Leith Wheeler Investment Counsel Ltd. raised its holdings in shares of Axalta Coating Systems Ltd (NASDAQ:AXTA) by 30.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 78,518 shares of the specialty chemicals company’s stock after purchasing an additional 18,460 shares during the quarter. Axalta Coating Systems accounts for 1.0% of Leith Wheeler Investment Counsel Ltd.’s portfolio, making the stock its 5th largest position. Leith Wheeler Investment Counsel Ltd.’s holdings in Axalta Coating Systems were worth $2,304,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp grew its stake in Axalta Coating Systems by 11.2% in the second quarter. State Street Corp now owns 3,642,670 shares of the specialty chemicals company’s stock valued at $116,710,000 after purchasing an additional 365,915 shares in the last quarter. Delta Lloyd Asset Management N.V. acquired a new stake in shares of Axalta Coating Systems in the second quarter worth about $2,564,000. Federated Investors Inc. PA acquired a new stake in shares of Axalta Coating Systems in the second quarter worth about $2,379,000. Engineers Gate Manager LP lifted its position in shares of Axalta Coating Systems by 46.7% in the second quarter. Engineers Gate Manager LP now owns 94,895 shares of the specialty chemicals company’s stock worth $3,040,000 after buying an additional 30,208 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Axalta Coating Systems by 19.2% in the second quarter. Legal & General Group Plc now owns 270,265 shares of the specialty chemicals company’s stock worth $8,660,000 after buying an additional 43,481 shares during the last quarter.
Axalta Coating Systems Ltd (NASDAQ:AXTA) traded up 13.37% during midday trading on Friday, hitting $32.13. 3,121,420 shares of the stock were exchanged. The firm’s 50-day moving average price is $29.06 and its 200 day moving average price is $30.81. The firm has a market capitalization of $7.81 billion and a P/E ratio of 3213.00. Axalta Coating Systems Ltd has a 1-year low of $24.27 and a 1-year high of $34.10.
Axalta Coating Systems (NASDAQ:AXTA) last posted its earnings results on Thursday, October 26th. The specialty chemicals company reported $0.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.03. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.09 billion. Axalta Coating Systems had a negative net margin of 1.73% and a negative return on equity of 6.61%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.33 EPS. Analysts expect that Axalta Coating Systems Ltd will post $1.13 earnings per share for the current fiscal year.
In other news, EVP Steven R. Markevich sold 160,000 shares of Axalta Coating Systems stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $29.37, for a total transaction of $4,699,200.00. Following the sale, the executive vice president now owns 280,377 shares of the company’s stock, valued at approximately $8,234,672.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Steven R. Markevich sold 900 shares of Axalta Coating Systems stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $29.42, for a total transaction of $26,478.00. Following the transaction, the executive vice president now directly owns 201,393 shares of the company’s stock, valued at $5,924,982.06. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 195,774 shares of company stock worth $5,771,898.
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Several research firms recently weighed in on AXTA. Susquehanna Bancshares Inc assumed coverage on Axalta Coating Systems in a research report on Tuesday, July 18th. They set a “neutral” rating and a $37.00 price objective for the company. Royal Bank Of Canada reiterated a “buy” rating and issued a $37.00 price objective on shares of Axalta Coating Systems in a research note on Friday, July 14th. BidaskClub lowered Axalta Coating Systems from a “buy” rating to a “hold” rating in a research note on Thursday, June 29th. Jefferies Group LLC restated a “buy” rating on shares of Axalta Coating Systems in a research report on Thursday, July 6th. Finally, Citigroup Inc. downgraded Axalta Coating Systems from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $31.00 to $25.00 in a report on Tuesday, October 10th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $32.14.
About Axalta Coating Systems
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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