Axalta Coating Systems Ltd (AXTA) Downgraded by Bank of America Corporation to “Underperform”

Bank of America Corporation cut shares of Axalta Coating Systems Ltd (NASDAQ:AXTA) from a buy rating to an underperform rating in a research note released on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has $30.00 price objective on the specialty chemicals company’s stock, down from their prior price objective of $36.00.

Several other research analysts also recently issued reports on the stock. TheStreet raised shares of Axalta Coating Systems from a c rating to a b rating in a research report on Wednesday, April 26th. Instinet reissued a buy rating and set a $33.00 price objective on shares of Axalta Coating Systems in a research report on Tuesday, March 14th. They noted that the move was a valuation call. Jefferies Group LLC raised their price objective on shares of Axalta Coating Systems to $36.00 and gave the stock a buy rating in a research report on Thursday, February 23rd. BidaskClub raised shares of Axalta Coating Systems from a hold rating to a buy rating in a research report on Tuesday. Finally, Zacks Investment Research raised shares of Axalta Coating Systems from a hold rating to a buy rating and set a $35.00 price objective on the stock in a research report on Tuesday, April 11th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. Axalta Coating Systems presently has a consensus rating of Hold and an average target price of $33.50.

Shares of Axalta Coating Systems (AXTA) traded up 0.12% during trading on Wednesday, hitting $32.45. The stock had a trading volume of 349,884 shares. Axalta Coating Systems has a one year low of $24.27 and a one year high of $34.10. The stock’s 50 day moving average price is $32.10 and its 200-day moving average price is $30.20. The stock has a market cap of $7.86 billion and a P/E ratio of 107.45.

Axalta Coating Systems (NASDAQ:AXTA) last announced its quarterly earnings data on Wednesday, April 26th. The specialty chemicals company reported $0.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.02. Axalta Coating Systems had a net margin of 6.50% and a return on equity of 21.46%. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $994.43 million. During the same period last year, the business earned $0.18 EPS. The company’s revenue was up 5.5% on a year-over-year basis. Analysts expect that Axalta Coating Systems will post $1.38 earnings per share for the current fiscal year.

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In related news, VP Sean M. Lannon sold 5,000 shares of the business’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $33.00, for a total transaction of $165,000.00. Following the sale, the vice president now owns 16,286 shares of the company’s stock, valued at $537,438. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Charles W. Shaver sold 179,487 shares of the business’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $31.32, for a total transaction of $5,621,532.84. Following the sale, the chief executive officer now directly owns 528,907 shares in the company, valued at approximately $16,565,367.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 435,489 shares of company stock worth $13,728,870.

A number of hedge funds have recently added to or reduced their stakes in the company. GLG LLC increased its stake in Axalta Coating Systems by 6.8% in the fourth quarter. GLG LLC now owns 10,145 shares of the specialty chemicals company’s stock worth $276,000 after buying an additional 645 shares in the last quarter. Janus Capital Management LLC increased its stake in Axalta Coating Systems by 43.9% in the fourth quarter. Janus Capital Management LLC now owns 10,793 shares of the specialty chemicals company’s stock worth $294,000 after buying an additional 3,293 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in Axalta Coating Systems by 47.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 58,903 shares of the specialty chemicals company’s stock worth $1,603,000 after buying an additional 18,959 shares in the last quarter. Pacad Investment Ltd. increased its stake in Axalta Coating Systems by 28.3% in the fourth quarter. Pacad Investment Ltd. now owns 17,700 shares of the specialty chemicals company’s stock worth $481,000 after buying an additional 3,900 shares in the last quarter. Finally, Credit Agricole S A increased its stake in Axalta Coating Systems by 102.0% in the fourth quarter. Credit Agricole S A now owns 44,137 shares of the specialty chemicals company’s stock worth $1,201,000 after buying an additional 22,283 shares in the last quarter.

Axalta Coating Systems Company Profile

Axalta Coating Systems Ltd. is a holding company. The Company is a manufacturer, marketer and distributor of coatings systems primarily serving the transportation industry. The Company’s segments include Performance Coatings and Transportation Coatings. Through its Performance Coatings segment, the Company provides liquid and powder coatings solutions to a fragmented and local customer base.

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