PPG Industries (NYSE:PPG) Posts Earnings Results

PPG Industries (NYSE:PPG) issued its quarterly earnings results on Wednesday. The specialty chemicals company reported $2.13 EPS for the quarter, missing the consensus estimate of $2.15 by ($0.02), Briefing.com reports. The firm had revenue of $4.58 billion for the quarter, compared to analysts’ expectations of $4.66 billion. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. The firm’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.07 earnings per share. PPG Industries updated its FY 2024 guidance to 8.150-8.150 EPS.

PPG Industries Price Performance

PPG traded down $0.21 during trading on Friday, reaching $131.15. 346,535 shares of the stock were exchanged, compared to its average volume of 1,592,547. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.49 and a quick ratio of 1.05. The company has a market capitalization of $30.75 billion, a price-to-earnings ratio of 22.18, a P/E/G ratio of 1.72 and a beta of 1.26. PPG Industries has a 1 year low of $118.07 and a 1 year high of $151.16. The business’s 50 day moving average price is $126.97 and its two-hundred day moving average price is $129.27.

PPG Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 12th will be paid a $0.68 dividend. This represents a $2.72 annualized dividend and a yield of 2.07%. PPG Industries’s payout ratio is currently 45.95%.

Wall Street Analysts Forecast Growth

PPG has been the topic of several recent analyst reports. Mizuho decreased their price target on PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a research note on Thursday. KeyCorp cut their price objective on shares of PPG Industries from $162.00 to $153.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. BMO Capital Markets cut their target price on PPG Industries from $165.00 to $161.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. UBS Group increased their price objective on PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a report on Friday, July 19th. Finally, Citigroup reduced their price target on shares of PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, PPG Industries has a consensus rating of “Moderate Buy” and an average target price of $151.00.

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.