Empyrean Capital Partners LP bought a new position in shares of Axalta Coating Systems Ltd. (NYSE:AXTA – Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,050,000 shares of the specialty chemicals company’s stock, valued at approximately $66,236,000. Axalta Coating Systems accounts for about 2.3% of Empyrean Capital Partners LP’s investment portfolio, making the stock its 13th largest holding. Empyrean Capital Partners LP owned approximately 0.96% of Axalta Coating Systems at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of Axalta Coating Systems by 11.6% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 17,456,984 shares of the specialty chemicals company’s stock worth $564,035,000 after acquiring an additional 1,815,715 shares in the last quarter. Artisan Partners Limited Partnership increased its position in Axalta Coating Systems by 887.2% in the 4th quarter. Artisan Partners Limited Partnership now owns 12,575,932 shares of the specialty chemicals company’s stock worth $406,328,000 after purchasing an additional 11,301,977 shares during the last quarter. Millennium Management LLC increased its position in Axalta Coating Systems by 475.3% in the 3rd quarter. Millennium Management LLC now owns 7,838,111 shares of the specialty chemicals company’s stock worth $224,327,000 after purchasing an additional 6,475,786 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Axalta Coating Systems by 36.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,941,250 shares of the specialty chemicals company’s stock worth $224,282,000 after purchasing an additional 1,845,353 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Axalta Coating Systems by 64.9% during the 3rd quarter. AQR Capital Management LLC now owns 3,825,946 shares of the specialty chemicals company’s stock valued at $107,739,000 after buying an additional 1,506,083 shares during the last quarter. 98.28% of the stock is owned by hedge funds and other institutional investors.
Axalta Coating Systems Trading Up 2.0%
Shares of AXTA opened at $33.97 on Thursday. Axalta Coating Systems Ltd. has a 1 year low of $24.94 and a 1 year high of $35.72. The company has a current ratio of 2.10, a quick ratio of 1.53 and a debt-to-equity ratio of 1.27. The stock has a 50 day simple moving average of $29.68 and a 200-day simple moving average of $30.78. The stock has a market cap of $7.27 billion, a PE ratio of 19.87, a PEG ratio of 1.74 and a beta of 1.25.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on AXTA. Wells Fargo & Company downgraded Axalta Coating Systems from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $39.00 to $30.00 in a research note on Friday, April 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of Axalta Coating Systems in a report on Tuesday. Royal Bank Of Canada reduced their price objective on shares of Axalta Coating Systems from $31.00 to $29.00 and set a “sector perform” rating for the company in a research note on Tuesday, May 5th. Mizuho decreased their price objective on shares of Axalta Coating Systems from $39.00 to $32.00 and set an “outperform” rating for the company in a report on Monday, March 23rd. Finally, UBS Group raised their target price on shares of Axalta Coating Systems from $31.00 to $32.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Four investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $34.31.
View Our Latest Analysis on AXTA
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.
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