Axalta Coating Systems (NYSE:AXTA) Cut to Sell at Zacks Investment Research


Axalta Coating Systems (NYSE:AXTA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “Axalta Coating Systems Ltd. is a global coatings company engaged in the manufacturing, marketing and distribution of coatings systems. The company offers waterborne and solvent borne coatings; liquid and powder coatings; and liquid coatings. It provides a range of performance and transportation coatings for manufacturers of light and commercial vehicles, the refinish aftermarket and for many industrial applications. The Company’s products and services include paint, color matching tools, application technologies and customer training, support and business management systems. Axalta Coating Systems Ltd. is headquartered in Philadelphia, Pennsylvania. “

AXTA has been the topic of several other reports. Citigroup lowered shares of Axalta Coating Systems from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $39.00 to $32.00 in a research report on Thursday, September 9th. Royal Bank of Canada dropped their price target on shares of Axalta Coating Systems from $38.00 to $36.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 21st. Mizuho began coverage on shares of Axalta Coating Systems in a research report on Tuesday, October 12th. They set a “buy” rating and a $40.00 price target on the stock. Finally, TheStreet raised shares of Axalta Coating Systems from a “c+” rating to a “b” rating in a research report on Wednesday, October 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $36.60.

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Shares of AXTA stock traded up $0.38 during trading on Tuesday, reaching $32.80. The company’s stock had a trading volume of 745,409 shares, compared to its average volume of 2,728,979. The business has a fifty day moving average price of $32.00 and a 200-day moving average price of $30.80. The company has a quick ratio of 1.44, a current ratio of 1.97 and a debt-to-equity ratio of 2.55. The company has a market cap of $7.49 billion, a price-to-earnings ratio of 27.33, a price-to-earnings-growth ratio of 0.78 and a beta of 1.40. Axalta Coating Systems has a one year low of $26.42 and a one year high of $34.20.

Axalta Coating Systems (NYSE:AXTA) last announced its quarterly earnings data on Sunday, October 24th. The specialty chemicals company reported $0.39 EPS for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.05. Axalta Coating Systems had a net margin of 6.44% and a return on equity of 30.83%. The business had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the previous year, the firm posted $0.59 earnings per share. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. Research analysts anticipate that Axalta Coating Systems will post 1.77 EPS for the current year.

In related news, SVP Troy D. Weaver sold 24,000 shares of the company’s stock in a transaction dated Tuesday, November 2nd. The shares were sold at an average price of $31.46, for a total value of $755,040.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.50% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in AXTA. Moors & Cabot Inc. bought a new stake in Axalta Coating Systems during the third quarter worth about $706,000. Balyasny Asset Management LLC lifted its position in Axalta Coating Systems by 128.7% during the third quarter. Balyasny Asset Management LLC now owns 114,372 shares of the specialty chemicals company’s stock worth $3,339,000 after purchasing an additional 64,372 shares during the period. First Mercantile Trust Co. lifted its position in Axalta Coating Systems by 49.2% during the third quarter. First Mercantile Trust Co. now owns 8,972 shares of the specialty chemicals company’s stock worth $262,000 after purchasing an additional 2,960 shares during the period. Comerica Bank lifted its position in Axalta Coating Systems by 279.4% during the third quarter. Comerica Bank now owns 232,291 shares of the specialty chemicals company’s stock worth $7,594,000 after purchasing an additional 171,067 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Axalta Coating Systems by 11.8% during the third quarter. Bank of New York Mellon Corp now owns 857,845 shares of the specialty chemicals company’s stock worth $25,039,000 after purchasing an additional 90,722 shares during the period. Institutional investors and hedge funds own 95.66% of the company’s stock.

Axalta Coating Systems Company Profile

Axalta Coating Systems Ltd. engages in the manufacture, marketing, and distribution of coatings systems. It operates through the Performance Coatings and Transportation Coatings business segments. The Performance Coatings segment provides liquid and powder coatings solutions to a fragmented and local customer base.

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Analyst Recommendations for Axalta Coating Systems (NYSE:AXTA)

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