Axalta Coating Systems (NYSE:AXTA) Shares Gap Up – Here’s Why

Axalta Coating Systems Ltd. (NYSE:AXTA) gapped up prior to trading on Wednesday . The stock had previously closed at $32.27, but opened at $34.19. Axalta Coating Systems shares last traded at $34.1970, with a volume of 734,177 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have issued reports on AXTA. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $30.00 target price (down previously from $35.00) on shares of Axalta Coating Systems in a research note on Wednesday, November 19th. Wells Fargo & Company boosted their target price on shares of Axalta Coating Systems from $38.00 to $39.00 and gave the company an “overweight” rating in a research report on Wednesday, October 29th. JPMorgan Chase & Co. cut their price objective on shares of Axalta Coating Systems from $30.00 to $29.00 and set a “neutral” rating for the company in a report on Thursday, October 30th. UBS Group lowered Axalta Coating Systems from a “buy” rating to a “neutral” rating and decreased their target price for the company from $39.00 to $35.00 in a research report on Monday, January 12th. Finally, Vertical Research cut Axalta Coating Systems from a “buy” rating to a “hold” rating in a report on Wednesday, January 7th. Seven equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat.com, Axalta Coating Systems presently has an average rating of “Hold” and a consensus target price of $35.56.

Axalta Coating Systems Stock Up 6.3%

The company has a current ratio of 2.20, a quick ratio of 1.59 and a debt-to-equity ratio of 1.45. The stock has a market cap of $7.32 billion, a PE ratio of 16.42, a P/E/G ratio of 1.35 and a beta of 1.29. The business has a 50 day moving average of $32.03 and a 200-day moving average of $30.27.

Hedge Funds Weigh In On Axalta Coating Systems

Institutional investors have recently made changes to their positions in the stock. Barrow Hanley Mewhinney & Strauss LLC lifted its position in Axalta Coating Systems by 12.8% during the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 15,641,269 shares of the specialty chemicals company’s stock worth $447,653,000 after buying an additional 1,773,038 shares during the period. Millennium Management LLC raised its stake in shares of Axalta Coating Systems by 475.3% during the third quarter. Millennium Management LLC now owns 7,838,111 shares of the specialty chemicals company’s stock valued at $224,327,000 after purchasing an additional 6,475,786 shares during the period. Dimensional Fund Advisors LP boosted its position in Axalta Coating Systems by 18.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 5,095,897 shares of the specialty chemicals company’s stock valued at $145,829,000 after buying an additional 778,222 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Axalta Coating Systems by 0.3% during the 2nd quarter. Geode Capital Management LLC now owns 3,849,202 shares of the specialty chemicals company’s stock valued at $114,301,000 after buying an additional 11,749 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in Axalta Coating Systems by 64.9% during the 3rd quarter. AQR Capital Management LLC now owns 3,825,946 shares of the specialty chemicals company’s stock worth $107,739,000 after acquiring an additional 1,506,083 shares in the last quarter. 98.28% of the stock is owned by institutional investors and hedge funds.

About Axalta Coating Systems

Axalta Coating Systems is a global leader in the development, manufacture and sale of liquid and powder coatings. The company’s product portfolio spans refinish coatings for the automotive collision repair market, original equipment manufacturer (OEM) coatings for new vehicle production, and industrial coatings including electrodeposition (E-coat) and powder coatings for a variety of sectors such as architecture, heavy equipment and general industrial applications.

Tracing its roots to the 19th century and rebranded as Axalta following its separation from DuPont Performance Coatings in 2013, the company has built a presence in more than 100 countries.