Covington Capital Management Invests $68,000 in Axalta Coating Systems Ltd (AXTA)

Covington Capital Management acquired a new stake in shares of Axalta Coating Systems Ltd (NYSE:AXTA) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,920 shares of the specialty chemicals company’s stock, valued at approximately $68,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Diamond Hill Capital Management Inc. grew its holdings in Axalta Coating Systems by 4.2% in the 4th quarter. Diamond Hill Capital Management Inc. now owns 11,074,847 shares of the specialty chemicals company’s stock valued at $259,373,000 after buying an additional 444,255 shares during the last quarter. BlackRock Inc. grew its holdings in Axalta Coating Systems by 0.6% in the 4th quarter. BlackRock Inc. now owns 10,945,101 shares of the specialty chemicals company’s stock valued at $256,336,000 after buying an additional 64,482 shares during the last quarter. FMR LLC grew its holdings in Axalta Coating Systems by 79.9% in the 3rd quarter. FMR LLC now owns 6,696,710 shares of the specialty chemicals company’s stock valued at $195,277,000 after buying an additional 2,973,422 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Axalta Coating Systems by 17.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,704,794 shares of the specialty chemicals company’s stock valued at $133,606,000 after buying an additional 844,587 shares during the last quarter. Finally, Praesidium Investment Management Company LLC grew its holdings in Axalta Coating Systems by 9.9% in the 4th quarter. Praesidium Investment Management Company LLC now owns 4,394,880 shares of the specialty chemicals company’s stock valued at $102,928,000 after buying an additional 397,507 shares during the last quarter.

Shares of NYSE:AXTA opened at $24.88 on Monday. Axalta Coating Systems Ltd has a 1-year low of $21.58 and a 1-year high of $32.99. The company has a market cap of $5.84 billion, a PE ratio of 19.44, a PEG ratio of 1.42 and a beta of 1.25. The company has a current ratio of 2.22, a quick ratio of 1.63 and a debt-to-equity ratio of 2.92.



Axalta Coating Systems (NYSE:AXTA) last announced its quarterly earnings data on Wednesday, January 30th. The specialty chemicals company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.02. Axalta Coating Systems had a return on equity of 22.20% and a net margin of 4.42%. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the firm earned ($0.26) EPS. Axalta Coating Systems’s revenue for the quarter was down .6% compared to the same quarter last year. Research analysts expect that Axalta Coating Systems Ltd will post 1.34 EPS for the current year.

AXTA has been the topic of a number of research analyst reports. Bank of America raised Axalta Coating Systems from a “neutral” rating to a “buy” rating and set a $28.00 target price on the stock in a report on Tuesday, January 8th. UBS Group set a $32.00 target price on Axalta Coating Systems and gave the company a “buy” rating in a report on Thursday, December 20th. Credit Suisse Group set a $34.00 target price on Axalta Coating Systems and gave the company a “buy” rating in a report on Thursday, December 13th. Finally, Zacks Investment Research lowered Axalta Coating Systems from a “hold” rating to a “sell” rating in a report on Thursday, December 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $30.30.

In related news, SVP Michael A. Cash sold 1,287 shares of the firm’s stock in a transaction that occurred on Thursday, February 7th. The stock was sold at an average price of $26.07, for a total transaction of $33,552.09. Following the completion of the transaction, the senior vice president now owns 163,815 shares in the company, valued at approximately $4,270,657.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Joseph F. Mcdougall sold 1,160 shares of the firm’s stock in a transaction that occurred on Thursday, February 7th. The stock was sold at an average price of $26.00, for a total value of $30,160.00. Following the transaction, the executive vice president now owns 78,497 shares of the company’s stock, valued at approximately $2,040,922. The disclosure for this sale can be found here. Insiders have sold a total of 964,729 shares of company stock worth $25,102,588 in the last three months. 2.10% of the stock is owned by insiders.

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About Axalta Coating Systems

Axalta Coating Systems Ltd., through its subsidiaries, manufactures, markets, and distributes high performance coatings primarily for the transportation industry. It operates in two segments, Performance Coatings and Transportation Coatings. The Performance Coatings segment offers various specially-formulated water and solvent borne products and systems that are used to refinish damaged vehicles for independent body shops, multi-shop operators, and original equipment manufacturer (OEM) dealership body shops.

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Institutional Ownership by Quarter for Axalta Coating Systems (NYSE:AXTA)

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