Bank of New York Mellon Corp reduced its holdings in Axalta Coating Systems Ltd (NYSE:AXTA) by 4.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 815,178 shares of the specialty chemicals company’s stock after selling 41,836 shares during the period. Bank of New York Mellon Corp owned approximately 0.34% of Axalta Coating Systems worth $24,708,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in AXTA. First Quadrant L P CA acquired a new position in Axalta Coating Systems in the second quarter valued at approximately $124,000. Point72 Asia Hong Kong Ltd lifted its holdings in Axalta Coating Systems by 17,167.9% in the first quarter. Point72 Asia Hong Kong Ltd now owns 4,835 shares of the specialty chemicals company’s stock valued at $146,000 after buying an additional 4,807 shares during the period. Cerebellum GP LLC acquired a new position in Axalta Coating Systems in the second quarter valued at approximately $176,000. Levin Capital Strategies L.P. acquired a new position in Axalta Coating Systems in the first quarter valued at approximately $226,000. Finally, IFM Investors Pty Ltd acquired a new position in Axalta Coating Systems in the first quarter valued at approximately $230,000.
Shares of AXTA stock opened at $29.23 on Friday. The company has a quick ratio of 1.67, a current ratio of 2.27 and a debt-to-equity ratio of 2.73. Axalta Coating Systems Ltd has a 12-month low of $28.04 and a 12-month high of $38.20. The firm has a market cap of $7.05 billion, a PE ratio of 24.56, a P/E/G ratio of 1.59 and a beta of 1.26.
Axalta Coating Systems (NYSE:AXTA) last issued its quarterly earnings data on Wednesday, July 25th. The specialty chemicals company reported $0.36 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.36. Axalta Coating Systems had a net margin of 2.97% and a return on equity of 21.32%. The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the firm earned $0.31 earnings per share. The firm’s revenue was up 10.7% compared to the same quarter last year. research analysts anticipate that Axalta Coating Systems Ltd will post 1.27 EPS for the current fiscal year.
In other news, VP Sean M. Lannon sold 1,500 shares of the stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $30.02, for a total transaction of $45,030.00. Following the completion of the sale, the vice president now owns 18,856 shares of the company’s stock, valued at $566,057.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles W. Shaver sold 250,000 shares of the stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $29.73, for a total transaction of $7,432,500.00. Following the sale, the director now directly owns 690,828 shares of the company’s stock, valued at approximately $20,538,316.44. The disclosure for this sale can be found here. Insiders have sold 344,526 shares of company stock valued at $10,253,262 in the last three months. 2.30% of the stock is owned by insiders.
AXTA has been the subject of several recent analyst reports. Barclays reaffirmed a “hold” rating and issued a $32.00 target price on shares of Axalta Coating Systems in a research note on Tuesday, July 31st. Zacks Investment Research raised shares of Axalta Coating Systems from a “sell” rating to a “hold” rating in a research note on Monday, July 30th. KeyCorp lowered their target price on shares of Axalta Coating Systems from $38.00 to $36.00 and set an “overweight” rating for the company in a research note on Friday, July 27th. JPMorgan Chase & Co. raised shares of Axalta Coating Systems from a “neutral” rating to an “overweight” rating and set a $33.00 target price for the company in a research note on Friday, July 27th. Finally, Nomura lowered their target price on shares of Axalta Coating Systems from $35.00 to $34.00 and set a “neutral” rating for the company in a research note on Wednesday, July 11th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $33.77.
About Axalta Coating Systems
Axalta Coating Systems Ltd., through its subsidiaries, manufactures, markets, and distributes high performance coatings primarily for the transportation industry. It operates in two segments, Performance Coatings and Transportation Coatings. The Performance Coatings segment offers various specially-formulated water and solvent borne products and systems that are used to refinish damaged vehicles for independent body shops, multi-shop operators, and original equipment manufacturer (OEM) dealership body shops.
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