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

PPG Industries (NYSE:PPG) released its 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. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. The company had revenue of $4.58 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same period in the prior year, the business posted $2.07 earnings per share. PPG Industries’s revenue 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 Trading Up 0.2 %

PPG Industries stock opened at $131.57 on Friday. The company has a 50 day moving average price of $126.97 and a 200 day moving average price of $129.27. PPG Industries has a 52 week low of $118.07 and a 52 week high of $151.16. The firm has a market capitalization of $30.85 billion, a price-to-earnings ratio of 22.19, a P/E/G 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 Announces Dividend

The company also recently announced 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%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PPG shares. Citigroup decreased their price target on shares of PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. UBS Group increased their target price on PPG Industries from $140.00 to $142.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. Royal Bank of Canada dropped their price target on PPG Industries from $140.00 to $139.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 23rd. Barclays decreased their price objective on shares of PPG Industries from $148.00 to $144.00 and set an “equal weight” rating for the company in a report on Monday, July 22nd. Finally, BMO Capital Markets dropped 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 investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, PPG Industries presently has a consensus rating of “Moderate Buy” and an average price target 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.