Fmr LLC reduced its holdings in shares of Axalta Coating Systems Ltd (NYSE:AXTA) by 0.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,291,799 shares of the specialty chemicals company’s stock after selling 3,905 shares during the period. Fmr LLC owned 1.40% of Axalta Coating Systems worth $82,985,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of AXTA. Millennium Management LLC lifted its position in Axalta Coating Systems by 139.8% during the 4th quarter. Millennium Management LLC now owns 5,188,939 shares of the specialty chemicals company’s stock valued at $121,525,000 after acquiring an additional 3,025,348 shares during the period. Norges Bank purchased a new position in Axalta Coating Systems during the 4th quarter valued at about $37,547,000. Massachusetts Financial Services Co. MA lifted its position in Axalta Coating Systems by 17.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,704,794 shares of the specialty chemicals company’s stock valued at $133,606,000 after acquiring an additional 844,587 shares during the period. CI Investments Inc. lifted its position in Axalta Coating Systems by 63.6% during the 4th quarter. CI Investments Inc. now owns 2,049,400 shares of the specialty chemicals company’s stock valued at $47,997,000 after acquiring an additional 796,400 shares during the period. Finally, Marshall Wace North America L.P. lifted its position in Axalta Coating Systems by 1,340.2% during the 1st quarter. Marshall Wace North America L.P. now owns 758,712 shares of the specialty chemicals company’s stock valued at $19,127,000 after acquiring an additional 706,032 shares during the period. 98.47% of the stock is owned by institutional investors.
In other news, Director Andreas Kramvis sold 55,048 shares of Axalta Coating Systems stock in a transaction that occurred on Thursday, April 18th. The shares were sold at an average price of $28.11, for a total value of $1,547,399.28. Following the completion of the sale, the director now directly owns 50,628 shares in the company, valued at $1,423,153.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles W. Shaver sold 500,000 shares of Axalta Coating Systems stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $25.24, for a total transaction of $12,620,000.00. Following the completion of the sale, the director now owns 492,369 shares of the company’s stock, valued at $12,427,393.56. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 864,868 shares of company stock valued at $22,074,006. 2.10% of the stock is owned by company insiders.
A number of brokerages recently issued reports on AXTA. KeyCorp lifted their price target on shares of Axalta Coating Systems from $30.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday. BMO Capital Markets lifted their price target on shares of Axalta Coating Systems to $34.00 and gave the company a “market perform” rating in a research report on Friday, June 21st. Maxim Group began coverage on shares of Axalta Coating Systems in a research report on Wednesday, June 19th. JPMorgan Chase & Co. cut shares of Axalta Coating Systems from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $30.00 to $27.00 in a research report on Friday, April 26th. Finally, Zacks Investment Research upgraded shares of Axalta Coating Systems from a “strong sell” rating to a “hold” rating and set a $30.00 price objective for the company in a research note on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. Axalta Coating Systems presently has a consensus rating of “Hold” and an average target price of $30.64.
NYSE:AXTA opened at $29.94 on Friday. The company has a market cap of $7.02 billion, a price-to-earnings ratio of 23.39, a P/E/G ratio of 1.44 and a beta of 1.30. The company has a debt-to-equity ratio of 2.98, a quick ratio of 1.60 and a current ratio of 2.21. Axalta Coating Systems Ltd has a fifty-two week low of $21.58 and a fifty-two week high of $30.93. The company’s 50-day moving average price is $26.04.
Axalta Coating Systems (NYSE:AXTA) last released its quarterly earnings data on Wednesday, April 24th. The specialty chemicals company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.13. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.15 billion. Axalta Coating Systems had a net margin of 3.90% and a return on equity of 24.42%. Axalta Coating Systems’s revenue was down 4.0% compared to the same quarter last year. During the same period last year, the business earned $0.27 EPS. Sell-side analysts anticipate that Axalta Coating Systems Ltd will post 1.73 EPS for the current fiscal year.
Axalta Coating Systems Profile
Axalta Coating Systems Ltd., through its subsidiaries, manufactures, markets, and distributes high performance coatings systems. It operates in two segments, Performance Coatings and Transportation Coatings. The Performance Coatings segment offers 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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