Zacks Investment Research Upgrades Axalta Coating Systems Ltd. (AXTA) to Buy
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 firm currently has a $30.00 price objective on the stock. Zacks Investment Research’s price target would indicate a potential upside of 14.72% from the company’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. “
Several other equities analysts have also weighed in on AXTA. JPMorgan Chase & Co. set a $30.00 price objective on shares of Axalta Coating Systems and gave the company a “hold” rating in a research report on Wednesday, August 3rd. Barclays PLC reaffirmed a “hold” rating on shares of Axalta Coating Systems in a research report on Thursday, July 28th. Credit Suisse Group AG reissued an “outperform” rating and issued a $34.00 price target on shares of Axalta Coating Systems in a research report on Thursday, September 8th. Nomura reissued a “buy” rating on shares of Axalta Coating Systems in a research report on Tuesday, July 12th. Finally, Seaport Global Securities raised shares of Axalta Coating Systems from an “accumulate” rating to a “buy” rating and lifted their price target for the company from $34.00 to $36.00 in a research report on Wednesday, July 27th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $32.69.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/11/zacks-investment-research-upgrades-axalta-coating-systems-ltd-axta-to-buy.html
Axalta Coating Systems (NYSE:AXTA) traded down 1.80% on Tuesday, reaching $26.15. 2,775,942 shares of the company’s stock were exchanged. The stock has a market capitalization of $6.25 billion, a PE ratio of 41.64 and a beta of 1.62. The firm has a 50 day moving average of $28.04 and a 200 day moving average of $28.16. Axalta Coating Systems has a 12 month low of $20.67 and a 12 month high of $30.45.
Axalta Coating Systems (NYSE:AXTA) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.35 by $0.01. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate 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 was down 2.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.35 EPS. Equities analysts predict that Axalta Coating Systems will post $1.16 earnings per share for the current fiscal year.
In other Axalta Coating Systems news, major shareholder V General Partner L.L.C. Cp sold 41,621,996 shares of Axalta Coating Systems stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $28.13, for a total transaction of $1,170,826,747.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Sean M. Lannon sold 17,000 shares of Axalta Coating Systems stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $28.01, for a total value of $476,170.00. Following the transaction, the vice president now directly owns 5,842 shares of the company’s stock, valued at $163,634.42. The disclosure for this sale can be found here. Company insiders own 2.79% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Iridian Asset Management LLC CT boosted its position in shares of 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. boosted its position in shares of 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. boosted its position in shares of 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 boosted its position in shares of 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 bought a new position in shares of Axalta Coating Systems during the second quarter worth about $122,449,000. 99.27% of the stock is 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Axalta Coating Systems Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Axalta Coating Systems Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.