Down 0.6 %

Shares of PPG opened at $122.75 on Friday. PPG Industries has a 1 year low of $113.00 and a 1 year high of $145.60. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13. The stock has a 50 day simple moving average of $121.17 and a two-hundred day simple moving average of $124.73. The firm has a market cap of $28.48 billion, a P/E ratio of 19.45, a P/E/G ratio of 1.93 and a beta of 1.24.

Hedge Funds Weigh In On PPG Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp raised its stake in shares of 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 purchasing an additional 491,774 shares during the last quarter. Wellington Management Group LLP raised its position in 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 buying an additional 485,597 shares during the last quarter. Franklin Resources Inc. lifted its stake in PPG Industries by 5.7% during the 3rd quarter. Franklin Resources Inc. now owns 3,136,570 shares of the specialty chemicals company’s stock valued at $403,049,000 after acquiring an additional 170,339 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of PPG Industries by 0.6% during the 3rd 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 acquiring an additional 15,161 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of PPG Industries by 2.0% in 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 worth $248,650,000 after acquiring an additional 36,047 shares during the period. 81.86% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Anne M. Foulkes sold 1,985 shares of the stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $125.80, for a total transaction of $249,713.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.55% of the company’s stock.

PPG Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Friday, February 21st will be paid a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend is Friday, February 21st. PPG Industries’s payout ratio is presently 43.11%.

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.