Axalta Coating Systems (NYSE:AXTA) Issues Earnings Results

Axalta Coating Systems (NYSE:AXTA) released its earnings results on Wednesday. The specialty chemicals company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.08, Briefing.com reports. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Axalta Coating Systems had a net margin of 5.69% and a return on equity of 24.28%. The company’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.45 earnings per share. Axalta Coating Systems updated its FY 2024 guidance to 2.150-2.150 EPS and its FY24 guidance to $2.15 EPS.

Axalta Coating Systems Trading Down 1.5 %

AXTA stock traded down $0.58 during mid-day trading on Thursday, hitting $37.74. 1,297,644 shares of the company were exchanged, compared to its average volume of 2,030,575. The business has a fifty day simple moving average of $35.86 and a 200-day simple moving average of $34.99. The firm has a market capitalization of $8.33 billion, a P/E ratio of 34.45, a PEG ratio of 0.87 and a beta of 1.44. Axalta Coating Systems has a 12-month low of $25.92 and a 12-month high of $38.77. The company has a quick ratio of 1.70, a current ratio of 2.26 and a debt-to-equity ratio of 1.97.

Analysts Set New Price Targets

Several brokerages have issued reports on AXTA. KeyCorp lifted their target price on shares of Axalta Coating Systems from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Robert W. Baird raised their target price on shares of Axalta Coating Systems from $40.00 to $42.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. UBS Group dropped their price target on Axalta Coating Systems from $39.00 to $38.00 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. Mizuho lifted their price objective on Axalta Coating Systems from $42.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Royal Bank of Canada raised their target price on Axalta Coating Systems from $42.00 to $44.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $41.20.

Axalta Coating Systems Company Profile

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.