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

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

In other PPG Industries news, CEO Michael H. Mcgarry sold 30,450 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $130.00, for a total transaction of $3,958,500.00. Following the sale, the chief executive officer now directly owns 149,884 shares of the company’s stock, valued at approximately $19,484,920. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael H. Mcgarry sold 11,916 shares of the business’s 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 in the company, valued at $16,418,750. The disclosure for this sale can be found here. Insiders own 0.37% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Prime Capital Investment Advisors LLC acquired a new stake in shares of PPG Industries during the 3rd quarter worth approximately $25,000. Atwater Malick LLC acquired a new stake in shares of PPG Industries during the 3rd quarter worth approximately $42,000. Burt Wealth Advisors acquired a new stake in shares of PPG Industries during the 3rd quarter worth approximately $42,000. Bridger Capital Management LLC acquired a new stake in shares of PPG Industries during the 3rd quarter worth approximately $45,000. Finally, Hoey Investments Inc. acquired a new stake in shares of PPG Industries during the 4th quarter worth approximately $53,000. Institutional investors and hedge funds own 77.09% of the company’s stock.

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

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

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Investors 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 yield of 1.61%. PPG Industries’s dividend payout ratio (DPR) is currently 34.46%.

PPG has been the topic of several analyst reports. Morgan Stanley reissued an “equal weight” rating and set a $130.00 price target on shares of PPG Industries in a research report on Friday, November 1st. BMO Capital Markets upped their target price on shares of PPG Industries from $113.00 to $129.00 and gave the company a “market perform” rating in a report on Monday, October 21st. Berenberg Bank began coverage on shares of PPG Industries in a report on Wednesday, November 6th. They issued a “buy” rating and a $150.00 target price on the stock. JPMorgan Chase & Co. raised shares of PPG Industries from an “underweight” rating to a “neutral” rating and upped their target price for the company from $108.00 to $120.00 in a report on Friday, October 18th. Finally, UBS Group upped their target price on shares of PPG Industries from $135.00 to $140.00 and gave the company a “buy” rating in a report on Friday, October 18th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $130.56.

About PPG Industries

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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