Axalta Coating Systems (NYSE:AXTA) Releases Earnings Results, Misses Estimates By $0.02 EPS
Axalta Coating Systems (NYSE:AXTA) posted its quarterly earnings data on Wednesday. The specialty chemicals company reported ($0.15) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.13) by ($0.02), MarketWatch Earnings reports. Axalta Coating Systems had a return on equity of 19.01% and a net margin of 1.99%. The business had revenue of $652.70 million for the quarter, compared to analyst estimates of $625.17 million. During the same quarter in the prior year, the company earned $0.52 earnings per share. The company’s quarterly revenue was down 43.6% on a year-over-year basis. Axalta Coating Systems updated its Q3 2020
Pre-Market guidance to EPS.
Shares of NYSE:AXTA traded down $0.28 during trading on Friday, reaching $21.94. The company had a trading volume of 79,038 shares, compared to its average volume of 1,853,882. The company has a fifty day moving average of $22.53 and a two-hundred day moving average of $22.80. The stock has a market capitalization of $5.15 billion, a P/E ratio of 67.27, a price-to-earnings-growth ratio of 18.02 and a beta of 1.60. Axalta Coating Systems has a 12 month low of $12.92 and a 12 month high of $32.20. The company has a current ratio of 2.17, a quick ratio of 1.58 and a debt-to-equity ratio of 2.60.
A number of research firms have recently commented on AXTA. KeyCorp increased their price objective on shares of Axalta Coating Systems from $25.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, July 13th. Deutsche Bank raised their price objective on shares of Axalta Coating Systems from $21.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, June 17th. Goldman Sachs Group upgraded shares of Axalta Coating Systems from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $19.00 to $25.00 in a research report on Tuesday, May 12th. BMO Capital Markets cut their price objective on shares of Axalta Coating Systems from $35.00 to $28.00 and set an “outperform” rating for the company in a research report on Thursday, April 2nd. Finally, Citigroup cut their price objective on shares of Axalta Coating Systems from $28.00 to $27.00 and set a “buy” rating for the company in a research report on Thursday. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $25.64.
Axalta Coating Systems Ltd., through its subsidiaries, manufactures, markets, and distributes high performance coatings systems. It operates in two segments, Performance Coatings and Transportation Coatings. The Performance Coatings segment offers water and solvent borne products and systems that are used to refinish damaged vehicles for independent body shops, multi-shop operators, and original equipment manufacturer (OEM) dealership body shops.
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