Zacks Research Comments on PPG Industries FY2024 Earnings

PPG Industries, Inc. (NYSE:PPG) – Research analysts at Zacks Research dropped their FY2024 earnings estimates for shares of 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 prior estimate 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 research analysts have also issued research reports about the company. KeyCorp lowered PPG Industries from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 16th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. Citigroup reduced their price target on shares of PPG Industries from $150.00 to $145.00 and set a “buy” rating for the company in a report on Wednesday, December 18th. Mizuho cut their price objective on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. reduced their target price on PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a research note on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $149.23.

PPG Industries Stock Performance

Shares of PPG opened at $122.75 on Friday. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. The firm’s fifty day simple moving average is $121.17 and its two-hundred day simple moving average is $124.73. PPG Industries has a 12 month low of $113.00 and a 12 month high of $145.60. The stock has a market capitalization of $28.48 billion, a P/E ratio of 19.45, a price-to-earnings-growth ratio of 1.93 and a beta of 1.24.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. State Street Corp grew its position in shares of PPG Industries by 4.4% during the 3rd quarter. State Street Corp now owns 11,717,499 shares of the specialty chemicals company’s stock valued at $1,552,100,000 after purchasing an additional 491,774 shares in the last quarter. Wellington Management Group LLP grew its position in PPG Industries by 5.7% during the third 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 in the last quarter. FMR LLC grew its position in PPG Industries by 68.3% during the third quarter. FMR LLC now owns 873,902 shares of the specialty chemicals company’s stock worth $115,757,000 after buying an additional 354,740 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of PPG Industries by 189.6% in the 3rd quarter. International Assets Investment Management LLC now owns 426,834 shares of the specialty chemicals company’s stock valued at $56,538,000 after acquiring an additional 279,455 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of PPG Industries by 65.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 523,014 shares of the specialty chemicals company’s stock valued at $62,474,000 after acquiring an additional 206,853 shares during the last quarter. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at PPG Industries

In other news, VP Anne M. Foulkes sold 1,985 shares of PPG Industries stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $125.80, for a total value of $249,713.00. Following the completion of the transaction, the vice president now owns 13,454 shares in the company, valued at $1,692,513.20. This trade represents a 12.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.55% of the stock is owned by company insiders.

PPG Industries Announces Dividend

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

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.