PPG Industries Inc (NYSE:PPG) fell more than 3% on 17 July following the company’s release of its second quarter financial results.
The EPS of $1.67 was $0.03 higher than expectations, and was an all-time record high for the company, while revenues of $4.1 billion were $60 million short of estimates despite representing a 0.5% increase on a year-over-year basis. Sales growth was lower owing to macroeconomic weakness, especially in South America. According to CEO Charles E. Bunch sales growth improved in Europe and the U.S, and moderated in Asia. Overall, both the coatings and glass segments posted strong results despite currency headwinds.
PPG Industries stock is currently trading 5.99% below its 52-week-high, 30.36% above its 52-week-low. The 1-year stock price history is in the range of $85.78 – $118.95. PPG has a price to earnings ratio of 26.78 versus Basic Materials sector average of 39.76. The stock price has underperformed the S&P 500 by 0.6%. The company is currently valued at $30.4 billion and its share price closed the last trading session at $111.82. The stock has a 50-day moving average of $115.77 and a 200-day moving average of $114.5.
PPG’s current short interest stands at 2.24 million shares. It has decreased by 75% from the same period of last month. Around 1% of the company’s shares, which are float, are short sold. With a 10-days average volume of 1.48 million shares, the number of days required to cover the short positions stand at 1.6 days.
Of those twenty-one analysts covering PPG, fourteen give a Buy rating, seven give a Hold rating. On a consensus basis this yields to an Overweight rating. The consensus target price stands at $127.26.