Zacks Investment Research upgraded shares of Axalta Coating Systems Ltd. (NYSE:AXTA) from a hold rating to a buy rating in a report published on Tuesday. They currently have $30.00 price target on the stock.
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. “
AXTA has been the subject of several other reports. Gabelli started coverage on shares of Axalta Coating Systems in a research note on Thursday, September 1st. They set a buy rating and a $37.00 target price for the company. Credit Suisse Group AG reissued an outperform rating and issued a $34.00 price target on shares of Axalta Coating Systems in a report on Thursday, September 8th. Morgan Stanley reissued a hold rating on shares of Axalta Coating Systems in a report on Thursday, June 16th. Nomura reissued a buy rating on shares of Axalta Coating Systems in a report on Tuesday, July 12th. Finally, Robert W. Baird reissued an outperform rating and issued a $35.00 price target (up previously from $32.00) on shares of Axalta Coating Systems in a report on Monday, June 27th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Axalta Coating Systems presently has an average rating of Buy and a consensus price target of $32.69.
Shares of Axalta Coating Systems (NYSE:AXTA) opened at 26.21 on Tuesday. The company has a market capitalization of $6.27 billion, a P/E ratio of 41.74 and a beta of 1.62. Axalta Coating Systems has a 52-week low of $20.67 and a 52-week high of $30.45. The firm’s 50 day moving average is $27.81 and its 200-day moving average is $28.10.
Axalta Coating Systems (NYSE:AXTA) last released its earnings results on Tuesday, July 26th. The company reported $0.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by $0.01. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. Axalta Coating Systems had a net margin of 3.76% and a return on equity of 20.89%. Axalta Coating Systems’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.35 earnings per share. Equities research analysts anticipate that Axalta Coating Systems will post $1.16 earnings per share for the current fiscal year.
In other Axalta Coating Systems news, EVP Steven R. Markevich sold 921 shares of the stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $28.05, for a total transaction of $25,834.05. Following the sale, the executive vice president now owns 191,609 shares of the company’s stock, valued at approximately $5,374,632.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Robert W. Bryant sold 227,654 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $28.33, for a total transaction of $6,449,437.82. Following the sale, the chief financial officer now directly owns 294,256 shares in the company, valued at approximately $8,336,272.48. The disclosure for this sale can be found here. Company insiders own 2.79% of the company’s stock.
A number of large investors have recently modified their holdings of AXTA. Iridian Asset Management LLC CT increased its position in Axalta Coating Systems by 22.3% in the second quarter. Iridian Asset Management LLC CT now owns 14,428,794 shares of the company’s stock worth $382,796,000 after buying an additional 2,629,995 shares during the last quarter. Vanguard Group Inc. increased its position in Axalta Coating Systems by 16.0% in the second quarter. Vanguard Group Inc. now owns 12,466,101 shares of the company’s stock worth $330,726,000 after buying an additional 1,722,585 shares during the last quarter. Franklin Resources Inc. increased its position in Axalta Coating Systems by 2.9% in the second quarter. Franklin Resources Inc. now owns 8,909,452 shares of the company’s stock worth $236,374,000 after buying an additional 250,308 shares during the last quarter. BlackRock Advisors LLC increased its position in Axalta Coating Systems by 61.9% in the second quarter. BlackRock Advisors LLC now owns 5,678,452 shares of the company’s stock worth $150,650,000 after buying an additional 2,170,700 shares during the last quarter. Finally, William Blair Investment Management LLC acquired a new position in Axalta Coating Systems during the second quarter worth about $122,449,000. 99.27% of the stock is currently owned by hedge funds and other institutional investors.
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. Its segments include Performance Coatings and Transportation Coatings. The Company, through its Performance Coatings segment, provides liquid and powder coatings solutions to a fragmented and local customer base.