Axalta Coating Systems Ltd (NASDAQ:AXTA) shares gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $28.50, but opened at $29.25. Axalta Coating Systems shares last traded at $28.01, with a volume of 3,515,047 shares.

The specialty chemicals company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by $0.08. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.12 billion. Axalta Coating Systems had a return on equity of 21.46% and a net margin of 6.50%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period last year, the company posted $0.34 earnings per share.

Several analysts recently weighed in on AXTA shares. Bank of America Corporation lowered Axalta Coating Systems from a “buy” rating to an “underperform” rating and reduced their price objective for the company from $36.00 to $30.00 in a research note on Wednesday, June 21st. Nomura lowered Axalta Coating Systems from a “buy” rating to a “neutral” rating and set a $33.00 price objective on the stock. in a research note on Friday, April 21st. Citigroup Inc. reaffirmed a “neutral” rating and issued a $33.00 price objective (up from $30.00) on shares of Axalta Coating Systems in a research note on Friday, April 14th. Instinet lowered Axalta Coating Systems from a “buy” rating to a “neutral” rating and set a $33.00 price objective on the stock. in a research note on Friday, April 21st. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $36.00 price objective on shares of Axalta Coating Systems in a research note on Thursday, July 6th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $34.27.

In other Axalta Coating Systems news, VP Sean M. Lannon sold 5,000 shares of the stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $33.00, for a total value of $165,000.00. Following the completion of the transaction, the vice president now directly owns 16,286 shares in the company, valued at $537,438. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Charles W. Shaver sold 179,487 shares of the stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $31.32, for a total value of $5,621,532.84. Following the completion of the transaction, the chief executive officer now owns 528,907 shares of the company’s stock, valued at $16,565,367.24. The disclosure for this sale can be found here. Insiders sold 438,289 shares of company stock valued at $13,876,363 over the last quarter.

Several institutional investors have recently modified their holdings of AXTA. Russell Investments Group Ltd. bought a new position in shares of Axalta Coating Systems during the fourth quarter worth about $312,000. Comerica Bank bought a new position in shares of Axalta Coating Systems during the fourth quarter worth about $218,000. Dimensional Fund Advisors LP increased its position in shares of Axalta Coating Systems by 6.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 754,236 shares of the specialty chemicals company’s stock worth $20,516,000 after buying an additional 44,711 shares during the period. UBS Asset Management Americas Inc. increased its position in shares of Axalta Coating Systems by 7.8% in the fourth quarter. UBS Asset Management Americas Inc. now owns 475,788 shares of the specialty chemicals company’s stock worth $12,941,000 after buying an additional 34,591 shares during the period. Finally, Teachers Advisors LLC increased its position in shares of Axalta Coating Systems by 15.9% in the fourth quarter. Teachers Advisors LLC now owns 163,132 shares of the specialty chemicals company’s stock worth $4,437,000 after buying an additional 22,403 shares during the period.

The company has a market capitalization of $6.84 billion and a P/E ratio of 93.51. The stock has a 50-day moving average price of $32.58 and a 200 day moving average price of $31.29.

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Axalta Coating Systems Company 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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