Axalta Coating Systems (NYSE:AXTA) Rating Lowered to Neutral at Bank of America

Bank of America cut shares of Axalta Coating Systems (NYSE:AXTA) from a buy rating to a neutral rating in a research report sent to investors on Friday, BenzingaRatingsTable reports.

Several other equities research analysts have also issued reports on AXTA. BMO Capital Markets increased their target price on shares of Axalta Coating Systems to $34.00 and gave the stock a market perform rating in a report on Friday, June 21st. JPMorgan Chase & Co. lowered shares of Axalta Coating Systems from an overweight rating to a neutral rating and reduced their target price for the stock from $30.00 to $27.00 in a report on Friday, April 26th. Nomura increased their price objective on shares of Axalta Coating Systems from $28.00 to $29.00 and gave the company a neutral rating in a report on Friday, July 26th. Zacks Investment Research raised shares of Axalta Coating Systems from a hold rating to a buy rating and set a $34.00 price objective for the company in a report on Tuesday, July 30th. Finally, Credit Suisse Group increased their price objective on shares of Axalta Coating Systems from $34.00 to $35.00 and gave the company an outperform rating in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $31.77.

Axalta Coating Systems stock opened at $27.73 on Friday. The firm has a 50 day moving average of $29.55 and a 200 day moving average of $27.14. The firm has a market capitalization of $6.43 billion, a price-to-earnings ratio of 18.13, a P/E/G ratio of 1.19 and a beta of 1.46. Axalta Coating Systems has a 12-month low of $21.58 and a 12-month high of $32.14. The company has a current ratio of 2.32, a quick ratio of 1.71 and a debt-to-equity ratio of 2.92.

Axalta Coating Systems (NYSE:AXTA) last released its earnings results on Thursday, July 25th. The specialty chemicals company reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.09. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.19 billion. Axalta Coating Systems had a net margin of 4.45% and a return on equity of 27.59%. The firm’s quarterly revenue was down 4.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 EPS. On average, analysts predict that Axalta Coating Systems will post 1.79 EPS for the current year.

In other news, Director Charles W. Shaver sold 500,000 shares of the 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 transaction, the director now directly owns 492,369 shares in the company, valued at approximately $12,427,393.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.10% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Verition Fund Management LLC lifted its position in shares of Axalta Coating Systems by 51.7% during the second quarter. Verition Fund Management LLC now owns 56,776 shares of the specialty chemicals company’s stock worth $1,690,000 after purchasing an additional 19,343 shares during the last quarter. WealthStone Inc. bought a new stake in shares of Axalta Coating Systems during the second quarter worth $460,000. Cowen Inc. bought a new stake in shares of Axalta Coating Systems during the second quarter worth $997,000. Summit Global Investments bought a new stake in shares of Axalta Coating Systems during the second quarter worth $10,593,000. Finally, Worldquant Millennium Advisors LLC bought a new stake in shares of Axalta Coating Systems during the second quarter worth $6,129,000. Hedge funds and other institutional investors own 97.90% of the company’s stock.

About Axalta Coating Systems

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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Analyst Recommendations for Axalta Coating Systems (NYSE:AXTA)

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