Axalta Coating Systems Ltd. (NYSE:AXTA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $30.00 price objective on the stock. Zacks Investment Research’s price target suggests a potential upside of 15.38% from the stock’s current price.
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. “
A number of other research firms have also recently commented on AXTA. Seaport Global Securities upgraded shares of Axalta Coating Systems from an “accumulate” rating to a “buy” rating and raised their price target for the stock from $34.00 to $36.00 in a report on Wednesday, July 27th. Nomura restated a “buy” rating on shares of Axalta Coating Systems in a report on Tuesday, July 12th. Gabelli started coverage on shares of Axalta Coating Systems in a report on Thursday, September 1st. They issued a “buy” rating and a $37.00 price target for the company. JPMorgan Chase & Co. set a $30.00 price target on shares of Axalta Coating Systems and gave the stock a “hold” rating in a report on Wednesday, August 3rd. Finally, Barclays PLC restated a “hold” rating on shares of Axalta Coating Systems in a report on Thursday, July 28th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $32.69.
Shares of Axalta Coating Systems (NYSE:AXTA) opened at 26.00 on Tuesday. The company has a market capitalization of $6.22 billion, a PE ratio of 41.40 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 company has a 50-day moving average of $27.98 and a 200 day moving average of $28.13.
Axalta Coating Systems (NYSE:AXTA) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $0.34 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by $0.01. Axalta Coating Systems had a return on equity of 20.89% and a net margin of 3.76%. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter last year, the company earned $0.35 earnings per share. The company’s quarterly revenue was down 2.6% compared to the same quarter last year. Analysts predict that Axalta Coating Systems will post $1.16 earnings per share for the current year.
In related news, CEO Charles W. Shaver sold 24,237 shares of the firm’s stock in a transaction dated Tuesday, October 4th. The shares were sold at an average price of $28.05, for a total transaction of $679,847.85. Following the transaction, the chief executive officer now directly owns 728,061 shares of the company’s stock, valued at $20,422,111.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder V General Partner L.L.C. Cp sold 41,621,996 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $28.13, for a total transaction of $1,170,826,747.48. The disclosure for this sale can be found here. Corporate insiders own 2.79% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Iridian Asset Management LLC CT raised 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. raised 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. raised 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 raised 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 purchased a new position in Axalta Coating Systems during the second quarter worth $122,449,000. 99.27% of the stock is currently owned by 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.
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