PPG Industries, Inc. (NYSE:PPG) Expected to Earn Q3 2024 Earnings of $2.14 Per Share

PPG Industries, Inc. (NYSE:PPG) – Analysts at KeyCorp issued their Q3 2024 EPS estimates for PPG Industries in a research note issued to investors on Sunday, October 6th. KeyCorp analyst A. Yefremov anticipates that the specialty chemicals company will post earnings of $2.14 per share for the quarter. KeyCorp currently has a “Overweight” rating and a $153.00 target price on the stock. The consensus estimate for PPG Industries’ current full-year earnings is $8.25 per share. KeyCorp also issued estimates for PPG Industries’ Q4 2024 earnings at $1.74 EPS, FY2024 earnings at $8.25 EPS and FY2025 earnings at $9.07 EPS.

Several other research firms also recently commented on PPG. Citigroup reduced their price objective on PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. BMO Capital Markets reduced their price objective on PPG Industries from $165.00 to $161.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Royal Bank of Canada reduced their price objective on PPG Industries from $140.00 to $139.00 and set a “sector perform” rating for the company in a research note on Tuesday, July 23rd. Bank of America reduced their price objective on PPG Industries from $152.00 to $150.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Finally, Barclays reduced their price objective 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. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $151.08.

PPG Industries Stock Down 0.1 %

NYSE PPG opened at $127.34 on Wednesday. The business has a fifty day moving average price of $125.97 and a 200 day moving average price of $129.77. PPG Industries has a one year low of $118.07 and a one year high of $151.16. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.05 and a current ratio of 1.49. The company has a market cap of $29.86 billion, a P/E ratio of 21.53, a P/E/G ratio of 1.76 and a beta of 1.26.

PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, July 18th. The specialty chemicals company reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.48 by $0.02. The business had revenue of $4.79 billion during the quarter, compared to analysts’ expectations of $4.93 billion. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. The business’s revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.25 earnings per share.

Hedge Funds Weigh In On PPG Industries

A number of hedge funds have recently modified their holdings of the business. Elo Mutual Pension Insurance Co boosted its holdings in PPG Industries by 4.4% during the 4th quarter. Elo Mutual Pension Insurance Co now owns 20,562 shares of the specialty chemicals company’s stock valued at $3,075,000 after acquiring an additional 859 shares during the period. State of Tennessee Treasury Department boosted its holdings in PPG Industries by 13.3% during the 4th quarter. State of Tennessee Treasury Department now owns 185,104 shares of the specialty chemicals company’s stock valued at $27,682,000 after acquiring an additional 21,696 shares during the period. Cresset Asset Management LLC boosted its holdings in PPG Industries by 9.3% during the 4th quarter. Cresset Asset Management LLC now owns 61,371 shares of the specialty chemicals company’s stock valued at $9,178,000 after acquiring an additional 5,204 shares during the period. Ethic Inc. boosted its holdings in PPG Industries by 12.1% during the 4th quarter. Ethic Inc. now owns 42,686 shares of the specialty chemicals company’s stock valued at $6,384,000 after acquiring an additional 4,608 shares during the period. Finally, Putnam Investments LLC boosted its holdings in PPG Industries by 3.1% during the 4th quarter. Putnam Investments LLC now owns 2,659,974 shares of the specialty chemicals company’s stock valued at $397,799,000 after acquiring an additional 81,200 shares during the period. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

PPG Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 12th were issued a dividend of $0.68 per share. The ex-dividend date of this dividend was Monday, August 12th. This is a boost from PPG Industries’s previous quarterly dividend of $0.65. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.14%. PPG Industries’s dividend payout ratio is currently 45.95%.

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.