Investors Purchase High Volume of Put Options on PPG Industries (PPG)
PPG Industries, Inc. (NYSE:PPG) was the recipient of unusually large options trading activity on Wednesday. Stock investors purchased 2,047 put options on the company. This is an increase of approximately 944% compared to the average volume of 196 put options.
Shares of PPG Industries (NYSE PPG) opened at $118.44 on Friday. The firm has a market cap of $30,140.00, a P/E ratio of 21.73, a price-to-earnings-growth ratio of 2.02 and a beta of 1.60. PPG Industries has a 12-month low of $97.87 and a 12-month high of $122.07. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.26 and a current ratio of 1.65.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.01. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.61 billion. PPG Industries had a net margin of 12.21% and a return on equity of 27.85%. PPG Industries’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.19 EPS. equities analysts expect that PPG Industries will post 5.87 earnings per share for the current year.
PPG Industries announced that its board has authorized a stock repurchase program on Thursday, December 14th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
A number of brokerages have recently issued reports on PPG. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $120.00 price objective on shares of PPG Industries in a research report on Friday. Zacks Investment Research raised shares of PPG Industries from a “sell” rating to a “hold” rating in a research report on Thursday, January 4th. Jefferies Group reaffirmed a “buy” rating and issued a $135.00 price objective on shares of PPG Industries in a research report on Wednesday, January 3rd. Citigroup lifted their price objective on shares of PPG Industries from $114.00 to $127.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Finally, Atlantic Securities downgraded shares of PPG Industries from an “overweight” rating to a “neutral” rating in a research report on Wednesday. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $123.19.
A number of large investors have recently added to or reduced their stakes in the business. V Wealth Management LLC purchased a new stake in PPG Industries during the 4th quarter worth approximately $204,000. TRUE Private Wealth Advisors grew its position in PPG Industries by 101.8% during the 4th quarter. TRUE Private Wealth Advisors now owns 4,454 shares of the specialty chemicals company’s stock worth $520,000 after purchasing an additional 2,247 shares during the last quarter. State of Alaska Department of Revenue grew its position in PPG Industries by 443.0% during the 4th quarter. State of Alaska Department of Revenue now owns 31,526 shares of the specialty chemicals company’s stock worth $3,680,000 after purchasing an additional 25,720 shares during the last quarter. Marathon Asset Management LLP lifted its stake in PPG Industries by 14.1% during the 4th quarter. Marathon Asset Management LLP now owns 590,939 shares of the specialty chemicals company’s stock valued at $69,033,000 after acquiring an additional 72,962 shares during the period. Finally, BerganKDV Wealth Management LLC lifted its stake in PPG Industries by 17.5% during the 4th quarter. BerganKDV Wealth Management LLC now owns 7,259 shares of the specialty chemicals company’s stock valued at $848,000 after acquiring an additional 1,081 shares during the period. 75.01% of the stock is currently owned by institutional investors.
WARNING: This article was reported by American Banking News and is owned by of American Banking News. If you are accessing this article on another domain, it was illegally stolen and republished in violation of United States and international trademark and copyright laws. The original version of this article can be accessed at https://www.americanbankingnews.com/2018/01/20/investors-purchase-high-volume-of-put-options-on-ppg-industries-ppg.html.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
Receive News & Ratings for PPG Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PPG Industries and related companies with MarketBeat.com's FREE daily email newsletter.