PPG Industries (PPG) : The conviction of the bears is waning as is visible by the drop in the short positions from Jul 29, 2016, to August 15, 2016. The total outstanding shorts decreased from 3,295,930 to 3,082,173 shares, with 2 days to go before the expiry. The short open interest has decreased by -6.5%, amounting to a reduction of -213,757 shares. Only a handful of traders believe that the stock has a large downside from current levels, as seen in the low short interest of 1.2% of the float of the company. The average daily volume of the stock is 1,304,247 shares. The short interest information was released on Wednesday Aug 24th after the market close.
PPG Industries (NYSE:PPG): The stock opened at $106.28 on Wednesday but the bulls could not build on the opening and the stock topped out at $107.12 for the day. The stock traded down to $106.00 during the day, due to lack of any buying support eventually closed down at $106.39 with a loss of -0.05% for the day. The stock had closed at $106.44 on the previous day. The total traded volume was 1,808,389 shares.
In a related news, According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the officer (Sr. VP, Automotive Coatings) of Ppg Industries Inc, Knavish Timothy M had sold 9,300 shares worth of $967,944 in a transaction dated August 4, 2016. In this transaction, 9,300 shares were sold at $104.08 per share.
PPG Industries, Inc. (PPG) manufactures and distributes a range of coatings, optical and specialty materials and glass products. The Company operates business through three segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, architectural coatings-Americas and Asia Pacific, architectural coatings-EMEA, and protective and marine coatings operating businesses. It primarily supplies a range of protective and decorative coatings, sealants and finishes along with paint strippers, stains and related chemicals. The Industrial Coatings segment consists of the automotive original equipment manufacturer (OEM) coatings, industrial coatings, packaging coatings, and the specialty coatings and materials operating businesses. The Glass segment consists of the flat glass and fiber glass businesses. It supplies flat glass and continuous-strand fiber glass products.