Seaport Res Ptn Research Analysts Cut Earnings Estimates for PPG Industries, Inc. (NYSE:PPG)

PPG Industries, Inc. (NYSE:PPG) – Equities researchers at Seaport Res Ptn decreased their Q2 2024 EPS estimates for PPG Industries in a research report issued to clients and investors on Monday, April 22nd. Seaport Res Ptn analyst M. Harrison now anticipates that the specialty chemicals company will post earnings per share of $2.49 for the quarter, down from their prior estimate of $2.54. Seaport Res Ptn currently has a “Buy” rating on the stock. The consensus estimate for PPG Industries’ current full-year earnings is $8.46 per share. Seaport Res Ptn also issued estimates for PPG Industries’ FY2024 earnings at $8.43 EPS, Q2 2025 earnings at $2.78 EPS and Q3 2025 earnings at $2.56 EPS.

PPG Industries (NYSE:PPG) last released its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, meeting analysts’ consensus estimates of $1.86. PPG Industries had a net margin of 7.74% and a return on equity of 23.13%. The company had revenue of $4.31 billion during the quarter, compared to analyst estimates of $4.43 billion. During the same period last year, the business earned $1.82 earnings per share. PPG Industries’s revenue was down 1.6% compared to the same quarter last year.

Several other equities research analysts have also issued reports on the stock. StockNews.com lowered shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday. Bank of America dropped their target price on shares of PPG Industries from $167.00 to $164.00 and set a “buy” rating for the company in a research report on Monday. Royal Bank of Canada dropped their target price on shares of PPG Industries from $156.00 to $141.00 and set a “sector perform” rating for the company in a research report on Monday. Wolfe Research began coverage on shares of PPG Industries in a research report on Friday, March 1st. They set a “peer perform” rating for the company. Finally, Redburn Atlantic lowered shares of PPG Industries from a “buy” rating to a “neutral” rating and set a $160.00 target price for the company. in a research report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $155.50.

PPG Industries Price Performance

PPG stock opened at $130.40 on Tuesday. The firm has a 50 day moving average of $140.00 and a 200-day moving average of $138.97. The company has a current ratio of 1.47, a quick ratio of 1.05 and a debt-to-equity ratio of 0.72. PPG Industries has a 12 month low of $120.32 and a 12 month high of $152.89. The firm has a market capitalization of $30.69 billion, a P/E ratio of 22.03, a price-to-earnings-growth ratio of 1.56 and a beta of 1.28.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Godsey & Gibb Inc. increased its position in PPG Industries by 4.4% during the 1st quarter. Godsey & Gibb Inc. now owns 2,584 shares of the specialty chemicals company’s stock valued at $374,000 after purchasing an additional 109 shares during the period. Global Retirement Partners LLC increased its position in PPG Industries by 14.8% during the 1st quarter. Global Retirement Partners LLC now owns 9,627 shares of the specialty chemicals company’s stock valued at $1,395,000 after purchasing an additional 1,238 shares during the period. Wesbanco Bank Inc. increased its position in PPG Industries by 84.0% during the 1st quarter. Wesbanco Bank Inc. now owns 70,723 shares of the specialty chemicals company’s stock valued at $10,248,000 after purchasing an additional 32,294 shares during the period. Revisor Wealth Management LLC increased its position in PPG Industries by 132.0% during the 1st quarter. Revisor Wealth Management LLC now owns 4,903 shares of the specialty chemicals company’s stock valued at $722,000 after purchasing an additional 2,790 shares during the period. Finally, Confluence Wealth Services Inc. increased its position in PPG Industries by 56.4% during the 1st quarter. Confluence Wealth Services Inc. now owns 8,672 shares of the specialty chemicals company’s stock valued at $1,257,000 after purchasing an additional 3,128 shares during the period. 81.86% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Vincent J. Morales sold 3,400 shares of PPG Industries stock in a transaction on Friday, March 1st. The shares were sold at an average price of $140.94, for a total value of $479,196.00. Following the transaction, the chief financial officer now directly owns 28,439 shares of the company’s stock, valued at $4,008,192.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.56% of the stock is owned by insiders.

PPG Industries announced that its Board of Directors has approved a share buyback plan on Thursday, April 18th that allows the company to buyback $2.50 billion in outstanding shares. This buyback authorization allows the specialty chemicals company to reacquire up to 8.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

PPG Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 10th will be paid a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 1.99%. The ex-dividend date is Thursday, May 9th. PPG Industries’s payout ratio is 43.92%.

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.