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

PPG Industries (NYSE:PPG) posted its quarterly earnings data 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 firm had revenue of $4.58 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the previous year, the firm posted $2.07 earnings per share. The company’s quarterly 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 0.4 %

PPG opened at $130.36 on Thursday. The stock has a market capitalization of $30.57 billion, a PE ratio of 22.02, a P/E/G ratio of 1.72 and a beta of 1.26. 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 business’s 50 day moving average price is $126.73 and its 200 day moving average price is $129.26.

Wall Street Analyst Weigh In

PPG has been the topic of a number of research analyst reports. KeyCorp lowered their price target on PPG Industries from $162.00 to $153.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. BMO Capital Markets lowered their target price on shares of PPG Industries from $165.00 to $161.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. UBS Group increased their target price on shares of PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Barclays lowered 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. Finally, Bank of America cut 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. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.