Oppenheimer Asset Management Inc. boosted its position in Axalta Coating Systems Ltd (NYSE:AXTA) by 11.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 72,526 shares of the specialty chemicals company’s stock after purchasing an additional 7,648 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Axalta Coating Systems were worth $1,829,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in AXTA. Diamond Hill Capital Management Inc. lifted its stake in Axalta Coating Systems by 4.2% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 11,074,847 shares of the specialty chemicals company’s stock valued at $259,373,000 after acquiring an additional 444,255 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Axalta Coating Systems by 0.6% in the fourth quarter. BlackRock Inc. now owns 10,945,101 shares of the specialty chemicals company’s stock worth $256,336,000 after buying an additional 64,482 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Axalta Coating Systems by 17.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,704,794 shares of the specialty chemicals company’s stock worth $133,606,000 after buying an additional 844,587 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Axalta Coating Systems by 139.8% in the fourth quarter. Millennium Management LLC now owns 5,188,939 shares of the specialty chemicals company’s stock worth $121,525,000 after buying an additional 3,025,348 shares during the last quarter. Finally, Praesidium Investment Management Company LLC lifted its stake in shares of Axalta Coating Systems by 9.9% in the fourth quarter. Praesidium Investment Management Company LLC now owns 4,394,880 shares of the specialty chemicals company’s stock worth $102,928,000 after buying an additional 397,507 shares during the last quarter.
Several equities research analysts have issued reports on AXTA shares. BMO Capital Markets set a $32.00 price target on shares of Axalta Coating Systems and gave the company a “hold” rating in a report on Friday, April 26th. JPMorgan Chase & Co. lowered 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 report on Friday, April 26th. Finally, Zacks Investment Research raised shares of Axalta Coating Systems from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 20th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. Axalta Coating Systems has a consensus rating of “Hold” and an average price target of $30.09.
In related news, Director Charles W. Shaver sold 500,000 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $26.71, for a total transaction of $13,355,000.00. Following the completion of the sale, the director now directly owns 394,656 shares of the company’s stock, valued at approximately $10,541,261.76. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Andreas Kramvis sold 55,048 shares of the stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $28.11, for a total value of $1,547,399.28. Following the sale, the director now directly owns 50,628 shares of the company’s stock, valued at $1,423,153.08. The disclosure for this sale can be found here. Insiders sold a total of 867,048 shares of company stock worth $22,868,084 over the last quarter. 2.10% of the stock is currently owned by corporate insiders.
NYSE:AXTA traded down $0.10 during mid-day trading on Wednesday, reaching $24.98. 1,389,181 shares of the company were exchanged, compared to its average volume of 1,978,477. The company has a quick ratio of 1.60, a current ratio of 2.21 and a debt-to-equity ratio of 2.98. Axalta Coating Systems Ltd has a 12 month low of $21.58 and a 12 month high of $32.48. The firm has a market cap of $5.84 billion, a P/E ratio of 19.52, a P/E/G ratio of 1.24 and a beta of 1.25.
Axalta Coating Systems (NYSE:AXTA) last released its earnings results on Wednesday, April 24th. The specialty chemicals company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.13. Axalta Coating Systems had a net margin of 3.90% and a return on equity of 24.42%. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the prior year, the company posted $0.27 EPS. The company’s revenue was down 4.0% compared to the same quarter last year. As a group, equities analysts predict that Axalta Coating Systems Ltd will post 1.72 earnings per share for the current fiscal year.
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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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