PPG Industries (NYSE:PPG) Announces Earnings Results

Posted by on Apr 24th, 2023

PPG Industries (NYSE:PPG – Get Rating) released its quarterly earnings results on Friday. The specialty chemicals company reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.55 by $0.27, Briefing.com reports. PPG Industries had a return on equity of 24.15% and a net margin of 7.18%. The company had revenue of $4.38 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same quarter in the previous year, the company posted $1.37 earnings per share. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year.

PPG Industries Stock Up 0.4 %

PPG Industries stock opened at $141.98 on Monday. The firm has a market cap of $33.42 billion, a price-to-earnings ratio of 26.49, a P/E/G ratio of 1.09 and a beta of 1.17. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.52 and a quick ratio of 1.04. PPG Industries has a fifty-two week low of $107.06 and a fifty-two week high of $145.14. The firm has a fifty day moving average price of $131.99 and a two-hundred day moving average price of $127.49.

PPG Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 12th. Shareholders of record on Wednesday, May 10th will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend is Tuesday, May 9th. PPG Industries’s dividend payout ratio is 46.27%.

Insiders Place Their Bets

In other news, Chairman Michael H. Mcgarry sold 61,867 shares of the company’s stock in a transaction dated Tuesday, January 31st. The shares were sold at an average price of $129.96, for a total transaction of $8,040,235.32. Following the completion of the transaction, the chairman now owns 183,645 shares of the company’s stock, valued at $23,866,504.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Chairman Michael H. Mcgarry sold 61,867 shares of the company’s stock in a transaction dated Tuesday, January 31st. The shares were sold at an average price of $129.96, for a total value of $8,040,235.32. Following the sale, the chairman now owns 183,645 shares of the company’s stock, valued at $23,866,504.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Anne M. Foulkes sold 21,757 shares of the company’s stock in a transaction dated Tuesday, January 24th. The shares were sold at an average price of $128.33, for a total transaction of $2,792,075.81. Following the completion of the sale, the vice president now directly owns 10,577 shares in the company, valued at approximately $1,357,346.41. The disclosure for this sale can be found here. Company insiders own 0.55% of the company’s stock.

Institutional Trading of PPG Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Clear Street Markets LLC bought a new stake in PPG Industries during the fourth quarter worth about $30,000. Parkside Financial Bank & Trust grew its stake in PPG Industries by 45.8% during the first quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock worth $36,000 after buying an additional 87 shares during the last quarter. Achmea Investment Management B.V. bought a new stake in PPG Industries during the first quarter worth about $40,000. Salem Investment Counselors Inc. grew its stake in PPG Industries by 17.6% during the first quarter. Salem Investment Counselors Inc. now owns 668 shares of the specialty chemicals company’s stock worth $88,000 after buying an additional 100 shares during the last quarter. Finally, Money Concepts Capital Corp lifted its position in shares of PPG Industries by 2,104.4% during the fourth quarter. Money Concepts Capital Corp now owns 992 shares of the specialty chemicals company’s stock worth $125,000 after purchasing an additional 947 shares in the last quarter. Institutional investors own 80.04% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. upgraded shares of PPG Industries from a “neutral” rating to an “overweight” rating in a research report on Monday. Argus lifted their price target on shares of PPG Industries from $144.00 to $149.00 in a research report on Monday, January 23rd. Mizuho lifted their price target on shares of PPG Industries from $142.00 to $151.00 and gave the stock a “buy” rating in a research report on Wednesday, April 19th. Barclays lifted their price target on shares of PPG Industries from $130.00 to $142.00 and gave the stock an “equal weight” rating in a research report on Monday, April 10th. Finally, Credit Suisse Group lifted their price target on shares of PPG Industries from $128.00 to $133.00 in a research report on Friday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, PPG Industries currently has an average rating of “Hold” and an average target price of $141.47.

PPG Industries Company Profile

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PPG Industries, Inc engages in the manufacture and distribution of paints, coatings, and specialty materials. It operates through the Performance Coatings and Industrial Coatings segments. The Performance Coatings segment supplies a variety of protective and decorative coatings, sealants, and finishes along with pavement marking products, paint strippers, stains, and related chemicals, as well as transparencies and transparent armor.

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Earnings History for PPG Industries (NYSE:PPG)

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