25 Feb

PPG Industries Announced $10 Million Investment in Greenville

WRITTEN BY Peter Neil

New investment

On February 19, PPG Industries (PPG) announced it will be investing $10 million to construct a new facility in Greenville, South Carolina. The new facility, an 82,000 square foot facility, will manufacture class A paint.

PPG Industries Announced $10 Million Investment in Greenville

The plant is expected to be completed by August. The plant will help meet the increased demand for the class A painting application for the automotive and large truck markets.

Jeff Oravitz, PPG Industries’ vice president for coating services, said, “The expansion of the Greenville facility will help us continue to grow with our customers in this important location. The added capacity for electrocoating, labeling, light assembly, packaging and shipping, along with other value-added solutions, will be invaluable to our customers looking to streamline processes, save time and reduce logistics costs. PPG is continuing to offer multiple one-stop services to deliver superior solutions to our customers.”

Stock price updates

PPG Industries’ stock price increased 2.1% and closed at $111.44 for the week ending February 22. The gains caused PPG Industries stock to trade 7.1% above its 100-day moving average price of $104.00, which indicates the positive trend in the stock. However, investors should be careful. The company’s 14-day relative strength index is at 70, which indicates that the stock has temporarily moved into an “overbought” position. There could be some sell-off in the near term.

So far in 2019, PPG Industries stock has risen ~10.1%. Sherwin-Williams (SHW), Axalta (AXTA), and RPM International  (RPM) have risen 12.9%,18.3%, and 1.64% respectively.

Investors could hold PPG Industries indirectly by investing in the Guggenheim S&P 500 Equal Weight Materials ETF (RTM). RTM rose 2.6% during the week. RTM has invested 4.2% of its portfolio in PPG Industries as of February 22.

Latest articles

CrowdStrike (CRWD) fell 9.5% today to close at $54.52. Analyst Walter Pritchard initiated coverage on CRWD with a “sell” rating and a target price of $43.

Micron (MU) stock was up 4.21% on Friday and closed at $45.10. MU was trading 12.2% below its 52-week high of $51.39 for a market cap of $49.9 billion.

Top utility stocks trended lower and lost 1.3% last week. Broader markets were positive but cautious on trade talk optimism, gaining 0.7% last week.

Analyst Ming-Chi Kuo expects Apple to launch the iPhone SE2 in Q1 2020. Priced at $399, it could help Apple gain traction in India and Southeast Asia.

Disney-owned Hulu plans to introduce video downloads, which Netflix has offered for three years. Disney hopes to narrow Netflix’s competitive advantage.

Ireland’s privacy watchdog has concluded its investigation into Facebook over its compliance with the European Union’s data protection law.