Doesn't seem a PTC, but a shunt (Current sensing resistor).
Though the first band looks brown to me, red perfectly matches 0.25 Ohms, so I'd say it's all right!
If you measured 0.5A, either the DMM ammeter had high internal resistance, other PSU limited the current beyond 0.5A.
0.5A over 0.25 ohms would only drop 125mV and disspiate 62mW, this won't cause any heating nor resistance change in a PTC!