Axalta Coating Systems (NYSE:AXTA) Issues FY 2024 Earnings Guidance

Axalta Coating Systems (NYSE:AXTAGet Free Report) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 1.800-1.950 for the period. The company issued revenue guidance of -. Axalta Coating Systems also updated its FY24 guidance to $1.80-1.95 EPS.

Axalta Coating Systems Stock Up 0.9 %

Shares of NYSE:AXTA opened at $31.33 on Friday. The business has a fifty day simple moving average of $32.99 and a 200 day simple moving average of $29.97. Axalta Coating Systems has a 12-month low of $25.03 and a 12-month high of $34.45. The company has a quick ratio of 1.50, a current ratio of 1.98 and a debt-to-equity ratio of 1.96. The firm has a market cap of $6.95 billion, a P/E ratio of 26.11, a P/E/G ratio of 1.51 and a beta of 1.52.

Axalta Coating Systems (NYSE:AXTAGet Free Report) last posted its quarterly earnings data on Thursday, February 8th. The specialty chemicals company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.01). Axalta Coating Systems had a return on equity of 20.70% and a net margin of 5.16%. The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period last year, the business posted $0.38 earnings per share. The business’s revenue was up 4.9% on a year-over-year basis. Analysts predict that Axalta Coating Systems will post 1.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on AXTA shares. JPMorgan Chase & Co. lifted their price objective on Axalta Coating Systems from $35.00 to $38.00 and gave the stock an overweight rating in a research report on Friday. Wells Fargo & Company boosted their target price on Axalta Coating Systems from $31.00 to $33.00 and gave the company an equal weight rating in a research report on Tuesday, January 9th. StockNews.com raised Axalta Coating Systems from a hold rating to a buy rating in a research report on Friday, November 3rd. UBS Group lowered Axalta Coating Systems from a buy rating to a neutral rating and boosted their target price for the company from $35.00 to $36.00 in a research report on Monday, January 8th. Finally, Royal Bank of Canada boosted their target price on Axalta Coating Systems from $34.00 to $36.00 and gave the company an outperform rating in a research report on Friday, November 3rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $34.42.

Check Out Our Latest Stock Analysis on Axalta Coating Systems

Insider Buying and Selling at Axalta Coating Systems

In other news, SVP Hadi Awada sold 10,500 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $31.99, for a total value of $335,895.00. Following the transaction, the senior vice president now owns 14,656 shares in the company, valued at approximately $468,845.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, SVP Hadi Awada sold 10,500 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $31.99, for a total value of $335,895.00. Following the transaction, the senior vice president now owns 14,656 shares in the company, valued at approximately $468,845.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Brian A. Berube sold 7,500 shares of the business’s stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $31.19, for a total value of $233,925.00. Following the completion of the transaction, the senior vice president now owns 44,408 shares in the company, valued at approximately $1,385,085.52. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,915 shares of company stock worth $1,123,035. Insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Axalta Coating Systems

A number of hedge funds have recently modified their holdings of AXTA. BlackRock Inc. raised its holdings in shares of Axalta Coating Systems by 65.4% in the 1st quarter. BlackRock Inc. now owns 25,806,208 shares of the specialty chemicals company’s stock worth $781,670,000 after purchasing an additional 10,208,408 shares during the period. Millennium Management LLC raised its holdings in Axalta Coating Systems by 5,915.6% during the 4th quarter. Millennium Management LLC now owns 5,193,950 shares of the specialty chemicals company’s stock valued at $132,290,000 after acquiring an additional 5,107,608 shares during the period. State Street Corp raised its holdings in Axalta Coating Systems by 68.2% during the 1st quarter. State Street Corp now owns 6,639,964 shares of the specialty chemicals company’s stock valued at $201,124,000 after acquiring an additional 2,692,774 shares during the period. Norges Bank bought a new stake in Axalta Coating Systems during the 4th quarter valued at $53,517,000. Finally, Ariel Investments LLC increased its holdings in shares of Axalta Coating Systems by 23.8% in the first quarter. Ariel Investments LLC now owns 7,398,739 shares of the specialty chemicals company’s stock worth $181,861,000 after purchasing an additional 1,420,653 shares during the period. Institutional investors own 98.64% of the company’s stock.

About Axalta Coating Systems

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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. It operates through two segments, Performance Coatings and Mobility Coatings. The company offers water and solvent-borne products and systems to repair damaged vehicles for independent body shops, multi-shop operators, and original equipment manufacturer (OEM) dealership body shops.

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Earnings History and Estimates for Axalta Coating Systems (NYSE:AXTA)

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