Corebridge Financial Inc. Lowers Stock Holdings in Axalta Coating Systems Ltd. (NYSE:AXTA)

Corebridge Financial Inc. cut its stake in shares of Axalta Coating Systems Ltd. (NYSE:AXTA) by 4.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 246,742 shares of the specialty chemicals company’s stock after selling 12,603 shares during the period. Corebridge Financial Inc. owned approximately 0.11% of Axalta Coating Systems worth $8,444,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in AXTA. Geode Capital Management LLC grew its position in Axalta Coating Systems by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 3,669,190 shares of the specialty chemicals company’s stock valued at $132,823,000 after buying an additional 31,894 shares during the last quarter. Oak Thistle LLC increased its stake in shares of Axalta Coating Systems by 434.3% during the fourth quarter. Oak Thistle LLC now owns 39,535 shares of the specialty chemicals company’s stock worth $1,353,000 after acquiring an additional 32,135 shares during the period. Lord Abbett & CO. LLC raised its holdings in Axalta Coating Systems by 5.8% during the third quarter. Lord Abbett & CO. LLC now owns 445,836 shares of the specialty chemicals company’s stock worth $16,135,000 after purchasing an additional 24,402 shares in the last quarter. Principal Securities Inc. raised its holdings in Axalta Coating Systems by 5.5% during the fourth quarter. Principal Securities Inc. now owns 6,378 shares of the specialty chemicals company’s stock worth $218,000 after purchasing an additional 332 shares in the last quarter. Finally, Barclays PLC lifted its position in Axalta Coating Systems by 50.4% in the third quarter. Barclays PLC now owns 154,483 shares of the specialty chemicals company’s stock valued at $5,589,000 after purchasing an additional 51,748 shares during the period. 98.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft reduced their price target on Axalta Coating Systems from $44.00 to $42.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Mizuho reduced their target price on Axalta Coating Systems from $43.00 to $41.00 and set an “outperform” rating for the company in a report on Tuesday, January 7th. StockNews.com cut shares of Axalta Coating Systems from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 28th. Barclays boosted 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 Wednesday, February 5th. Finally, Citigroup lowered shares of Axalta Coating Systems from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $45.00 to $41.00 in a research report on Wednesday, December 18th. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Axalta Coating Systems has a consensus rating of “Moderate Buy” and an average price target of $43.08.

Axalta Coating Systems Stock Down 3.2 %

Shares of NYSE AXTA opened at $33.08 on Friday. The firm has a market cap of $7.22 billion, a P/E ratio of 18.58, a price-to-earnings-growth ratio of 0.92 and a beta of 1.45. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.47 and a current ratio of 2.01. Axalta Coating Systems Ltd. has a 1 year low of $30.41 and a 1 year high of $41.66. The firm’s 50 day moving average price is $35.91 and its 200 day moving average price is $36.56.

Axalta Coating Systems (NYSE:AXTA) last posted its quarterly earnings data on Tuesday, February 4th. The specialty chemicals company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.09. Axalta Coating Systems had a return on equity of 26.29% and a net margin of 7.41%. The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter last year, the firm earned $0.43 earnings per share. The business’s revenue was up 1.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Axalta Coating Systems Ltd. will post 2.55 earnings per share for the current year.

Insider Activity

In related news, insider Troy D. Weaver sold 10,457 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $37.57, for a total transaction of $392,869.49. Following the completion of the sale, the insider now directly owns 74,905 shares of the company’s stock, valued at approximately $2,814,180.85. This represents a 12.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.40% of the company’s stock.

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.