Axalta Coating Systems Ltd. (NYSE:AXTA) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its holdings in Axalta Coating Systems Ltd. (NYSE:AXTA) by 61.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 135,241 shares of the specialty chemicals company’s stock after selling 218,451 shares during the period. Allspring Global Investments Holdings LLC owned 0.06% of Axalta Coating Systems worth $4,651,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Victory Capital Management Inc. lifted its stake in shares of Axalta Coating Systems by 1,856.6% in the 4th quarter. Victory Capital Management Inc. now owns 5,866,601 shares of the specialty chemicals company’s stock valued at $199,288,000 after purchasing an additional 5,566,757 shares in the last quarter. Norges Bank acquired a new position in shares of Axalta Coating Systems in the 4th quarter valued at about $82,878,000. Locust Wood Capital Advisers LLC acquired a new position in shares of Axalta Coating Systems in the 4th quarter valued at about $66,346,000. Kinetic Partners Management LP acquired a new position in shares of Axalta Coating Systems in the 3rd quarter valued at about $40,603,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Axalta Coating Systems by 11.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,470,860 shares of the specialty chemicals company’s stock valued at $362,366,000 after purchasing an additional 1,415,723 shares in the last quarter. 98.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on AXTA. Barclays lifted their price objective on Axalta Coating Systems from $38.00 to $40.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. Robert W. Baird raised their target price on Axalta Coating Systems from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. KeyCorp raised their target price on Axalta Coating Systems from $38.00 to $40.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Citigroup raised their target price on Axalta Coating Systems from $38.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Finally, Wells Fargo & Company upgraded Axalta Coating Systems from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Axalta Coating Systems has a consensus rating of “Moderate Buy” and an average target price of $38.23.

Axalta Coating Systems Stock Performance

Shares of NYSE AXTA traded up $0.05 during trading on Tuesday, reaching $33.75. The stock had a trading volume of 223,793 shares, compared to its average volume of 2,054,648. Axalta Coating Systems Ltd. has a one year low of $25.03 and a one year high of $36.98. The company has a debt-to-equity ratio of 1.92, a quick ratio of 1.51 and a current ratio of 2.07. The stock has a market cap of $7.45 billion, a PE ratio of 30.40, a P/E/G ratio of 0.85 and a beta of 1.44. The firm’s 50 day moving average price is $34.70 and its two-hundred day moving average price is $33.50.

Axalta Coating Systems (NYSE:AXTA) last issued its quarterly earnings data on Wednesday, May 1st. The specialty chemicals company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.08. The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.29 billion. Axalta Coating Systems had a return on equity of 21.82% and a net margin of 4.77%. The firm’s revenue was up 1.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.35 EPS. On average, research analysts forecast that Axalta Coating Systems Ltd. will post 1.99 earnings per share for the current fiscal year.

Axalta Coating Systems 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.