PPG Industries (NYSE:PPG) Announces Earnings Results

PPG Industries (NYSE:PPG) announced its 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. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. The business had revenue of $4.58 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the previous year, the company posted $2.07 EPS. PPG Industries’s revenue for the quarter was down 1.5% on a year-over-year basis. PPG Industries updated its FY 2024 guidance to 8.150-8.150 EPS.

PPG Industries Price Performance

Shares of NYSE PPG opened at $131.57 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.49 and a debt-to-equity ratio of 0.73. The business’s 50 day moving average price is $126.97 and its two-hundred day moving average price is $129.27. The company has a market cap of $30.85 billion, a PE ratio of 22.19, a price-to-earnings-growth ratio of 1.72 and a beta of 1.26. PPG Industries has a twelve month low of $118.07 and a twelve month high of $151.16.

PPG Industries Dividend Announcement

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

Analyst Ratings Changes

PPG has been the subject of a number of analyst reports. Citigroup lowered their target price on shares of PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a report on Monday, July 22nd. KeyCorp decreased their target price on PPG Industries from $162.00 to $153.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Barclays cut their price target on shares of PPG Industries from $148.00 to $144.00 and set an “equal weight” rating on the stock in a research report on Monday, July 22nd. Bank of America decreased their price objective on shares of PPG Industries from $152.00 to $150.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Finally, BMO Capital Markets cut their target price on shares of PPG Industries from $165.00 to $161.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $151.00.

PPG Industries Company Profile

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.