Wells Fargo analyst Michael Sison initiated coverage of PPG Industries with an Outperform rating and $140 price target. The company is "turning the corner" in 2019, with mid-single-digit earnings growth, potentially moving to high-single-digit in 2020, Sison tells investors in a research note. He believes PPG's pricing actions have gained good traction and that its margins are expanding as raw material pressures "have finally moderated."

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Sees FY24 organic sales growth up low single digits.

PPG "announced that its board of directors has authorized the repurchase of $2.5 billion of outstanding common stock. The authorization is effective immediately, does not expire, and gives management discretion in determining the conditions under which shares may be purchased. This program is in addition to the company's existing share repurchase authorization, which was approved in December 2017 and had approximately $860 million remaining as of March 31, 2024. Repurchases will be made in accordance with applicable securities laws in the open market or in privately negotiated transactions. Repurchases may commence or cease without prior notice depending on economic and equity market conditions, magnitude of other cash uses, including pace and timing of acquisitions, and other factors."

Pre-earnings options volume in PPG Industries is 1.5x normal with calls leading puts 4:3. Implied volatility suggests the market is anticipating a move near 3.4%, or $4.60, after results are released. Median move over the past eight quarters is 2.6%.