PPG Industries, Inc. (NYSE:PPG) Short Interest Up 6.9% in November

PPG Industries, Inc. (NYSE:PPG) saw a significant growth in short interest in the month of November. As of November 29th, there was short interest totalling 5,920,000 shares, a growth of 6.9% from the November 14th total of 5,540,000 shares. Currently, 2.5% of the shares of the stock are sold short. Based on an average trading volume of 1,230,000 shares, the days-to-cover ratio is presently 4.8 days.

Shares of PPG stock traded down $0.75 during trading hours on Friday, hitting $133.01. 806,069 shares of the company’s stock were exchanged, compared to its average volume of 1,213,579. The company has a market capitalization of $31.29 billion, a PE ratio of 22.47, a PEG ratio of 2.27 and a beta of 1.22. PPG Industries has a 12-month low of $94.41 and a 12-month high of $134.36. The business’s 50 day simple moving average is $128.41 and its 200-day simple moving average is $118.56. The company has a current ratio of 1.49, a quick ratio of 1.08 and a debt-to-equity ratio of 1.02.

PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, October 17th. The specialty chemicals company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.61 by $0.06. The firm had revenue of $3.83 billion for the quarter, compared to the consensus estimate of $3.89 billion. PPG Industries had a net margin of 8.00% and a return on equity of 28.36%. The business’s revenue was up .2% compared to the same quarter last year. During the same period last year, the firm posted $1.45 earnings per share. Equities analysts anticipate that PPG Industries will post 6.25 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Tuesday, November 12th were paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 1.53%. The ex-dividend date was Friday, November 8th. PPG Industries’s dividend payout ratio (DPR) is presently 34.46%.

A number of equities research analysts recently weighed in on the stock. Berenberg Bank assumed coverage on shares of PPG Industries in a research note on Wednesday, November 6th. They issued a “buy” rating and a $150.00 target price on the stock. Morgan Stanley reaffirmed an “equal weight” rating and issued a $130.00 target price on shares of PPG Industries in a research note on Friday, November 1st. Wells Fargo & Co assumed coverage on shares of PPG Industries in a research note on Tuesday, October 15th. They issued an “outperform” rating and a $140.00 target price on the stock. BMO Capital Markets raised their target price on shares of PPG Industries from $113.00 to $129.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Finally, Zacks Investment Research downgraded shares of PPG Industries from a “hold” rating to a “sell” rating and set a $124.00 target price on the stock. in a research note on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $129.32.

In other news, CEO Michael H. Mcgarry sold 11,916 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $125.00, for a total value of $1,489,500.00. Following the completion of the transaction, the chief executive officer now directly owns 131,350 shares in the company, valued at $16,418,750. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael H. Mcgarry sold 30,450 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 149,884 shares of the company’s stock, valued at $19,484,920. The disclosure for this sale can be found here. Insiders sold 54,366 shares of company stock valued at $6,888,000 over the last 90 days. 0.37% of the stock is owned by company insiders.

Hedge funds have recently bought and sold shares of the business. Prime Capital Investment Advisors LLC purchased a new position in shares of PPG Industries during the third quarter worth approximately $25,000. Krane Funds Advisors LLC purchased a new position in shares of PPG Industries during the second quarter worth approximately $25,000. Coastal Investment Advisors Inc. raised its stake in shares of PPG Industries by 280.0% during the second quarter. Coastal Investment Advisors Inc. now owns 228 shares of the specialty chemicals company’s stock worth $27,000 after acquiring an additional 168 shares in the last quarter. Atwater Malick LLC purchased a new position in shares of PPG Industries in the third quarter worth $42,000. Finally, Burt Wealth Advisors purchased a new position in shares of PPG Industries in the third quarter worth $42,000. 77.10% of the stock is currently owned by hedge funds and other institutional investors.

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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