PPG Industries FY2024 EPS Estimate Cut by Seaport Res Ptn

PPG Industries, Inc. (NYSE:PPG) – Stock analysts at Seaport Res Ptn decreased their FY2024 earnings estimates for PPG Industries in a research report issued to clients and investors on Wednesday, October 16th. Seaport Res Ptn analyst M. Harrison now forecasts that the specialty chemicals company will post earnings of $8.17 per share 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.

PPG Industries (NYSE:PPG) last issued its 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 return on equity of 23.57% and a net margin of 7.98%. The firm had revenue of $4.58 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same period last year, the firm posted $2.07 earnings per share. The firm’s quarterly revenue was down 1.5% on a year-over-year basis.

PPG has been the subject of a number of other reports. Barclays reduced their price target on shares of PPG Industries from $148.00 to $144.00 and set an “equal weight” rating for the company in a research note on Monday, July 22nd. BMO Capital Markets set a $160.00 target price on shares of PPG Industries in a research report on Thursday. JPMorgan Chase & Co. cut their target price on shares of PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a research report on Friday. Mizuho cut their target price on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Bank of America cut their target price on shares of PPG Industries from $152.00 to $150.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $150.50.

PPG Industries Stock Performance

Shares of PPG stock opened at $130.93 on Friday. The company has a 50 day moving average price of $127.21 and a 200-day moving average price of $129.10. PPG Industries has a 52 week low of $118.07 and a 52 week high of $151.16. The firm has a market capitalization of $30.55 billion, a PE 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 Dividend Announcement

The business 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 dividend payout ratio (DPR) is presently 44.59%.

Hedge Funds Weigh In On PPG Industries

Several hedge funds have recently modified their holdings of PPG. Vanguard Group Inc. lifted its holdings in shares of PPG Industries by 17.2% in the first quarter. Vanguard Group Inc. now owns 28,703,066 shares of the specialty chemicals company’s stock worth $4,159,074,000 after buying an additional 4,222,402 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of PPG Industries by 20.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,197,012 shares of the specialty chemicals company’s stock worth $276,576,000 after buying an additional 368,410 shares in the last quarter. Federated Hermes Inc. lifted its holdings in shares of PPG Industries by 91.0% in the second quarter. Federated Hermes Inc. now owns 523,509 shares of the specialty chemicals company’s stock worth $65,905,000 after buying an additional 249,406 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of PPG Industries by 549.0% in the second quarter. SG Americas Securities LLC now owns 256,142 shares of the specialty chemicals company’s stock worth $32,246,000 after buying an additional 216,675 shares in the last quarter. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in shares of PPG Industries in the first quarter worth $31,033,000. Hedge funds and other 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.