Seaport Res Ptn Lowers Earnings Estimates for PPG Industries

PPG Industries, Inc. (NYSE:PPG) – Equities researchers at Seaport Res Ptn dropped their FY2024 EPS estimates for shares of PPG Industries in a research note issued on Wednesday, October 16th. Seaport Res Ptn analyst M. Harrison now forecasts that the specialty chemicals company will post earnings per share of $8.17 for the year, down from their prior estimate of $8.23. The consensus estimate for PPG Industries’ current full-year earnings is $8.24 per share. Seaport Res Ptn also issued estimates for PPG Industries’ Q4 2024 earnings at $1.67 EPS, Q1 2025 earnings at $1.96 EPS, Q3 2025 earnings at $2.43 EPS, Q4 2025 earnings at $1.86 EPS and FY2025 earnings at $9.00 EPS.

A number of other equities analysts have also issued reports on the stock. Bank of America dropped their target price on shares of PPG Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. KeyCorp decreased their target price on PPG Industries from $162.00 to $153.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. Citigroup cut their price target on PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Mizuho decreased their price objective on PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, UBS Group upped their target price on PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, PPG Industries has an average rating of “Moderate Buy” and a consensus target price of $150.50.

PPG Industries Stock Performance

Shares of NYSE PPG opened at $130.93 on Friday. PPG Industries has a 12 month low of $118.07 and a 12 month high of $151.16. The company has a quick ratio of 1.05, a current ratio of 1.49 and a debt-to-equity ratio of 0.73. The company has a market cap of $30.55 billion, a P/E ratio of 21.46, a P/E/G ratio of 1.73 and a beta of 1.26. The business’s 50 day moving average is $127.21 and its two-hundred day moving average is $129.19.

PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.15 by ($0.02). PPG Industries had a net margin of 7.98% and a return on equity of 23.57%. The business had revenue of $4.58 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same period in the prior year, the business posted $2.07 earnings per share. The company’s revenue for the quarter was down 1.5% compared to the same quarter last year.

PPG Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 12th will be issued a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 2.08%. The ex-dividend date is Tuesday, November 12th. PPG Industries’s payout ratio is currently 44.59%.

Institutional Investors Weigh In On PPG Industries

Hedge funds and other institutional investors have recently bought and sold shares of the business. Kingsview Wealth Management LLC grew its holdings in shares of PPG Industries by 0.9% during the first quarter. Kingsview Wealth Management LLC now owns 8,312 shares of the specialty chemicals company’s stock worth $1,204,000 after purchasing an additional 76 shares during the last quarter. Applied Capital LLC FL raised its stake in shares of PPG Industries by 1.3% in the first quarter. Applied Capital LLC FL now owns 6,402 shares of the specialty chemicals company’s stock worth $928,000 after acquiring an additional 82 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of PPG Industries by 0.4% in the second quarter. Oregon Public Employees Retirement Fund now owns 20,244 shares of the specialty chemicals company’s stock worth $2,549,000 after acquiring an additional 82 shares during the last quarter. Klingman & Associates LLC lifted its position in shares of PPG Industries by 2.6% during the second quarter. Klingman & Associates LLC now owns 3,326 shares of the specialty chemicals company’s stock worth $419,000 after purchasing an additional 83 shares in the last quarter. Finally, Fragasso Financial Advisors Inc grew its stake in shares of PPG Industries by 0.6% during the second quarter. Fragasso Financial Advisors Inc now owns 13,958 shares of the specialty chemicals company’s stock valued at $1,757,000 after purchasing an additional 84 shares during the last quarter. 81.86% of the stock is owned by institutional investors and hedge funds.

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.