PPG Industries, Inc. (NYSE:PPG – Free Report) – Stock analysts at KeyCorp lowered their FY2023 earnings per share (EPS) estimates for PPG Industries in a research note issued to investors on Monday, October 2nd. KeyCorp analyst A. Yefremov now anticipates that the specialty chemicals company will post earnings of $7.75 per share for the year, down from their prior estimate of $7.82. KeyCorp currently has a “Overweight” rating and a $172.00 price target on the stock. The consensus estimate for PPG Industries’ current full-year earnings is $7.50 per share. KeyCorp also issued estimates for PPG Industries’ Q4 2023 earnings at $1.72 EPS, Q4 2024 earnings at $1.94 EPS and FY2024 earnings at $8.79 EPS.
A number of other equities research analysts also recently issued reports on PPG. Barclays upped their price objective on PPG Industries from $150.00 to $160.00 and gave the company an “equal weight” rating in a research report on Monday, July 24th. Mizuho upped their price objective on PPG Industries from $152.00 to $166.00 in a research report on Thursday, July 20th. Morgan Stanley upped their price objective on PPG Industries from $143.00 to $155.00 and gave the company an “equal weight” rating in a research report on Monday, July 24th. Royal Bank of Canada upped their price objective on PPG Industries from $145.00 to $158.00 and gave the company a “sector perform” rating in a research report on Monday, July 24th. Finally, Bank of America upped their price objective on PPG Industries from $163.00 to $170.00 in a research report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $155.29.
PPG Industries Trading Down 1.4 %
Shares of PPG stock opened at $131.31 on Thursday. PPG Industries has a 1 year low of $107.40 and a 1 year high of $152.89. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.49 and a quick ratio of 1.03. The stock’s 50 day simple moving average is $136.67 and its two-hundred day simple moving average is $138.84. The company has a market cap of $30.92 billion, a PE ratio of 23.57, a price-to-earnings-growth ratio of 1.03 and a beta of 1.19.
PPG Industries (NYSE:PPG – Get Free Report) last posted its earnings results on Friday, July 21st. The specialty chemicals company reported $2.25 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.11. The company had revenue of $4.87 billion for the quarter, compared to the consensus estimate of $4.84 billion. PPG Industries had a return on equity of 23.59% and a net margin of 7.38%. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.81 earnings per share.
Institutional Trading of PPG Industries
A number of hedge funds have recently bought and sold shares of the stock. Intrepid Capital Management Inc. purchased a new stake in PPG Industries during the second quarter worth $30,000. Strategy Asset Managers LLC lifted its holdings in PPG Industries by 7.9% during the second quarter. Strategy Asset Managers LLC now owns 2,041 shares of the specialty chemicals company’s stock worth $303,000 after buying an additional 149 shares during the period. CTC Alternative Strategies Ltd. purchased a new stake in PPG Industries during the second quarter worth $260,000. Osaic Holdings Inc. lifted its holdings in shares of PPG Industries by 4.1% during the 2nd quarter. Osaic Holdings Inc. now owns 70,951 shares of the specialty chemicals company’s stock valued at $10,522,000 after purchasing an additional 2,802 shares during the last quarter. Finally, Orion Portfolio Solutions LLC lifted its holdings in shares of PPG Industries by 67.3% during the 2nd quarter. Orion Portfolio Solutions LLC now owns 3,898 shares of the specialty chemicals company’s stock valued at $578,000 after purchasing an additional 1,568 shares during the last quarter. Hedge funds and other institutional investors own 79.18% of the company’s stock.
Insider Buying and Selling
In related news, CFO Vincent J. Morales sold 3,700 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $143.33, for a total value of $530,321.00. Following the transaction, the chief financial officer now owns 22,665 shares of the company’s stock, valued at $3,248,574.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other PPG Industries news, Chairman Michael H. Mcgarry sold 58,378 shares of the company’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $145.46, for a total transaction of $8,491,663.88. Following the completion of the sale, the chairman now owns 195,706 shares in the company, valued at $28,467,394.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Vincent J. Morales sold 3,700 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $143.33, for a total value of $530,321.00. Following the sale, the chief financial officer now owns 22,665 shares of the company’s stock, valued at approximately $3,248,574.45. The disclosure for this sale can be found here. 0.55% of the stock is owned by insiders.
PPG Industries Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Thursday, August 10th were paid a $0.65 dividend. The ex-dividend date of this dividend was Wednesday, August 9th. This represents a $2.60 annualized dividend and a yield of 1.98%. This is a boost from PPG Industries’s previous quarterly dividend of $0.62. PPG Industries’s dividend payout ratio is 46.68%.
PPG Industries Company Profile
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.
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