PPG Industries’ executive moves
On December 17, PPG Industries (PPG) announced that Kumar Nandan, the director of US taxes, will become the vice president of the tax administration. The move will be effective on March 1, 2019. Nandan will be replacing John Kolling who announced his retirement.
Nandan joined PPG Industries in 2013. In the role, Nandan will be leading PPG Industries’s global tax function. His responsibilities will include overseeing PPG Industries’ Asia-Pacific tax matters and PPG Industries’ US federal income tax planning and compliance.
Stock price updates
Despite positive news from PPG Industries, the stock price declined 3.8% and closed at $96.32 for the week ending December 21. The decline in the stock price pushed the stock to trade 9.8% below the 100-day moving average price of $106.76. PPG Industries’ 100-day moving average price has fallen from the high of $117.65 to the current levels, which indicates sluggishness in the stock.
On a year-to-date basis, PPG Industries stock has extended its loss to ~18.5%. RPM International (RPM) has gained 11.4%, while Sherwin-Wiliams (SHW) and Axalta (AXTA) have fallen 8.2% and 30.9%, respectively.
PPG Industries’ 14-day relative strength index is at 30, which indicates that the stock has moved into the oversold position. Investors should be careful since there could be a bounce back from these levels.
Investors could hold PPG Industries indirectly by investing in the Guggenheim S&P 500 Equal Weight Materials ETF (RTM). RTM fell 2.0% during the week. RTM invests 4.3% of its portfolio in PPG Industries.