Seaport Res Ptn Cuts Earnings Estimates for PPG Industries

PPG Industries, Inc. (NYSE:PPG) – Research analysts at Seaport Res Ptn lowered their FY2024 EPS estimates for shares of PPG Industries in a report released 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 previous 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.

Other equities analysts have also recently issued research reports about the company. Citigroup reduced their target price on PPG Industries from $145.00 to $144.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. JPMorgan Chase & Co. decreased their price objective on shares of PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a report on Friday. Mizuho cut their target price on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a report on Thursday. Royal Bank of Canada decreased their price target on shares of 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, BMO Capital Markets set a $160.00 price objective on shares of PPG Industries in a research report on Thursday. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, PPG Industries currently has a consensus rating of “Moderate Buy” and a consensus price target of $150.50.

PPG Industries Stock Down 0.3 %

NYSE:PPG opened at $130.93 on Friday. The stock’s fifty day simple moving average is $127.21 and its 200-day simple moving average is $129.19. The firm has a market capitalization 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 company has a quick ratio of 1.05, a current ratio of 1.49 and a debt-to-equity ratio of 0.73. PPG Industries has a 12-month low of $118.07 and a 12-month high of $151.16.

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

PPG Industries Announces Dividend

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PPG. Financial Connections Group Inc. acquired a new position in shares of PPG Industries during the 2nd quarter worth about $25,000. Riverview Trust Co bought a new position in PPG Industries in the first quarter valued at approximately $34,000. Rothschild Investment LLC acquired a new position in shares of PPG Industries during the 2nd quarter worth approximately $37,000. LRI Investments LLC raised its stake in shares of PPG Industries by 463.8% during the 2nd quarter. LRI Investments LLC now owns 389 shares of the specialty chemicals company’s stock worth $49,000 after purchasing an additional 320 shares in the last quarter. Finally, Slocum Gordon & Co LLP boosted its holdings in shares of PPG Industries by 51.7% in the 2nd quarter. Slocum Gordon & Co LLP now owns 455 shares of the specialty chemicals company’s stock valued at $57,000 after buying an additional 155 shares during the last quarter. 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.