PPG Industries (NYSE:PPG) Rating Increased to Buy at Seaport Res Ptn

PPG Industries (NYSE:PPG) was upgraded by equities research analysts at Seaport Res Ptn from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Monday, Zacks.com reports. Seaport Res Ptn also issued estimates for PPG Industries’ Q2 2024 earnings at $2.49 EPS, FY2024 earnings at $8.43 EPS, Q2 2025 earnings at $2.78 EPS and Q3 2025 earnings at $2.56 EPS.

A number of other analysts have also issued reports on PPG. KeyCorp decreased their price objective on PPG Industries from $164.00 to $162.00 and set an “overweight” rating on the stock in a research note on Monday. Wolfe Research initiated coverage on PPG Industries in a research note on Friday, March 1st. They set a “peer perform” rating on the stock. Evercore ISI lowered PPG Industries from an “outperform” rating to an “in-line” rating and set a $152.00 price objective on the stock. in a research note on Monday. Redburn Atlantic lowered PPG Industries from a “buy” rating to a “neutral” rating and set a $160.00 price objective on the stock. in a research note on Thursday, February 1st. Finally, StockNews.com cut PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $155.50.

PPG Industries Stock Performance

Shares of PPG Industries stock opened at $130.40 on Monday. The business’s fifty day simple moving average is $140.00 and its 200 day simple moving average is $138.97. The firm has a market capitalization of $30.69 billion, a P/E ratio of 22.03, a price-to-earnings-growth ratio of 1.56 and a beta of 1.28. PPG Industries has a 12 month low of $120.32 and a 12 month high of $152.89. The company has a current ratio of 1.47, a quick ratio of 1.05 and a debt-to-equity ratio of 0.72.

PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, hitting analysts’ consensus estimates of $1.86. The business had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.43 billion. PPG Industries had a return on equity of 23.13% and a net margin of 7.74%. PPG Industries’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period last year, the company posted $1.82 earnings per share. As a group, analysts anticipate that PPG Industries will post 8.46 EPS for the current year.

PPG Industries declared that its Board of Directors has initiated a stock repurchase program on Thursday, April 18th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the specialty chemicals company to buy up to 8.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Transactions at PPG Industries

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

Institutional Trading of PPG Industries

Institutional investors have recently added to or reduced their stakes in the business. OFI Invest Asset Management purchased a new stake in PPG Industries during the 3rd quarter valued at $25,000. Valued Wealth Advisors LLC purchased a new position in shares of PPG Industries in the 4th quarter worth $26,000. SJS Investment Consulting Inc. boosted its stake in shares of PPG Industries by 588.5% in the 4th 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 last quarter. Private Wealth Management Group LLC purchased a new position in shares of PPG Industries in the 4th quarter worth $27,000. Finally, CVA Family Office LLC purchased a new position in shares of PPG Industries in the 4th quarter worth $28,000. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

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.