PPG Industries, Inc. to Post Q3 2023 Earnings of $1.95 Per Share, KeyCorp Forecasts (NYSE:PPG)

Posted by Defense World Staff on Oct 5th, 2023

PPG Industries, Inc. (NYSE:PPG – Free Report) – KeyCorp cut their Q3 2023 earnings per share estimates for shares of PPG Industries in a report issued on Monday, October 2nd. KeyCorp analyst A. Yefremov now anticipates that the specialty chemicals company will post earnings per share of $1.95 for the quarter, down from their previous forecast of $1.97. KeyCorp has a “Overweight” rating and a $172.00 price objective on the stock. The consensus estimate for PPG Industries’ current full-year earnings is $7.51 per share. KeyCorp also issued estimates for PPG Industries’ Q1 2024 earnings at $2.02 EPS, Q2 2024 earnings at $2.52 EPS and Q3 2024 earnings at $2.30 EPS.

Several other equities analysts have also weighed in on PPG. Morgan Stanley lifted their price target on PPG Industries from $143.00 to $155.00 and gave the company an “equal weight” rating in a research note on Monday, July 24th. Citigroup cut their price target on PPG Industries from $174.00 to $154.00 and set a “buy” rating for the company in a research note on Wednesday. Bank of America lifted their price target on PPG Industries from $163.00 to $170.00 in a research note on Monday, July 24th. Credit Suisse Group boosted their price objective on PPG Industries from $133.00 to $140.00 and gave the stock an “underperform” rating in a research note on Friday, July 21st. Finally, StockNews.com assumed coverage on PPG Industries in a research note on Thursday, August 17th. They set a “buy” rating for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, PPG Industries presently has a consensus rating of “Hold” and a consensus target price of $155.29.

View Our Latest Stock Analysis on PPG

PPG Industries Stock Performance

Shares of PPG opened at $133.22 on Wednesday. The stock has a 50-day moving average of $136.94 and a two-hundred day moving average of $138.89. PPG Industries has a one year low of $107.40 and a one year high of $152.89. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.03 and a current ratio of 1.49. The stock has a market cap of $31.37 billion, a P/E ratio of 23.92, a P/E/G ratio of 1.04 and a beta of 1.19.

PPG Industries (NYSE:PPG – Get Free Report) last announced its earnings results on Friday, July 21st. The specialty chemicals company reported $2.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.11. The business had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $4.84 billion. PPG Industries had a return on equity of 23.59% and a net margin of 7.38%. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.81 EPS.

PPG Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Thursday, August 10th were given a $0.65 dividend. This is an increase from PPG Industries’s previous quarterly dividend of $0.62. The ex-dividend date was Wednesday, August 9th. This represents a $2.60 dividend on an annualized basis and a yield of 1.95%. PPG Industries’s dividend payout ratio is presently 46.68%.

Insiders Place Their Bets

In other news, CFO Vincent J. Morales sold 3,700 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $143.33, for a total transaction of $530,321.00. Following the transaction, the chief financial officer now owns 22,665 shares in the company, valued at approximately $3,248,574.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Vincent J. Morales sold 3,700 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $143.33, for a total value of $530,321.00. Following the transaction, the chief financial officer now directly owns 22,665 shares in the company, valued at approximately $3,248,574.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Michael H. Mcgarry sold 58,378 shares of the firm’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $145.46, for a total transaction of $8,491,663.88. Following the completion of the transaction, the chairman now owns 195,706 shares in the company, valued at $28,467,394.76. The disclosure for this sale can be found here. Insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On PPG Industries

Institutional investors have recently modified their holdings of the stock. Harbour Investments Inc. grew its holdings in PPG Industries by 84.9% during the first quarter. Harbour Investments Inc. now owns 220 shares of the specialty chemicals company’s stock valued at $29,000 after purchasing an additional 101 shares during the period. Quarry LP acquired a new position in shares of PPG Industries in the second quarter valued at approximately $29,000. WFA of San Diego LLC acquired a new position in shares of PPG Industries in the second quarter valued at approximately $30,000. Intrepid Capital Management Inc. acquired a new position in shares of PPG Industries in the second quarter valued at approximately $30,000. Finally, Clear Street Markets LLC acquired a new position in shares of PPG Industries in the fourth quarter valued at approximately $30,000. 79.18% of the stock is owned by institutional investors.

About PPG Industries

(Get Free Report)

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company operates through 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; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.