PPG Industries, Inc. (NYSE:PPG) Short Interest Update

PPG Industries, Inc. (NYSE:PPG) was the target of a significant drop in short interest in December. As of December 31st, there was short interest totalling 5,510,000 shares, a drop of 7.2% from the December 15th total of 5,940,000 shares. Based on an average daily trading volume, of 1,270,000 shares, the days-to-cover ratio is presently 4.3 days. Currently, 2.3% of the shares of the company are sold short.

Shares of NYSE:PPG traded down $0.79 during trading on Friday, reaching $126.62. The stock had a trading volume of 16,563 shares, compared to its average volume of 1,854,362. PPG Industries has a 52 week low of $100.90 and a 52 week high of $134.36. The business’s 50-day moving average price is $131.17 and its 200 day moving average price is $121.68. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.49 and a quick ratio of 1.08. The stock has a market capitalization of $30.72 billion, a PE ratio of 21.37, a P/E/G ratio of 2.06 and a beta of 1.24.

PPG Industries (NYSE:PPG) last posted its earnings results on Thursday, January 16th. The specialty chemicals company reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.03). PPG Industries had a net margin of 8.00% and a return on equity of 28.36%. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same quarter last year, the firm posted $1.15 EPS. The business’s revenue was up .7% on a year-over-year basis. Analysts forecast that PPG Industries will post 6.25 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 12th. Stockholders of record on Tuesday, January 21st will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.61%. PPG Industries’s dividend payout ratio (DPR) is currently 34.46%.

A number of research analysts have commented on the stock. JPMorgan Chase & Co. upgraded shares of PPG Industries from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $108.00 to $120.00 in a research note on Friday, October 18th. Zacks Investment Research cut shares of PPG Industries from a “hold” rating to a “sell” rating and set a $124.00 price target for the company. in a research note on Wednesday, October 16th. Wells Fargo & Co raised their price target on shares of PPG Industries from $140.00 to $155.00 and gave the stock an “overweight” rating in a research note on Wednesday. Royal Bank of Canada set a $132.00 price target on shares of PPG Industries and gave the stock a “buy” rating in a research note on Friday, October 18th. Finally, BMO Capital Markets raised their price target on shares of PPG Industries from $113.00 to $129.00 and gave the stock a “market perform” rating in a research note on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $130.56.

In related news, CEO Michael H. Mcgarry sold 11,916 shares of PPG Industries stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $125.00, for a total transaction of $1,489,500.00. Following the sale, the chief executive officer now directly owns 131,350 shares of the company’s stock, valued at $16,418,750. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Michael H. Mcgarry sold 30,450 shares of PPG Industries stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $130.00, for a total value of $3,958,500.00. Following the sale, the chief executive officer now directly owns 149,884 shares in the company, valued at $19,484,920. The disclosure for this sale can be found here. 0.37% of the stock is owned by company insiders.

Several large investors have recently bought and sold shares of PPG. Prime Capital Investment Advisors LLC bought a new position in PPG Industries in the 3rd quarter worth approximately $25,000. Atwater Malick LLC bought a new position in PPG Industries in the 3rd quarter worth approximately $42,000. Burt Wealth Advisors bought a new position in PPG Industries in the 3rd quarter worth approximately $42,000. Bridger Capital Management LLC bought a new position in PPG Industries in the 3rd quarter worth approximately $45,000. Finally, Hoey Investments Inc. bought a new position in PPG Industries in the 4th quarter worth approximately $53,000. Institutional investors own 77.09% of the company’s stock.

PPG Industries Company Profile

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.

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