PPG Industries (NYSE:PPG) Updates FY 2024 Earnings Guidance

PPG Industries (NYSE:PPG) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 8.150-8.150 for the period, compared to the consensus earnings per share estimate of 8.220. The company issued revenue guidance of -.

PPG Industries Stock Performance

Shares of PPG traded up $0.49 during trading hours on Wednesday, reaching $130.36. 2,006,446 shares of the company traded hands, compared to its average volume of 1,596,135. PPG Industries has a 1-year low of $118.07 and a 1-year high of $151.16. The stock has a market cap of $30.57 billion, a P/E ratio of 22.15, a price-to-earnings-growth ratio of 1.72 and a beta of 1.26. The stock’s fifty day moving average is $126.49 and its 200 day moving average is $129.25. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.05 and a current ratio of 1.49.

PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, July 18th. The specialty chemicals company reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.48 by $0.02. The business had revenue of $4.79 billion for the quarter, compared to analysts’ expectations of $4.93 billion. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. PPG Industries’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the business posted $2.25 earnings per share. Equities research analysts anticipate that PPG Industries will post 8.24 earnings per share for the current fiscal year.

PPG Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 12th were given a dividend of $0.68 per share. This is a positive change from PPG Industries’s previous quarterly dividend of $0.65. This represents a $2.72 annualized dividend and a dividend yield of 2.09%. The ex-dividend date of this dividend was Monday, August 12th. PPG Industries’s payout ratio is 45.95%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. UBS Group upped their price objective on PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Citigroup dropped their price objective on PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. BMO Capital Markets cut their target price on shares of PPG Industries from $165.00 to $161.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Royal Bank of Canada dropped their price target on PPG Industries from $140.00 to $139.00 and set a “sector perform” rating for the company in a report on Tuesday, July 23rd. Finally, Barclays decreased their target price on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating on the stock in a report on Monday, July 22nd. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $151.08.

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.