Axalta Coating Systems Ltd (AXTA) Lifted to Buy at Nomura

Axalta Coating Systems Ltd (NASDAQ:AXTA) was upgraded by Nomura to a “buy” rating in a research report issued on Tuesday. The firm currently has a $28.00 price objective on the specialty chemicals company’s stock, down from their previous price objective of $30.00. Nomura’s price objective suggests a potential downside of 5.66% from the company’s current price.

A number of other brokerages also recently issued reports on AXTA. BidaskClub raised shares of Axalta Coating Systems from a “hold” rating to a “buy” rating in a research 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 objective for the company from $36.00 to $30.00 in a research report on Wednesday, June 21st. Susquehanna Bancshares Inc assumed coverage on shares of Axalta Coating Systems in a research report on Tuesday, July 18th. They set a “neutral” rating and a $37.00 price objective for the company. Royal Bank Of Canada reissued a “buy” rating and set a $37.00 price objective on shares of Axalta Coating Systems in a research report on Friday, July 14th. Finally, Jefferies Group LLC reissued a “buy” rating on shares of Axalta Coating Systems in a research report on Thursday, July 6th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $32.23.

Axalta Coating Systems (NASDAQ:AXTA) traded down 3.23% during midday trading on Tuesday, hitting $28.72. The company’s stock had a trading volume of 3,055,573 shares. Axalta Coating Systems has a 12 month low of $24.27 and a 12 month high of $34.10. The firm has a market cap of $6.98 billion and a P/E ratio of 2872.00. The company’s 50 day moving average price is $29.24 and its 200 day moving average price is $31.05.

Axalta Coating Systems (NASDAQ:AXTA) last issued its quarterly earnings data on Thursday, August 3rd. The specialty chemicals company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.08). Axalta Coating Systems had a negative net margin of 1.73% and a negative return on equity of 6.61%. The business had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the previous year, the firm earned $0.34 EPS. The company’s revenue was up 2.3% on a year-over-year basis. Analysts expect that Axalta Coating Systems will post $1.30 EPS for the current year.

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In related news, VP Sean M. Lannon sold 5,000 shares of Axalta Coating Systems stock in a transaction on Wednesday, July 12th. The shares were 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 in the company, valued at approximately $537,438. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Steven R. Markevich sold 160,000 shares of Axalta Coating Systems stock in a transaction on Friday, September 1st. The shares were sold at an average price of $29.37, for a total transaction of $4,699,200.00. Following the transaction, the executive vice president now owns 280,377 shares in the company, valued at approximately $8,234,672.49. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 200,774 shares of company stock worth $5,936,898.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in Axalta Coating Systems by 6,436.4% in the 1st quarter. BlackRock Inc. now owns 18,564,446 shares of the specialty chemicals company’s stock worth $597,775,000 after purchasing an additional 18,280,429 shares in the last quarter. Bessemer Group Inc. lifted its stake in Axalta Coating Systems by 554,273.3% in the 2nd quarter. Bessemer Group Inc. now owns 2,760,779 shares of the specialty chemicals company’s stock worth $88,456,000 after purchasing an additional 2,760,281 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Axalta Coating Systems by 8,917.7% in the 2nd quarter. Janus Henderson Group PLC now owns 2,210,694 shares of the specialty chemicals company’s stock worth $70,831,000 after purchasing an additional 2,186,179 shares in the last quarter. Voya Investment Management LLC lifted its stake in Axalta Coating Systems by 2,384.0% in the 2nd quarter. Voya Investment Management LLC now owns 1,643,485 shares of the specialty chemicals company’s stock worth $52,657,000 after purchasing an additional 1,577,323 shares in the last quarter. Finally, Gruss Capital Management LP purchased a new stake in Axalta Coating Systems in the 2nd quarter worth $31,079,000.

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.

Analyst Recommendations for Axalta Coating Systems (NASDAQ:AXTA)

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