FY2024 EPS Forecast for PPG Industries Decreased by Analyst

PPG Industries, Inc. (NYSE:PPG) – Investment analysts at Zacks Research cut their FY2024 EPS estimates for PPG Industries in a report issued on Wednesday, January 22nd. Zacks Research analyst R. Department now forecasts that the specialty chemicals company will post earnings per share of $8.15 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.

PPG has been the topic of several other reports. Royal Bank of Canada dropped their target price on shares of PPG Industries from $138.00 to $136.00 and set a “sector perform” rating on the stock in a report on Tuesday, October 22nd. BMO Capital Markets reiterated an “outperform” rating and set a $155.00 price objective (down from $160.00) on shares of PPG Industries in a research note on Monday, October 21st. Mizuho reduced their price objective on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. StockNews.com lowered PPG Industries from a “strong-buy” rating to a “buy” rating in a report on Friday, December 20th. Finally, JPMorgan Chase & Co. cut their price target on PPG Industries from $155.00 to $145.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $149.23.

PPG Industries Price Performance

Shares of PPG stock opened at $122.75 on Friday. The stock has a market capitalization of $28.48 billion, a price-to-earnings ratio of 19.45, a P/E/G ratio of 1.93 and a beta of 1.24. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. PPG Industries has a twelve month low of $113.00 and a twelve month high of $145.60. The stock has a fifty day simple moving average of $121.17 and a two-hundred day simple moving average of $124.70.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. PFW Advisors LLC acquired a new stake in PPG Industries during the 4th quarter worth about $868,000. Equity Investment Corp raised its position in PPG Industries by 7.0% during the third quarter. Equity Investment Corp now owns 649,301 shares of the specialty chemicals company’s stock valued at $86,006,000 after acquiring an additional 42,380 shares in the last quarter. Ritholtz Wealth Management acquired a new position in PPG Industries in the third quarter valued at approximately $604,000. JGP Wealth Management LLC purchased a new stake in PPG Industries in the 4th quarter worth approximately $4,050,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of PPG Industries by 0.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,571,753 shares of the specialty chemicals company’s stock worth $340,654,000 after purchasing an additional 15,161 shares during the period. Hedge funds and other institutional investors own 81.86% of the company’s stock.

Insider Buying and Selling

In other PPG Industries news, VP Anne M. Foulkes sold 1,985 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $125.80, for a total transaction of $249,713.00. Following the completion of the transaction, the vice president now directly owns 13,454 shares of the company’s stock, valued at approximately $1,692,513.20. This trade represents a 12.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.55% of the stock is currently owned by company insiders.

PPG Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be given a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Friday, February 21st. PPG Industries’s payout ratio is 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.