Axalta Coating Systems Ltd (AXTA) Receives Buy Rating from KeyCorp
Axalta Coating Systems Ltd (NASDAQ:AXTA)‘s stock had its “buy” rating reissued by equities research analysts at KeyCorp in a note issued to investors on Thursday. They currently have a $36.00 price target on the specialty chemicals company’s stock. KeyCorp’s price objective would suggest a potential upside of 27.25% from the company’s previous close.
A number of other brokerages also recently issued reports on AXTA. BidaskClub upgraded shares of Axalta Coating Systems from a “hold” rating to a “buy” rating in a report on Tuesday, June 20th. Bank of America Corporation downgraded shares of Axalta Coating Systems from a “buy” rating to an “underperform” rating and cut their price target for the company from $36.00 to $30.00 in a report on Wednesday, June 21st. Susquehanna Bancshares Inc began coverage on shares of Axalta Coating Systems in a report on Tuesday, July 18th. They issued a “neutral” rating and a $37.00 price target for the company. Royal Bank Of Canada reiterated a “buy” rating and issued a $37.00 price target on shares of Axalta Coating Systems in a report on Friday, July 14th. Finally, Jefferies Group LLC reiterated a “buy” rating on shares of Axalta Coating Systems in a report on Thursday, July 6th. Four analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $32.50.
Axalta Coating Systems (AXTA) traded down 0.98% on Thursday, reaching $28.29. 2,617,740 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $29.20 and a 200-day moving average price of $31.01. Axalta Coating Systems has a 1-year low of $24.27 and a 1-year high of $34.10. The company has a market capitalization of $6.88 billion and a P/E ratio of 2829.00.
Axalta Coating Systems (NASDAQ:AXTA) last announced its quarterly earnings results on Thursday, August 3rd. The specialty chemicals company reported $0.31 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.08). The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Axalta Coating Systems had a negative net margin of 1.73% and a negative return on equity of 6.61%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.34 EPS. Equities research analysts expect that Axalta Coating Systems will post $1.19 earnings per share for the current year.
In related news, SVP Michael A. Cash sold 34,874 shares of the firm’s stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $30.00, for a total value of $1,046,220.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Steven R. Markevich sold 160,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $29.37, for a total transaction of $4,699,200.00. Following the completion of the sale, the executive vice president now directly owns 280,377 shares in the company, valued at $8,234,672.49. The disclosure for this sale can be found here. Insiders have sold a total of 195,774 shares of company stock worth $5,771,898 over the last ninety days.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Delta Lloyd Asset Management N.V. acquired a new stake in shares of Axalta Coating Systems in the second quarter worth approximately $2,564,000. Federated Investors Inc. PA acquired a new stake in shares of Axalta Coating Systems in the second quarter worth approximately $2,379,000. Engineers Gate Manager LP boosted its position in shares of Axalta Coating Systems by 46.7% in the second quarter. Engineers Gate Manager LP now owns 94,895 shares of the specialty chemicals company’s stock worth $3,040,000 after acquiring an additional 30,208 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Axalta Coating Systems by 19.2% in the second quarter. Legal & General Group Plc now owns 270,265 shares of the specialty chemicals company’s stock worth $8,660,000 after acquiring an additional 43,481 shares during the last quarter. Finally, Davis Selected Advisers boosted its position in shares of Axalta Coating Systems by 7.9% in the second quarter. Davis Selected Advisers now owns 7,228,390 shares of the specialty chemicals company’s stock worth $231,598,000 after acquiring an additional 528,794 shares during the last quarter.
Axalta Coating Systems Company Profile
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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