PPG Industries (NYSE:PPG) Announces Earnings Results

PPG Industries (NYSE:PPG) announced its quarterly earnings results on Wednesday. The specialty chemicals company reported $2.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.15 by ($0.02), Briefing.com reports. The company had revenue of $4.58 billion for the quarter, compared to analyst estimates of $4.66 billion. PPG Industries had a net margin of 7.98% and a return on equity of 23.57%. PPG Industries’s revenue was down 1.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.07 earnings per share. PPG Industries updated its FY 2024 guidance to 8.150-8.150 EPS.

PPG Industries Trading Up 0.4 %

NYSE PPG opened at $130.36 on Thursday. PPG Industries has a 52 week low of $118.07 and a 52 week high of $151.16. The firm has a 50 day moving average of $126.73 and a two-hundred day moving average of $129.26. The stock has a market capitalization of $30.57 billion, a PE ratio of 22.02, a price-to-earnings-growth ratio of 1.72 and a beta of 1.26. The company has a quick ratio of 1.05, a current ratio of 1.49 and a debt-to-equity ratio of 0.73.

Wall Street Analysts Forecast Growth

PPG has been the subject of a number of research analyst reports. Bank of America lowered their price objective on shares of PPG Industries from $152.00 to $150.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. UBS Group lifted their price objective on PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. BMO Capital Markets decreased their target price on PPG Industries from $165.00 to $161.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. Barclays lowered their target price on 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, Royal Bank of Canada cut their price target on shares of PPG Industries from $140.00 to $139.00 and set a “sector perform” rating on the stock in a research note on Tuesday, July 23rd. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $151.08.

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.