Axalta Coating Systems Ltd (NASDAQ:AXTA) was upgraded by equities research analysts at Citigroup Inc. from a “sell” rating to a “hold” rating in a report issued on Monday, October 30th. The firm presently has a $34.00 price objective on the specialty chemicals company’s stock. Citigroup Inc.’s price target would suggest a potential upside of 6.52% from the company’s previous close.
Other research analysts have also issued reports about the stock. Susquehanna Bancshares Inc assumed coverage on shares of Axalta Coating Systems in a research note on Tuesday, July 18th. They issued a “neutral” rating and a $37.00 price target on the stock. UBS AG decreased their target price on shares of Axalta Coating Systems from $39.00 to $37.00 and set a “buy” rating on the stock in a research note on Friday, October 27th. Royal Bank Of Canada reissued a “buy” rating and issued a $37.00 target price on shares of Axalta Coating Systems in a research note on Monday, October 30th. They noted that the move was a valuation call. BidaskClub lowered shares of Axalta Coating Systems from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, Jefferies Group LLC reaffirmed a “buy” rating on shares of Axalta Coating Systems in a research report on Thursday, July 6th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $33.87.
Axalta Coating Systems (NASDAQ AXTA) traded down $0.06 on Monday, hitting $31.92. The stock had a trading volume of 1,146,800 shares, compared to its average volume of 2,096,222. Axalta Coating Systems has a 1 year low of $24.72 and a 1 year high of $34.47.
Axalta Coating Systems (NASDAQ:AXTA) last posted its earnings results on Thursday, October 26th. The specialty chemicals company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.09 billion. Axalta Coating Systems had a negative return on equity of 6.61% and a negative net margin of 1.73%. Axalta Coating Systems’s revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.33 earnings per share.
In related news, SVP Michael A. Cash sold 34,874 shares of the firm’s stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $30.00, for a total transaction of $1,046,220.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Steven R. Markevich sold 900 shares of the firm’s stock in a transaction on 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 $5,924,982.06. The disclosure for this sale can be found here. Insiders have sold 195,774 shares of company stock worth $5,771,898 in the last three months.
Hedge funds have recently made changes to their positions in the business. Artisan Partners Limited Partnership bought a new position in shares of Axalta Coating Systems in the 3rd quarter worth about $94,884,000. Bessemer Group Inc. lifted its position in shares of Axalta Coating Systems by 554,273.3% in the 2nd quarter. Bessemer Group Inc. now owns 2,760,779 shares of the specialty chemicals company’s stock worth $88,456,000 after buying an additional 2,760,281 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Axalta Coating Systems by 8,917.7% in the 2nd quarter. Janus Henderson Group PLC now owns 2,210,694 shares of the specialty chemicals company’s stock worth $70,831,000 after buying an additional 2,186,179 shares during the last quarter. Voya Investment Management LLC lifted its position in shares of Axalta Coating Systems by 2,384.0% in the 2nd quarter. Voya Investment Management LLC now owns 1,643,485 shares of the specialty chemicals company’s stock worth $52,657,000 after buying an additional 1,577,323 shares during the last quarter. Finally, Gruss Capital Management LP bought a new position in shares of Axalta Coating Systems in the 2nd quarter worth about $31,079,000.
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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