Q3 2024 EPS Estimates for PPG Industries, Inc. Raised by Zacks Research (NYSE:PPG)

PPG Industries, Inc. (NYSE:PPG) – Zacks Research boosted their Q3 2024 earnings per share estimates for PPG Industries in a research note issued on Thursday, May 2nd. Zacks Research analyst M. Agrawal now expects that the specialty chemicals company will post earnings of $2.24 per share for the quarter, up from their prior forecast of $2.21. The consensus estimate for PPG Industries’ current full-year earnings is $8.45 per share. Zacks Research also issued estimates for PPG Industries’ Q4 2024 earnings at $1.77 EPS, Q4 2025 earnings at $1.94 EPS, FY2025 earnings at $9.26 EPS, Q1 2026 earnings at $2.31 EPS and FY2026 earnings at $10.16 EPS.

A number of other research analysts also recently issued reports on PPG. UBS Group decreased their price target on PPG Industries from $156.00 to $150.00 and set a “neutral” rating for the company in a report on Friday, April 19th. KeyCorp decreased their price target on PPG Industries from $164.00 to $162.00 and set an “overweight” rating for the company in a report on Monday, April 22nd. Evercore ISI downgraded PPG Industries from an “outperform” rating to an “in-line” rating and set a $152.00 price target for the company. in a report on Monday, April 22nd. Wolfe Research started coverage on PPG Industries in a report on Friday, March 1st. They issued a “peer perform” rating for the company. Finally, Robert W. Baird reissued an “outperform” rating and issued a $150.00 price target on shares of PPG Industries in a report on Friday, January 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $155.47.

PPG Industries Trading Up 0.9 %

PPG Industries stock opened at $134.21 on Monday. The company has a quick ratio of 1.08, a current ratio of 1.55 and a debt-to-equity ratio of 0.73. PPG Industries has a 52 week low of $120.32 and a 52 week high of $152.89. The company has a market capitalization of $31.47 billion, a price-to-earnings ratio of 22.67, a price-to-earnings-growth ratio of 1.65 and a beta of 1.30. The stock has a 50-day moving average price of $137.84 and a 200 day moving average price of $139.15.

PPG Industries (NYSE:PPG) last released its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, hitting analysts’ consensus estimates of $1.86. PPG Industries had a return on equity of 22.98% and a net margin of 7.74%. The firm had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.43 billion. During the same quarter in the previous year, the company posted $1.82 earnings per share. The company’s revenue was down 1.6% compared to the same quarter last year.

PPG Industries announced that its board has authorized a share repurchase program on Thursday, April 18th that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the specialty chemicals company to purchase up to 8.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

PPG Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Investors 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 yield of 1.94%. The ex-dividend date is Thursday, May 9th. PPG Industries’s payout ratio is currently 43.92%.

Insider Transactions at PPG Industries

In related news, CFO Vincent J. Morales sold 3,400 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $140.94, for a total value of $479,196.00. Following the sale, the chief financial officer now directly owns 28,439 shares in the company, valued at approximately $4,008,192.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On PPG Industries

Institutional investors and hedge funds have recently modified their holdings of the company. OFI Invest Asset Management purchased a new stake in PPG Industries during the 3rd quarter worth about $25,000. Valued Wealth Advisors LLC acquired a new stake in shares of PPG Industries in the 4th quarter valued at about $26,000. SJS Investment Consulting Inc. lifted its position in PPG Industries by 588.5% during the 4th quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock worth $27,000 after acquiring an additional 153 shares during the period. Private Wealth Management Group LLC acquired a new stake in PPG Industries during the 4th quarter worth approximately $27,000. Finally, CVA Family Office LLC acquired a new stake in PPG Industries during the 4th quarter worth approximately $28,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

About PPG Industries

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.