Axalta Coating Systems (NYSE:AXTA) Shares Gap Up – Here’s What Happened

Axalta Coating Systems Ltd. (NYSE:AXTA) gapped up prior to trading on Wednesday . The stock had previously closed at $32.27, but opened at $34.19. Axalta Coating Systems shares last traded at $34.1970, with a volume of 734,177 shares trading hands.

Analysts Set New Price Targets

Several brokerages have recently commented on AXTA. JPMorgan Chase & Co. dropped their target price on shares of Axalta Coating Systems from $30.00 to $29.00 and set a “neutral” rating for the company in a research report on Thursday, October 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Axalta Coating Systems in a research note on Wednesday, January 21st. Citigroup upped their price target on Axalta Coating Systems from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, December 18th. Bank of America decreased their price target on Axalta Coating Systems from $42.00 to $41.00 and set a “buy” rating for the company in a report on Tuesday, October 14th. Finally, Wells Fargo & Company lifted their price target on Axalta Coating Systems from $38.00 to $39.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. Seven research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $35.56.

Axalta Coating Systems Trading Up 6.3%

The company has a market capitalization of $7.32 billion, a PE ratio of 16.42, a P/E/G ratio of 1.35 and a beta of 1.29. The firm’s 50 day moving average is $32.03 and its 200 day moving average is $30.27. The company has a debt-to-equity ratio of 1.45, a current ratio of 2.20 and a quick ratio of 1.59.

Hedge Funds Weigh In On Axalta Coating Systems

Several hedge funds and other institutional investors have recently bought and sold shares of AXTA. Eagle Bay Advisors LLC bought a new position in Axalta Coating Systems in the fourth quarter valued at about $30,000. Cullen Frost Bankers Inc. bought a new stake in shares of Axalta Coating Systems in the 2nd quarter valued at approximately $37,000. IFP Advisors Inc bought a new stake in Axalta Coating Systems in the second quarter worth $39,000. FNY Investment Advisers LLC purchased a new position in shares of Axalta Coating Systems during the 2nd quarter worth about $49,000. Finally, GAMMA Investing LLC grew its stake in shares of Axalta Coating Systems by 42.9% during the fourth quarter. GAMMA Investing LLC now owns 1,678 shares of the specialty chemicals company’s stock valued at $54,000 after buying an additional 504 shares during the last quarter. Institutional investors own 98.28% of the company’s stock.

About Axalta Coating Systems

Axalta Coating Systems is a global leader in the development, manufacture and sale of liquid and powder coatings. The company’s product portfolio spans refinish coatings for the automotive collision repair market, original equipment manufacturer (OEM) coatings for new vehicle production, and industrial coatings including electrodeposition (E-coat) and powder coatings for a variety of sectors such as architecture, heavy equipment and general industrial applications.

Tracing its roots to the 19th century and rebranded as Axalta following its separation from DuPont Performance Coatings in 2013, the company has built a presence in more than 100 countries.