PPG Industries Inc.’s filing revealed that its Senior VP & CFO Morales Vincent J unloaded Company’s shares for reported $0.53 million on Aug 01. In the deal valued at $143.33 per share,3,700 shares were sold. As a result of this transaction, Morales Vincent J now holds 22,665 shares worth roughly $ 3.22 million.
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Then, MCGARRY MICHAEL H sold 58,378 shares, generating $8,491,397 in total proceeds. Upon selling the shares at $145.46, the Executive Chairman now owns 195,706 shares.
Before that, MCGARRY MICHAEL H sold 105,000 shares. PPG Industries Inc. shares valued at $15,497,353 were divested by the Executive Chairman at a price of $147.59 per share. As a result of the transaction, MCGARRY MICHAEL H now holds 254,084 shares, worth roughly $36.08 million.
Citigroup initiated its PPG Industries Inc. [PPG] rating to a Buy in a research note published on Friday, June 14, 2023; the price target was $161. PT values the company’s stock at a premium of 11.8 to its Friday closing price.
Price Performance Review of PPG
On Friday, PPG Industries Inc. [NYSE:PPG] saw its stock jump 0.18% to $142.01. On the same session, the stock had its day’s lowest price of $141.23, but rose to a high of $143.39. Over the last five days, the stock has gained 2.63%. PPG Industries Inc. shares have risen nearly 12.94% since the year began. Nevertheless, the stocks have risen 11.84% over the past one year. While a 52-week high of $152.89 was reached on 07/18/23, a 52-week low of $107.40 was recorded on 03/24/23. SMA at 50 days reached $143.70, while 200 days put it at $135.65. A total of 1.1 million shares were traded, compared to the trading of 1.2 million shares in the previous session.
Levels Of Support And Resistance For PPG Stock
The 24-hour chart illustrates a support level at 141.03, which if violated will result in even more drops to 140.05. On the upside, there is a resistance level at 143.19. A further resistance level may holdings at 144.37. The Relative Strength Index (RSI) on the 14-day chart is 53.65, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 2.64, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 20.41%. Stochastics %K at 86.99% indicates the stock is a selling.
How much short interest is there in PPG Industries Inc.?
A steep rise in short interest was recorded in PPG Industries Inc. stocks on Aug 14, 2023, dropping by -0.45 million shares to a total of 1.66 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 2.11 million shares. There was a decline of -27.11%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 0.70% of the overall stock float, the days-to-cover ratio (short ratio) fell to 0.9.
PPG Industries Inc. [PPG] – Who Are The Largest Shareholders?
In filings from The Vanguard Group, Inc., it is revealed that the company now owns 19,909,333 shares, or roughly 8.45% of the outstanding PPG shares. In other words, the investor’s shares have risen by 66,903 from its previous 13-F filing of 19842430.0. Additionally, JPMorgan Investment Management, I decreased -10.00% of its stake after which the total value it holdings stand at $1,914,042,536, while BlackRock Fund Advisors reduced -1.82% of its stake to hold $1.66 billion in the firm. Over the last quarter, SSgA Funds Management, Inc. sold -67,537 shares of PPG Industries Inc., while Wellington Management Co. LLP sold -3,502,805 shares. At present, Massachusetts Financial Services is holding 9,569,465 shares valued at $1.38 billion. Geode Capital Management LLC owned 4,977,031 shares of the company at the time of its most recent 13F filing, worth $716.19 million.
According to FactSet, PPG Industries Inc.’s share price will average $161.14 in the next year, based on opinions of analysts polled by the firm. This is up nearly 12.87 percent from its previous closing price of $141.76. Analysts expect PPG Industries Inc. stock to reach the higher price of $180.00, while the lowest price estimate is $140.00. However, 29 analysts have rated PPG stock as an Overweight in their predictions for 2023.