Axalta Coating Systems (NYSE:AXTA) has received an updated price target of $39.00 from Wells Fargo & Company, an increase from the previous target of $38.00. This revision, announced in a research note on October 14, 2023, reflects Wells Fargo’s positive outlook on the specialty chemicals company’s stock, which currently holds an “overweight” rating.
Other analysts have also recently assessed Axalta’s performance. KeyCorp reaffirmed a “sector weight” rating, while Bank of America lowered its price target from $42.00 to $41.00, maintaining a “buy” rating. Additionally, BMO Capital Markets downgraded Axalta from an “outperform” to a “market perform” rating, reducing their price target significantly from $51.00 to $33.00. Vertical Research set a price target of $37.00 and gave the stock a “buy” rating. According to MarketBeat, the average rating for Axalta Coating Systems among analysts is a “Moderate Buy,” with a consensus price target of $37.06.
Recent Financial Performance
Axalta Coating Systems recently announced its quarterly earnings results on October 28, 2023. The firm reported earnings per share of $0.67, exceeding the consensus estimate of $0.64 by $0.03. Despite this positive outcome, the company’s revenue of $1.30 billion fell slightly short of the anticipated $1.31 billion, marking a 2.4% decline year-over-year. In the same quarter last year, Axalta recorded earnings of $0.59 per share.
Looking ahead, the company has set guidance for the fourth quarter of 2025 at $0.600 EPS and for the full year at $2.500 EPS. Analysts’ projections suggest that Axalta will achieve earnings per share of $2.55 for the current year.
Insider Activity and Institutional Investments
In related news, Axalta’s Senior Vice President, Amy Tufano, sold 3,194 shares of the company’s stock on August 19, 2023, at an average price of $31.06, amounting to $99,205.64. Following this transaction, Tufano retains 12,087 shares, valued at approximately $375,422.22. This sale represents a 20.90% decrease in her ownership of Axalta shares. The transaction was disclosed to the Securities and Exchange Commission.
Institutional investors continue to play a significant role in Axalta’s stock. Recent activities include Golden State Wealth Management LLC increasing its stake by 105.9% during the first quarter, now owning 949 shares valued at $31,000. Other notable movements include Allspring Global Investments purchasing a new position valued at $572,000, and New York State Teachers Retirement System boosting its holdings by 12.1% to 77,859 shares worth $2.58 million. Currently, institutional investors own 98.28% of Axalta’s stock.
Axalta Coating Systems, with operations across North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America, produces high-performance coating systems through its two segments: Performance Coatings and Mobility Coatings. The company’s ongoing developments in the specialty chemicals sector continue to attract attention from analysts and investors alike.
