Axalta Coating Systems (NYSE:AXTA) Sets New 52-Week High Following Strong Earnings

Shares of Axalta Coating Systems Ltd. (NYSE:AXTA) hit a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $37.85 and last traded at $37.85, with a volume of 19208 shares trading hands. The stock had previously closed at $35.41.

The specialty chemicals company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.51 by $0.08. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.32 billion. Axalta Coating Systems had a return on equity of 24.28% and a net margin of 5.69%. Axalta Coating Systems’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 earnings per share.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Axalta Coating Systems from $40.00 to $41.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Royal Bank of Canada upped their price target on Axalta Coating Systems from $42.00 to $44.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. Robert W. Baird raised their target price on shares of Axalta Coating Systems from $40.00 to $42.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Barclays lifted their price target on Axalta Coating Systems from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Finally, KeyCorp upped their price objective on shares of Axalta Coating Systems from $44.00 to $45.00 and gave the stock an “overweight” rating in a report on Thursday. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $41.30.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in AXTA. Plato Investment Management Ltd bought a new position in Axalta Coating Systems in the second quarter worth approximately $30,000. GAMMA Investing LLC boosted its holdings in shares of Axalta Coating Systems by 111.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,417 shares of the specialty chemicals company’s stock valued at $48,000 after acquiring an additional 747 shares during the last quarter. UMB Bank n.a. grew its position in Axalta Coating Systems by 90.2% during the 3rd quarter. UMB Bank n.a. now owns 1,546 shares of the specialty chemicals company’s stock worth $56,000 after purchasing an additional 733 shares during the period. Versant Capital Management Inc acquired a new stake in shares of Axalta Coating Systems during the 2nd quarter worth approximately $71,000. Finally, Quarry LP acquired a new stake in Axalta Coating Systems during the second quarter valued at $73,000. Hedge funds and other institutional investors own 98.28% of the company’s stock.

Axalta Coating Systems Trading Down 1.0 %

The stock has a market cap of $8.37 billion, a PE ratio of 34.17, a price-to-earnings-growth ratio of 0.87 and a beta of 1.44. The company has a 50 day moving average of $35.92 and a two-hundred day moving average of $35.01. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.70 and a current ratio of 2.26.

Axalta Coating Systems Company Profile

Axalta Coating Systems Ltd., through its subsidiaries, manufactures, markets, and distributes high-performance coatings systems in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company operates through two segments, Performance Coatings and Mobility Coatings.