PPG Industries (NYSE:PPG) Issues Quarterly Earnings Results, Beats Estimates By $0.13 EPS

Key Points

• PPG Industries beat quarterly estimates: The specialty chemicals company reported $2.25 in earnings per share, exceeding the $2.12 consensus by $0.13, while revenue reached $4.35 billion versus expectations of $4.28 billion.
• Shares rose 3.2% to $113.39 following the earnings report. The stock has a market capitalization of approximately $25.21 billion and trades at a price-to-earnings ratio of 16.25.
• PPG declared a quarterly dividend of $0.74 per share, equivalent to $2.96 annually and a 2.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $126.12.

PPG Industries (NYSE:PPG - Get Free Report) released its earnings results on Tuesday. The specialty chemicals company reported $2.25 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.13, FiscalAI reports. PPG Industries had a return on equity of 21.07% and a net margin of 9.57%. The firm had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.28 billion.

PPG Industries Trading Up 3.2%

NYSE:PPG traded up $3.49 on Tuesday, hitting $113.39. 2,583,401 shares of the stock were exchanged, compared to its average volume of 1,971,903. The stock has a market cap of $25.21 billion, a PE ratio of 16.25, a PEG ratio of 2.04 and a beta of 1.06. The company has a current ratio of 1.58, a quick ratio of 1.15 and a debt-to-equity ratio of 0.72. The stock has a fifty day moving average of $108.47 and a 200-day moving average of $112.22. PPG Industries has a fifty-two week low of $93.39 and a fifty-two week high of $133.43.

PPG Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Tuesday, November 10th will be given a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, November 10th. PPG Industries's payout ratio is 42.41%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PPG. KeyCorp began coverage on shares of PPG Industries in a research note on Friday, September 11th. They set an "overweight" rating and a $133.00 price objective for the company. Barclays assumed coverage on shares of PPG Industries in a research report on Tuesday, October 13th. They issued an "overweight" rating and a $136.00 target price on the stock. Wall Street Zen downgraded shares of PPG Industries from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Bank of America upgraded shares of PPG Industries from a "neutral" rating to a "buy" rating and boosted their target price for the company from $127.00 to $134.00 in a report on Friday, July 17th. Finally, Royal Bank Of Canada dropped their price target on shares of PPG Industries from $122.00 to $115.00 and set a "sector perform" rating for the company in a research report on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, PPG Industries presently has a consensus rating of "Moderate Buy" and a consensus target price of $126.12.

PPG Industries Company Profile

PPG Industries, Inc is a global manufacturer of paints, coatings and specialty materials. The company develops products designed to protect, decorate and improve the performance of surfaces and components used in transportation, construction, manufacturing and consumer products.

Its product portfolio includes automotive and commercial vehicle coatings, aerospace coatings, industrial and protective coatings, architectural paints, packaging coatings, and coatings used in marine and other specialty applications.

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