$1.16 Billion in Sales Expected for Axalta Coating Systems Ltd (AXTA) This Quarter

Brokerages expect Axalta Coating Systems Ltd (NYSE:AXTA) to report $1.16 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Axalta Coating Systems’ earnings. The highest sales estimate is $1.19 billion and the lowest is $1.13 billion. Axalta Coating Systems posted sales of $1.10 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 5.5%. The company is scheduled to announce its next quarterly earnings results before the market opens on Thursday, October 25th.

According to Zacks, analysts expect that Axalta Coating Systems will report full-year sales of $4.75 billion for the current fiscal year, with estimates ranging from $4.68 billion to $4.82 billion. For the next fiscal year, analysts forecast that the company will post sales of $4.89 billion, with estimates ranging from $4.71 billion to $5.07 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Axalta Coating Systems.

Axalta Coating Systems (NYSE:AXTA) last issued its quarterly earnings results on Wednesday, July 25th. The specialty chemicals company reported $0.36 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.36. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.22 billion. Axalta Coating Systems had a return on equity of 21.32% and a net margin of 2.97%. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.31 earnings per share.

A number of equities research analysts recently issued reports on the company. Nomura reduced their price target on Axalta Coating Systems from $34.00 to $29.00 and set a “neutral” rating on the stock in a research report on Monday. Citigroup reduced their price target on Axalta Coating Systems from $33.00 to $28.00 and set a “neutral” rating on the stock in a research report on Thursday, October 11th. Zacks Investment Research downgraded Axalta Coating Systems from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 11th. Barclays reissued a “hold” rating and set a $32.00 price target on shares of Axalta Coating Systems in a research report on Tuesday, July 31st. Finally, KeyCorp reduced their price target on Axalta Coating Systems from $38.00 to $36.00 and set an “overweight” rating on the stock in a research report on Friday, July 27th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company. Axalta Coating Systems currently has an average rating of “Hold” and a consensus price target of $33.33.

In other Axalta Coating Systems news, Director Robert M. Mclaughlin sold 4,920 shares of the firm’s stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $30.33, for a total value of $149,223.60. Following the sale, the director now owns 39,442 shares of the company’s stock, valued at approximately $1,196,275.86. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Charles W. Shaver sold 250,000 shares of the firm’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $29.73, for a total value of $7,432,500.00. Following the completion of the sale, the director now directly owns 690,828 shares in the company, valued at approximately $20,538,316.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 345,391 shares of company stock worth $10,268,682. Company insiders own 2.30% of the company’s stock.

Several hedge funds have recently modified their holdings of AXTA. Renaissance Technologies LLC boosted its holdings in shares of Axalta Coating Systems by 591.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,240,597 shares of the specialty chemicals company’s stock valued at $37,602,000 after purchasing an additional 1,061,297 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Axalta Coating Systems by 30.1% in the 2nd quarter. Millennium Management LLC now owns 3,736,910 shares of the specialty chemicals company’s stock valued at $113,266,000 after acquiring an additional 863,979 shares during the last quarter. Parnassus Investments CA lifted its stake in shares of Axalta Coating Systems by 32.5% in the 2nd quarter. Parnassus Investments CA now owns 3,509,561 shares of the specialty chemicals company’s stock valued at $106,375,000 after acquiring an additional 860,061 shares during the last quarter. Bessemer Group Inc. lifted its stake in shares of Axalta Coating Systems by 23.4% in the 2nd quarter. Bessemer Group Inc. now owns 3,397,956 shares of the specialty chemicals company’s stock valued at $102,994,000 after acquiring an additional 643,654 shares during the last quarter. Finally, Luminus Management LLC lifted its stake in shares of Axalta Coating Systems by 852.1% in the 2nd quarter. Luminus Management LLC now owns 615,034 shares of the specialty chemicals company’s stock valued at $18,642,000 after acquiring an additional 550,436 shares during the last quarter.

NYSE:AXTA traded down $0.13 during trading hours on Tuesday, reaching $25.47. 59,871 shares of the company were exchanged, compared to its average volume of 3,430,907. The company has a market capitalization of $6.20 billion, a P/E ratio of 21.35, a P/E/G ratio of 1.40 and a beta of 1.26. Axalta Coating Systems has a 1-year low of $25.27 and a 1-year high of $38.20. The company has a debt-to-equity ratio of 2.73, a current ratio of 2.27 and a quick ratio of 1.67.

Axalta Coating Systems Company Profile

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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