PPG Industries (NYSE:PPG) Issues Quarterly Earnings Results, Misses Expectations By $0.02 EPS

PPG Industries (NYSE:PPG) released its quarterly earnings results on Wednesday. The specialty chemicals company reported $2.13 earnings per share (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 during the quarter, compared to the consensus estimate of $4.66 billion. PPG Industries had a net margin of 7.98% and a return on equity of 23.57%. The business’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter last year, the firm earned $2.07 earnings per share. PPG Industries updated its FY 2024 guidance to 8.150-8.150 EPS.

PPG Industries Price Performance

Shares of NYSE PPG opened at $131.34 on Friday. The stock has a fifty day moving average of $126.97 and a 200-day moving average of $129.27. The stock has a market cap of $30.80 billion, a PE ratio of 22.19, a price-to-earnings-growth ratio of 1.72 and a beta of 1.26. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.05 and a current ratio of 1.49. PPG Industries has a fifty-two week low of $118.07 and a fifty-two week high of $151.16.

PPG Industries Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts recently commented on PPG shares. Bank of America decreased their price target on shares of PPG Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Barclays dropped their price target on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating for the company in a research note on Monday, July 22nd. Mizuho decreased their target price on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a report on Thursday. Citigroup cut their price target 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. Finally, UBS Group lifted their price target on PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.