Victory Capital Management Inc. Sells 143,595 Shares of Axalta Coating Systems Ltd (AXTA)
Victory Capital Management Inc. cut its stake in shares of Axalta Coating Systems Ltd (NASDAQ:AXTA) by 24.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 434,850 shares of the specialty chemicals company’s stock after selling 143,595 shares during the quarter. Victory Capital Management Inc. owned approximately 0.18% of Axalta Coating Systems worth $12,576,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. State Street Corp grew its stake in shares of Axalta Coating Systems by 11.2% during the 2nd quarter. State Street Corp now owns 3,642,670 shares of the specialty chemicals company’s stock valued at $116,710,000 after acquiring an additional 365,915 shares during the period. Delta Lloyd Asset Management N.V. bought a new position in shares of Axalta Coating Systems during the 2nd quarter valued at approximately $2,564,000. Federated Investors Inc. PA bought a new position in shares of Axalta Coating Systems during the 2nd quarter valued at approximately $2,379,000. Engineers Gate Manager LP grew its stake in shares of Axalta Coating Systems by 46.7% during the 2nd quarter. Engineers Gate Manager LP now owns 94,895 shares of the specialty chemicals company’s stock valued at $3,040,000 after acquiring an additional 30,208 shares during the period. Finally, Marathon Asset Management LLP grew its stake in shares of Axalta Coating Systems by 32.8% during the 3rd quarter. Marathon Asset Management LLP now owns 1,250,613 shares of the specialty chemicals company’s stock valued at $36,168,000 after acquiring an additional 308,752 shares during the period.
Shares of Axalta Coating Systems Ltd (AXTA) opened at $31.92 on Tuesday. Axalta Coating Systems Ltd has a twelve month low of $24.72 and a twelve month high of $34.47.
Axalta Coating Systems (NASDAQ:AXTA) last issued its quarterly earnings data 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 return on equity of 6.61% and a negative net margin of 1.73%. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.33 EPS.
A number of research analysts recently issued reports on the company. BidaskClub downgraded Axalta Coating Systems from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. KeyCorp reiterated a “buy” rating and set a $36.00 price objective on shares of Axalta Coating Systems in a research note on Thursday, October 12th. Credit Suisse Group boosted their price objective on Axalta Coating Systems from $33.00 to $37.00 and gave the company an “outperform” rating in a research note on Monday, November 6th. Citigroup Inc. downgraded Axalta Coating Systems from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $31.00 to $25.00 in a research note on Tuesday, October 10th. Finally, UBS AG dropped their price target on Axalta Coating Systems from $39.00 to $37.00 and set a “buy” rating for the company in a research note on Friday, October 27th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $33.87.
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In related news, EVP Steven R. Markevich sold 900 shares of the stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $29.42, for a total transaction of $26,478.00. Following the sale, the executive vice president now owns 201,393 shares in the company, valued at approximately $5,924,982.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Steven R. Markevich sold 160,000 shares of the stock in a transaction on Friday, September 1st. The shares were sold at an average price of $29.37, for a total value of $4,699,200.00. Following the sale, the executive vice president now owns 280,377 shares in the company, valued at approximately $8,234,672.49. The disclosure for this sale can be found here. Insiders have sold a total of 195,774 shares of company stock worth $5,771,898 in the last 90 days.
Axalta Coating Systems Profile
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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