Axalta Coating Systems Ltd (AXTA) Expected to Post Quarterly Sales of $1.14 Billion
Wall Street brokerages expect Axalta Coating Systems Ltd (NASDAQ:AXTA) to report $1.14 billion in sales for the current quarter, according to Zacks. Four analysts have issued estimates for Axalta Coating Systems’ earnings. The lowest sales estimate is $1.12 billion and the highest is $1.16 billion. Axalta Coating Systems posted sales of $1.02 billion in the same quarter last year, which suggests a positive year over year growth rate of 11.8%. The firm is scheduled to announce its next quarterly earnings results on Thursday, October 26th.
On average, analysts expect that Axalta Coating Systems will report full year sales of $1.14 billion for the current financial year, with estimates ranging from $4.34 billion to $4.43 billion. For the next year, analysts forecast that the firm will post sales of $4.70 billion per share, with estimates ranging from $4.63 billion to $4.82 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that that provide coverage for Axalta Coating Systems.
Axalta Coating Systems (NASDAQ:AXTA) last issued its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.39 by $0.08. The business had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.12 billion. Axalta Coating Systems had a negative return on equity of 6.61% and a negative net margin of 1.73%. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.34 EPS.
Several research firms have recently commented on AXTA. BidaskClub upgraded shares of Axalta Coating Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, June 20th. UBS AG reaffirmed a “buy” rating and issued a $39.00 price objective (up previously from $37.00) on shares of Axalta Coating Systems in a report on Tuesday, June 6th. Citigroup Inc. reduced their price objective on shares of Axalta Coating Systems from $33.00 to $31.00 and set a “buy” rating for the company in a report on Monday, August 7th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $36.00 price objective on shares of Axalta Coating Systems in a report on Thursday, July 6th. Finally, Jefferies Group LLC reissued a “buy” rating on shares of Axalta Coating Systems in a report on Thursday, July 6th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company’s stock. Axalta Coating Systems has a consensus rating of “Hold” and a consensus price target of $33.40.
In other Axalta Coating Systems news, VP Sean M. Lannon sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $33.00, for a total transaction of $165,000.00. Following the transaction, the vice president now owns 16,286 shares of the company’s stock, valued at approximately $537,438. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Samuel L. Smolik purchased 4,000 shares of the stock in a transaction on Monday, August 7th. The shares were bought at an average cost of $28.16 per share, for a total transaction of $112,640.00. Following the transaction, the director now directly owns 4,000 shares in the company, valued at $112,640. The disclosure for this purchase can be found here. Insiders have sold a total of 319,500 shares of company stock worth $9,828,285 in the last quarter.
Hedge funds have recently bought and sold shares of the stock. Robeco Institutional Asset Management B.V. acquired a new position in shares of Axalta Coating Systems during the 2nd quarter worth approximately $108,000. Chicago Partners Investment Group LLC bought a new stake in Axalta Coating Systems in the 2nd quarter valued at $127,000. Commonwealth Bank of Australia lifted its position in shares of Axalta Coating Systems by 18.1% during the 2nd quarter. Commonwealth Bank of Australia now owns 4,581 shares of the specialty chemicals company’s stock valued at $146,000 after acquiring an additional 703 shares during the period. Acrospire Investment Management LLC lifted its position in shares of Axalta Coating Systems by 257.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 4,862 shares of the specialty chemicals company’s stock valued at $156,000 after acquiring an additional 3,500 shares during the period. Finally, Advisor Group Inc. lifted its position in shares of Axalta Coating Systems by 217.3% during the 2nd quarter. Advisor Group Inc. now owns 5,603 shares of the specialty chemicals company’s stock valued at $179,000 after acquiring an additional 3,837 shares during the period.
Shares of Axalta Coating Systems (NASDAQ:AXTA) opened at 28.72 on Friday. The firm has a market cap of $6.98 billion and a PE ratio of 2872.00. The company’s 50-day moving average is $29.89 and its 200-day moving average is $31.24. Axalta Coating Systems has a 52 week low of $24.27 and a 52 week high of $34.10.
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.
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.