PPG Industries, Inc. (NYSE:PPG) Sees Large Increase in Short Interest

Key Points

• PPG Industries experienced a significant increase in short interest of 32.9% in August, rising to 4,240,000 shares, which accounts for approximately 1.9% of the company's stock.
• Several analysts have adjusted their price targets for PPG stock, with Mizuho and Deutsche Bank setting new targets of $135.00 and $140.00, respectively, while the average price target is currently $129.82.
• The company announced a quarterly dividend increase from $0.68 to $0.71 per share, reflecting positive growth with an annualized yield of 2.6%.

PPG Industries, Inc. (NYSE:PPG - Get Free Report) was the recipient of a large increase in short interest during the month of August. As of August 15th, there was short interest totaling 4,240,000 shares, anincreaseof32.9% from the July 31st total of 3,190,000 shares. Based on an average trading volume of 1,800,000 shares, the days-to-cover ratio is currently 2.4 days. Approximately1.9% of the company's stock are sold short. Approximately1.9% of the company's stock are sold short. Based on an average trading volume of 1,800,000 shares, the days-to-cover ratio is currently 2.4 days.

Analysts Set New Price Targets

A number of analysts have recently commented on PPG shares. Mizuho boosted their price objective on shares of PPG Industries from $125.00 to $135.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of PPG Industries from $125.00 to $140.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. UBS Group upped their target price on PPG Industries from $111.00 to $125.00 and gave the stock a "neutral" rating in a report on Wednesday, July 9th. Citigroup raised their price target on PPG Industries from $125.00 to $130.00 and gave the company a "buy" rating in a research note on Friday, June 13th. Finally, Wells Fargo & Company upped their price objective on PPG Industries from $125.00 to $135.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, PPG Industries has an average rating of "Moderate Buy" and an average price target of $129.82.

PPG Industries Stock Down 1.3%

PPG stock opened at $110.05 on Tuesday. PPG Industries has a fifty-two week low of $90.24 and a fifty-two week high of $137.24. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.42 and a quick ratio of 1.04. The stock has a market capitalization of $24.84 billion, a price-to-earnings ratio of 24.98, a PEG ratio of 2.27 and a beta of 1.14. The business's fifty day moving average price is $112.40 and its two-hundred day moving average price is $110.22.

PPG Industries (NYSE:PPG - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The specialty chemicals company reported $2.22 EPS for the quarter, hitting analysts' consensus estimates of $2.22. PPG Industries had a net margin of 6.25% and a return on equity of 23.85%. The business had revenue of $4.20 billion for the quarter, compared to analyst estimates of $4.16 billion. During the same period last year, the firm earned $2.50 earnings per share. PPG Industries's revenue for the quarter was down .9% compared to the same quarter last year. PPG Industries has set its FY 2025 guidance at 7.750-8.050 EPS. On average, equities analysts anticipate that PPG Industries will post 7.95 earnings per share for the current year.

PPG Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 11th will be given a dividend of $0.71 per share. This is a positive change from PPG Industries's previous quarterly dividend of $0.68. This represents a $2.84 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Monday, August 11th. PPG Industries's dividend payout ratio (DPR) is currently 64.40%.

Institutional Trading of PPG Industries

A number of institutional investors and hedge funds have recently made changes to their positions in PPG. Envestnet Asset Management Inc. boosted its stake in shares of PPG Industries by 0.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 249,755 shares of the specialty chemicals company's stock valued at $27,311,000 after purchasing an additional 1,697 shares in the last quarter. Clear Creek Financial Management LLC bought a new stake in PPG Industries during the 1st quarter worth $240,000. Principal Financial Group Inc. increased its holdings in PPG Industries by 4.4% in the 1st quarter. Principal Financial Group Inc. now owns 302,962 shares of the specialty chemicals company's stock worth $33,129,000 after purchasing an additional 12,650 shares in the last quarter. Meridian Wealth Management LLC boosted its stake in shares of PPG Industries by 311.2% during the first quarter. Meridian Wealth Management LLC now owns 7,665 shares of the specialty chemicals company's stock valued at $838,000 after purchasing an additional 5,801 shares in the last quarter. Finally, Golden State Wealth Management LLC grew its holdings in shares of PPG Industries by 966.3% during the first quarter. Golden State Wealth Management LLC now owns 885 shares of the specialty chemicals company's stock worth $97,000 after purchasing an additional 802 shares during the last quarter. Institutional investors own 81.86% of the company's stock.

About PPG Industries

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.

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