KeyCorp Weighs in on PPG Industries, Inc.’s Q3 2024 Earnings (NYSE:PPG)

PPG Industries, Inc. (NYSE:PPG) – Equities researchers at KeyCorp issued their Q3 2024 earnings estimates for PPG Industries in a research report issued on Sunday, October 6th. KeyCorp analyst A. Yefremov expects that the specialty chemicals company will earn $2.14 per share for the quarter. KeyCorp has a “Overweight” rating and a $153.00 price target on the stock. The consensus estimate for PPG Industries’ current full-year earnings is $8.25 per share. KeyCorp also issued estimates for PPG Industries’ Q4 2024 earnings at $1.74 EPS, FY2024 earnings at $8.25 EPS and FY2025 earnings at $9.07 EPS.

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

Other equities research analysts also recently issued research reports about the company. Bank of America decreased their target price on PPG Industries from $152.00 to $150.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. BMO Capital Markets decreased their price objective on shares of PPG Industries from $165.00 to $161.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Barclays cut their target price on shares of PPG Industries from $148.00 to $144.00 and set an “equal weight” rating on the stock in a research note on Monday, July 22nd. Citigroup lowered their price objective on PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Finally, Royal Bank of Canada reduced their price objective on PPG Industries from $140.00 to $139.00 and set a “sector perform” rating on the stock in a research note on Tuesday, July 23rd. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, PPG Industries has an average rating of “Moderate Buy” and a consensus price target of $151.08.

PPG Industries Stock Down 1.2 %

Shares of PPG Industries stock opened at $127.20 on Wednesday. The company has a fifty day moving average price of $125.96 and a 200 day moving average price of $129.89. The company has a current ratio of 1.49, a quick ratio of 1.05 and a debt-to-equity ratio of 0.73. PPG Industries has a twelve month low of $118.07 and a twelve month high of $151.16. The stock has a market cap of $29.68 billion, a price-to-earnings ratio of 21.49, a price-to-earnings-growth ratio of 1.76 and a beta of 1.26.

Institutional Trading of PPG Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. USA Financial Formulas acquired a new position in shares of PPG Industries in the third quarter worth about $76,000. Bruce G. Allen Investments LLC grew its position in PPG Industries by 14.5% in the third quarter. Bruce G. Allen Investments LLC now owns 1,092 shares of the specialty chemicals company’s stock worth $145,000 after acquiring an additional 138 shares in the last quarter. CWM LLC increased its stake in shares of PPG Industries by 24.7% during the 3rd quarter. CWM LLC now owns 11,886 shares of the specialty chemicals company’s stock worth $1,574,000 after purchasing an additional 2,351 shares during the last quarter. Daymark Wealth Partners LLC raised its holdings in shares of PPG Industries by 37.8% during the 3rd quarter. Daymark Wealth Partners LLC now owns 51,861 shares of the specialty chemicals company’s stock valued at $6,870,000 after purchasing an additional 14,235 shares in the last quarter. Finally, Diversified Trust Co lifted its stake in shares of PPG Industries by 41.4% in the 3rd quarter. Diversified Trust Co now owns 40,433 shares of the specialty chemicals company’s stock valued at $5,356,000 after purchasing an additional 11,836 shares during the last quarter. 81.86% of the stock is currently owned by institutional investors.

PPG Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 12th were given a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date was Monday, August 12th. This is a positive change from PPG Industries’s previous quarterly dividend of $0.65. PPG Industries’s dividend payout ratio is currently 45.95%.

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.