Zacks Investment Research upgraded shares of Axalta Coating Systems (NYSE:AXTA) from a strong sell rating to a hold rating in a report published on Monday morning.
According to Zacks, “Axalta Coating Systems Ltd. is a global coatings company engaged in the manufacturing, marketing and distribution of coatings systems. The company offers waterborne and solvent borne coatings; liquid and powder coatings; and liquid coatings. It provides a range of performance and transportation coatings for manufacturers of light and commercial vehicles, the refinish aftermarket and for many industrial applications. The Company’s products and services include paint, color matching tools, application technologies and customer training, support and business management systems. Axalta Coating Systems Ltd. is headquartered in Philadelphia, Pennsylvania. “
Several other research firms have also recently commented on AXTA. KeyCorp reaffirmed a buy rating and set a $36.00 price objective on shares of Axalta Coating Systems in a research report on Thursday, October 12th. Credit Suisse Group increased their price objective on Axalta Coating Systems from $33.00 to $37.00 and gave the company an outperform rating in a research report on Monday, November 6th. Citigroup cut Axalta Coating Systems from a neutral rating to a sell rating and dropped their price objective for the company from $31.00 to $25.00 in a research report on Tuesday, October 10th. UBS dropped their price objective on Axalta Coating Systems from $39.00 to $37.00 and set a buy rating on the stock in a research report on Friday, October 27th. Finally, Robert W. Baird reaffirmed a buy rating and set a $35.00 price objective on shares of Axalta Coating Systems in a research report on Monday, October 30th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. Axalta Coating Systems currently has a consensus rating of Hold and an average price target of $33.73.
Axalta Coating Systems (NYSE:AXTA) last issued its quarterly earnings results on Thursday, October 26th. The specialty chemicals company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.03. Axalta Coating Systems had a return on equity of 19.91% and a net margin of 1.46%. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same period last year, the company earned $0.33 earnings per share. The company’s revenue was up 6.8% on a year-over-year basis. sell-side analysts anticipate that Axalta Coating Systems will post 1.15 EPS for the current fiscal year.
In other news, EVP Steven R. Markevich sold 900 shares of Axalta Coating Systems stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $29.42, for a total transaction of $26,478.00. Following the transaction, the executive vice president now directly owns 201,393 shares of the company’s stock, valued at approximately $5,924,982.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michael A. Cash sold 34,874 shares of Axalta Coating Systems stock in a transaction dated Thursday, October 5th. The shares were 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 sold 39,724 shares of company stock worth $1,201,705 over the last three months. Insiders own 2.30% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Country Trust Bank purchased a new position in shares of Axalta Coating Systems during the 3rd quarter valued at about $5,038,000. State Street Corp raised its stake in Axalta Coating Systems by 11.2% during the 2nd quarter. State Street Corp now owns 3,642,670 shares of the specialty chemicals company’s stock valued at $116,710,000 after purchasing an additional 365,915 shares during the period. Delta Lloyd Asset Management N.V. bought a new stake in Axalta Coating Systems during the 2nd quarter valued at approximately $2,564,000. Principal Financial Group Inc. raised its stake in Axalta Coating Systems by 1.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,309,651 shares of the specialty chemicals company’s stock valued at $66,795,000 after purchasing an additional 22,515 shares during the period. Finally, State of Wisconsin Investment Board raised its stake in Axalta Coating Systems by 31.9% during the 3rd quarter. State of Wisconsin Investment Board now owns 532,080 shares of the specialty chemicals company’s stock valued at $15,388,000 after purchasing an additional 128,682 shares during the period. 99.28% of the stock is currently owned by hedge funds and other institutional investors.
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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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