Seaport Res Ptn Has Pessimistic View of AXTA FY2024 Earnings

Axalta Coating Systems Ltd. (NYSE:AXTA) – Stock analysts at Seaport Res Ptn cut their FY2024 earnings per share (EPS) estimates for Axalta Coating Systems in a report released on Wednesday, January 22nd. Seaport Res Ptn analyst M. Harrison now expects that the specialty chemicals company will post earnings of $2.15 per share for the year, down from their prior forecast of $2.16. The consensus estimate for Axalta Coating Systems’ current full-year earnings is $2.15 per share. Seaport Res Ptn also issued estimates for Axalta Coating Systems’ Q4 2024 earnings at $0.51 EPS, Q1 2025 earnings at $0.48 EPS, Q2 2025 earnings at $0.63 EPS, Q3 2025 earnings at $0.63 EPS, Q4 2025 earnings at $0.60 EPS and FY2025 earnings at $2.34 EPS.

Axalta Coating Systems (NYSE:AXTA) last released its quarterly earnings data on Wednesday, October 30th. The specialty chemicals company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.08. Axalta Coating Systems had a return on equity of 24.92% and a net margin of 6.22%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the prior year, the firm posted $0.45 EPS. The business’s revenue for the quarter was up .8% on a year-over-year basis.

Several other equities analysts have also recently issued reports on AXTA. Royal Bank of Canada raised their price objective on Axalta Coating Systems from $44.00 to $46.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. BMO Capital Markets upped their price objective on shares of Axalta Coating Systems from $46.00 to $48.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Mizuho dropped their price objective on Axalta Coating Systems from $43.00 to $41.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 7th. Evercore ISI assumed coverage on shares of Axalta Coating Systems in a research report on Wednesday, November 13th. They issued an “outperform” rating and a $47.00 price target on the stock. Finally, Citigroup lowered shares of Axalta Coating Systems from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $45.00 to $41.00 in a research note on Wednesday, December 18th. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Axalta Coating Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

Axalta Coating Systems Stock Performance

Shares of AXTA opened at $36.86 on Friday. The company has a quick ratio of 1.42, a current ratio of 2.00 and a debt-to-equity ratio of 1.80. The business’s 50 day moving average is $37.12 and its two-hundred day moving average is $36.29. The firm has a market cap of $8.04 billion, a price-to-earnings ratio of 24.90, a PEG ratio of 0.75 and a beta of 1.46. Axalta Coating Systems has a 52-week low of $30.40 and a 52-week high of $41.65.

Hedge Funds Weigh In On Axalta Coating Systems

Large investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its holdings in Axalta Coating Systems by 0.9% during 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 purchasing an additional 31,894 shares during the last quarter. Dynamic Technology Lab Private Ltd increased its stake in Axalta Coating Systems by 68.4% in the third quarter. Dynamic Technology Lab Private Ltd now owns 36,191 shares of the specialty chemicals company’s stock valued at $1,310,000 after acquiring an additional 14,704 shares during the last quarter. AQR Capital Management LLC increased its position in Axalta Coating Systems by 126.7% in the 2nd quarter. AQR Capital Management LLC now owns 794,454 shares of the specialty chemicals company’s stock valued at $26,817,000 after acquiring an additional 443,946 shares during the period. Oak Thistle LLC grew its stake in shares of Axalta Coating Systems by 434.3% in the fourth quarter. Oak Thistle LLC now owns 39,535 shares of the specialty chemicals company’s stock worth $1,353,000 after purchasing an additional 32,135 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its position in shares of Axalta Coating Systems by 5.8% in the 3rd quarter. Lord Abbett & CO. LLC now owns 445,836 shares of the specialty chemicals company’s stock valued at $16,135,000 after buying an additional 24,402 shares during the last quarter. 98.28% of the stock is currently owned by institutional investors and hedge funds.

About Axalta Coating Systems

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.