Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. PPG Industries, Inc. shares valued at $479,196 were sold by Morales Vincent J on Mar 01 ’24. At $140.94 per share, Morales Vincent J sold 3,400 shares. The insider’s holdings dropped to 28,439 shares worth approximately $3.91 million following the completion of this transaction.
Also, Morales Vincent J sold 3,700 shares, netting a total of over 530,321 in proceeds. Following the sale of shares at $143.33 each, the insider now holds 22,665 shares.
Before that, MCGARRY MICHAEL H had sold 58,378 shares from its account. In a trade valued at $8,491,397, the Executive Chairman traded PPG Industries, Inc. shares for $145.46 each. Upon closing the transaction, the insider’s holdings decreased to 58,378 shares, worth approximately $26.93 million.
As published in a research note from Wells Fargo on April 11, 2024, PPG Industries, Inc. [PPG] has been rated up from an Equal weight to an Overweight and the price target has been revised to $163 from $150. Analysts at UBS downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in early March. As of March 01, 2024, Wolfe Research has initiated its “Peer perform” rating for PPG. Earlier on February 27, 2024, Barclays downgraded its rating. Their new recommendation was “an Equal weight” for PPG stock which previously was a “an Overweight”.
Analyzing PPG Stock Performance
During the last five days, there has been a drop of approximately -1.55%. Over the course of the year, PPG Industries, Inc. shares have dropped approximately -7.99%. Shares of the company reached a 52-week high of $148.68 on 01/02/24 and a 52-week low of $136.55 on 02/08/24. A 50-day SMA is recorded $140.90, while a 200-day SMA reached $139.41. Nevertheless, trading volume fell to 2.09 million shares from 1.56 million shares the previous day.
Support And Resistance Levels for PPG Industries, Inc. (PPG)
According to the 24-hour chart, there is a support level at 136.73, which, if violated, would cause prices to drop to 135.86. In the upper region, resistance lies at 138.74. The next price resistance is at 139.88. RSI (Relative Strength Index) is 40.96 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.11, which suggests the price will decrease in the coming days. Percent R is at 93.03%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is PPG Industries, Inc. subject to short interest?
Stocks of PPG Industries, Inc. saw a sharp rise in short interest on Mar 28, 2024 jumping by 0.5 million shares to 4.15 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 3.65 million shares. A jump of 12.05% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.31 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.31.
