Timucuan Asset Management Inc. FL increased its position in shares of Axalta Coating Systems Ltd (NASDAQ:AXTA) by 1.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,743,877 shares of the specialty chemicals company’s stock after buying an additional 36,234 shares during the quarter. Axalta Coating Systems comprises 11.3% of Timucuan Asset Management Inc. FL’s investment portfolio, making the stock its 2nd biggest holding. Timucuan Asset Management Inc. FL owned about 1.54% of Axalta Coating Systems worth $119,954,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in AXTA. Robeco Institutional Asset Management B.V. purchased a new position in Axalta Coating Systems during the 2nd quarter worth approximately $108,000. Chicago Partners Investment Group LLC purchased a new position in Axalta Coating Systems during the 2nd quarter worth approximately $127,000. Commonwealth Bank of Australia grew its stake in Axalta Coating Systems by 18.1% during the 2nd quarter. Commonwealth Bank of Australia now owns 4,581 shares of the specialty chemicals company’s stock worth $146,000 after buying an additional 703 shares during the last quarter. Acrospire Investment Management LLC grew its stake in Axalta Coating Systems by 257.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 4,862 shares of the specialty chemicals company’s stock worth $156,000 after buying an additional 3,500 shares during the last quarter. Finally, Advisor Group Inc. grew its stake in Axalta Coating Systems by 217.3% during the 2nd quarter. Advisor Group Inc. now owns 5,603 shares of the specialty chemicals company’s stock worth $179,000 after buying an additional 3,837 shares during the last quarter.
In other news, EVP Steven R. Markevich sold 160,000 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $29.37, for a total transaction of $4,699,200.00. Following the sale, the executive vice president now directly owns 280,377 shares in the company, valued at approximately $8,234,672.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael A. Cash sold 34,874 shares of the stock in a transaction that occurred on Thursday, October 5th. The stock was sold at an average price of $30.00, for a total value of $1,046,220.00. The disclosure for this sale can be found here. Insiders have sold a total of 200,774 shares of company stock worth $5,936,898 over the last quarter.
Axalta Coating Systems (NASDAQ:AXTA) last announced its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.08). The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.12 billion. Axalta Coating Systems had a negative return on equity of 6.61% and a negative net margin of 1.73%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.34 earnings per share. Equities analysts forecast that Axalta Coating Systems Ltd will post $1.30 EPS for the current year.
A number of research analysts recently issued reports on the company. Citigroup Inc. downgraded Axalta Coating Systems from a “neutral” rating to a “sell” rating and set a $31.00 price target on the stock. in a research note on Tuesday. BidaskClub upgraded Axalta Coating Systems from a “strong sell” rating to a “sell” rating in a research note on Friday. Royal Bank Of Canada dropped their price target on Axalta Coating Systems from $34.00 to $33.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 27th. J P Morgan Chase & Co upgraded Axalta Coating Systems from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $29.00 to $31.00 in a research note on Friday, August 11th. Finally, Jefferies Group LLC restated a “buy” rating and set a $34.00 price target (down previously from $36.00) on shares of Axalta Coating Systems in a research note on Wednesday, August 9th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $33.08.
About Axalta Coating Systems
Axalta Coating Systems Ltd. is a holding company. The Company is a manufacturer, marketer and distributor of coatings systems primarily serving the transportation industry. The Company’s segments include Performance Coatings and Transportation Coatings. Through its Performance Coatings segment, the Company provides liquid and powder coatings solutions to a fragmented and local customer base.
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