Citigroup Inc. lifted its stake in Axalta Coating Systems Ltd. (NYSE:AXTA – Free Report) by 66.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 195,812 shares of the specialty chemicals company’s stock after buying an additional 77,869 shares during the period. Citigroup Inc. owned approximately 0.09% of Axalta Coating Systems worth $5,931,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also added to or reduced their stakes in the stock. Millennium Management LLC increased its holdings in Axalta Coating Systems by 5,915.6% in the 4th quarter. Millennium Management LLC now owns 5,193,950 shares of the specialty chemicals company’s stock valued at $132,290,000 after buying an additional 5,107,608 shares during the period. JPMorgan Chase & Co. increased its stake in Axalta Coating Systems by 32.9% in the fourth quarter. JPMorgan Chase & Co. now owns 11,883,465 shares of the specialty chemicals company’s stock valued at $302,672,000 after acquiring an additional 2,944,248 shares during the last quarter. Norges Bank acquired a new position in Axalta Coating Systems during the fourth quarter valued at approximately $53,517,000. Bank of New York Mellon Corp grew its holdings in shares of Axalta Coating Systems by 182.6% during the first quarter. Bank of New York Mellon Corp now owns 2,332,803 shares of the specialty chemicals company’s stock worth $70,661,000 after purchasing an additional 1,507,381 shares during the last quarter. Finally, Ariel Investments LLC increased its stake in shares of Axalta Coating Systems by 23.8% in the first quarter. Ariel Investments LLC now owns 7,398,739 shares of the specialty chemicals company’s stock valued at $181,861,000 after buying an additional 1,420,653 shares during the period. Institutional investors and hedge funds own 98.64% of the company’s stock.
Analyst Ratings Changes
A number of equities research analysts have weighed in on the stock. Credit Suisse Group boosted their target price on shares of Axalta Coating Systems from $29.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday, August 2nd. KeyCorp raised their target price on Axalta Coating Systems from $36.00 to $38.00 in a research report on Tuesday, July 11th. Bank of America upped their price target on Axalta Coating Systems from $36.00 to $37.00 in a research report on Wednesday, July 5th. Royal Bank of Canada lowered their price objective on Axalta Coating Systems from $36.00 to $34.00 and set an “outperform” rating for the company in a research report on Friday, August 4th. Finally, StockNews.com began coverage on Axalta Coating Systems in a report on Thursday, August 17th. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $33.24.
Axalta Coating Systems Price Performance
Shares of AXTA opened at $28.30 on Friday. The business’s fifty day moving average is $30.58 and its 200 day moving average is $30.41. Axalta Coating Systems Ltd. has a 12-month low of $20.66 and a 12-month high of $33.68. The company has a quick ratio of 1.45, a current ratio of 2.02 and a debt-to-equity ratio of 2.09. The stock has a market cap of $6.27 billion, a P/E ratio of 27.74, a P/E/G ratio of 1.73 and a beta of 1.45.
Axalta Coating Systems (NYSE:AXTA – Get Free Report) last issued its quarterly earnings data on Wednesday, August 2nd. The specialty chemicals company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.04). Axalta Coating Systems had a net margin of 4.50% and a return on equity of 21.28%. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the prior year, the business earned $0.41 earnings per share. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. Sell-side analysts anticipate that Axalta Coating Systems Ltd. will post 1.46 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, SVP Jacqueline Scanlan sold 17,008 shares of Axalta Coating Systems stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $29.48, for a total transaction of $501,395.84. Following the transaction, the senior vice president now owns 4,001 shares of the company’s stock, valued at $117,949.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Chris Villavarayan acquired 33,710 shares of Axalta Coating Systems stock in a transaction on Friday, August 4th. The stock was acquired at an average cost of $29.67 per share, with a total value of $1,000,175.70. Following the transaction, the chief executive officer now owns 68,150 shares of the company’s stock, valued at approximately $2,022,010.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jacqueline Scanlan sold 17,008 shares of the stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $29.48, for a total transaction of $501,395.84. Following the completion of the sale, the senior vice president now owns 4,001 shares of the company’s stock, valued at approximately $117,949.48. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.
About Axalta Coating Systems
Axalta Coating Systems Ltd., through its subsidiaries, manufactures, markets, and distributes high-performance coatings systems in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It operates through two segments, Performance Coatings and Mobility Coatings. The company offers water and solvent-borne products and systems to repair damaged vehicles for independent body shops, multi-shop operators, and original equipment manufacturer (OEM) dealership body shops.
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