PPG awarded by Home Depot
The award was given for the launch of PPG’s TIMELESS interior and exterior paint and OLYMPIC stains, and it was announced at Home Depot’s annual supplier partnership meeting in Atlanta.
Lowe’s (LOW) recently announced that it would be discontinuing PPG’s OLYMPIC brand paints and stains in its stores. PPG managed to find Home Depot to overcome this situation.
Max Wetzel, PPG’s vice president of business transformation and consumer brands, said, “PPG is incredibly honored to receive this recognition from our partners at The Home Depot. We are proud to expand our product assortment in-store and be recognized for offering innovative paint and stain products and service that our customers trust.”
In other recent news, Trian Partners has disclosed that it wants Chuck Bunch to return as PPG’s CEO.
Stock price updates
PPG Industries stock remained positive last week. It rose ~1.4% and closed at $102.83 on October 26. Despite its gains, PPG was trading 3.8% below its 100-day moving average of $106.88, indicating a downward trend in its stock.
On a year-to-date basis, PPG Industries stock has fallen 12%. Its peers Sherwin-Williams (SHW) and Axalta (AXTA) have fallen 9.7% and 25.1%, respectively, while RPM International (RPM) has risen 13%. Analysts have narrowed PPG’s target price to $111.08, implying a potential return of 8.7% over its October 26 closing price.
Investors can indirectly hold PPG Industries by investing in the Guggenheim S&P 500 Equal Weight Materials ETF (RTM). RTM fell 3.8% in the week. It invests 4.4% of its portfolio in PPG Industries.