Mackenzie Financial Corp Cuts Stake in Axalta Coating Systems Ltd. (NYSE:AXTA)

Mackenzie Financial Corp cut its stake in Axalta Coating Systems Ltd. (NYSE:AXTA) by 8.6% during the 2nd quarter, HoldingsChannel reports. The firm owned 147,900 shares of the specialty chemicals company’s stock after selling 13,983 shares during the quarter. Mackenzie Financial Corp’s holdings in Axalta Coating Systems were worth $5,054,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company raised its position in Axalta Coating Systems by 19.5% in the second quarter. The Manufacturers Life Insurance Company now owns 2,914,764 shares of the specialty chemicals company’s stock valued at $99,597,000 after purchasing an additional 475,493 shares during the period. Millennium Management LLC raised its position in Axalta Coating Systems by 89.7% in the second quarter. Millennium Management LLC now owns 2,733,703 shares of the specialty chemicals company’s stock valued at $93,411,000 after purchasing an additional 1,292,434 shares during the period. Maverick Capital Ltd. raised its position in Axalta Coating Systems by 169.7% in the second quarter. Maverick Capital Ltd. now owns 35,178 shares of the specialty chemicals company’s stock valued at $1,202,000 after purchasing an additional 22,135 shares during the period. AQR Capital Management LLC raised its position in Axalta Coating Systems by 126.7% in the second quarter. AQR Capital Management LLC now owns 794,454 shares of the specialty chemicals company’s stock valued at $26,817,000 after purchasing an additional 443,946 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Axalta Coating Systems in the second quarter valued at about $82,000. 98.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on AXTA shares. Royal Bank of Canada raised their target price on Axalta Coating Systems from $42.00 to $44.00 and gave the company an “outperform” rating in a research note on Monday, August 5th. KeyCorp raised their target price on Axalta Coating Systems from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Robert W. Baird raised their target price on Axalta Coating Systems from $40.00 to $42.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Barclays raised their target price on Axalta Coating Systems from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Finally, UBS Group lowered their target price on Axalta Coating Systems from $39.00 to $38.00 and set a “neutral” rating for the company in a research note on Tuesday, July 9th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $41.00.

Axalta Coating Systems Stock Performance

Shares of AXTA stock opened at $35.64 on Wednesday. The company has a quick ratio of 1.70, a current ratio of 2.26 and a debt-to-equity ratio of 1.97. The business has a 50 day moving average of $35.19 and a two-hundred day moving average of $34.60. Axalta Coating Systems Ltd. has a 52 week low of $25.03 and a 52 week high of $37.78. The company has a market cap of $7.86 billion, a P/E ratio of 32.11, a PEG ratio of 0.85 and a beta of 1.44.

Axalta Coating Systems (NYSE:AXTA) last issued its earnings results on Thursday, August 1st. The specialty chemicals company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.06. Axalta Coating Systems had a return on equity of 24.28% and a net margin of 5.69%. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the previous year, the firm posted $0.35 earnings per share. Axalta Coating Systems’s quarterly revenue was up 4.4% compared to the same quarter last year. As a group, analysts anticipate that Axalta Coating Systems Ltd. will post 2.07 EPS for the current year.

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.