Axalta Coating Systems Ltd (NYSE:AXTA) was the target of a significant growth in short interest during the month of June. As of June 30th, there was short interest totalling 5,159,300 shares, a growth of 36.4% from the May 30th total of 3,782,000 shares. Based on an average daily trading volume, of 2,550,000 shares, the short-interest ratio is presently 2.0 days. Approximately 2.2% of the company’s stock are sold short.
Shares of AXTA stock opened at $29.56 on Friday. The business has a 50 day moving average of $27.39. Axalta Coating Systems has a 52 week low of $21.58 and a 52 week high of $30.93. The company has a market capitalization of $6.93 billion, a price-to-earnings ratio of 21.74, a PEG ratio of 1.41 and a beta of 1.46. The company has a debt-to-equity ratio of 2.98, a current ratio of 2.21 and a quick ratio of 1.60.
Axalta Coating Systems (NYSE:AXTA) last announced its earnings results on Wednesday, April 24th. The specialty chemicals company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.13. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.15 billion. Axalta Coating Systems had a net margin of 3.90% and a return on equity of 24.42%. The firm’s quarterly revenue was down 4.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.27 earnings per share. Sell-side analysts forecast that Axalta Coating Systems will post 1.73 EPS for the current year.
In other Axalta Coating Systems news, Director Charles W. Shaver sold 500,000 shares of Axalta Coating Systems stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $25.24, for a total value of $12,620,000.00. Following the completion of the transaction, the director now directly owns 492,369 shares of the company’s stock, valued at $12,427,393.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andreas Kramvis sold 55,048 shares of Axalta Coating Systems stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $28.11, for a total transaction of $1,547,399.28. Following the completion of the transaction, 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. 2.10% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Fiera Capital Corp grew its position in Axalta Coating Systems by 0.3% during the first quarter. Fiera Capital Corp now owns 1,022,160 shares of the specialty chemicals company’s stock valued at $25,769,000 after buying an additional 3,313 shares during the period. Wells Fargo & Company MN grew its position in Axalta Coating Systems by 3.5% during the first quarter. Wells Fargo & Company MN now owns 2,045,884 shares of the specialty chemicals company’s stock valued at $51,577,000 after buying an additional 68,650 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Axalta Coating Systems during the first quarter valued at approximately $1,056,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Axalta Coating Systems by 34.2% during the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 221,638 shares of the specialty chemicals company’s stock valued at $5,587,000 after buying an additional 56,515 shares during the period. Finally, SG Americas Securities LLC grew its position in Axalta Coating Systems by 9.3% during the first quarter. SG Americas Securities LLC now owns 20,531 shares of the specialty chemicals company’s stock valued at $518,000 after buying an additional 1,749 shares during the period. Institutional investors own 98.47% of the company’s stock.
A number of analysts have recently commented on AXTA shares. Zacks Investment Research upgraded shares of Green Brick Partners from a “sell” rating to a “hold” rating in a research note on Thursday, April 25th. BMO Capital Markets lifted their price target on shares of Axalta Coating Systems to $34.00 and gave the stock a “market perform” rating in a research note on Friday, June 21st. KeyCorp reiterated an “overweight” rating and issued a $136.00 price target (up from $127.00) on shares of Coupa Software in a research note on Wednesday, June 26th. Berenberg Bank lowered shares of to a “hold” rating and lifted their price target for the stock from GBX 3,600 ($47.04) to GBX 3,700 ($48.35) in a research note on Friday. Finally, JPMorgan Chase & Co. reiterated a “hold” rating and issued a $137.00 price target on shares of Continental in a research note on Friday, April 26th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. Axalta Coating Systems currently has an average rating of “Hold” and an average price target of $31.00.
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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