Axalta introduces new metallic color
On October 5, 2016, Axalta announced the introduction of its new architectural-grade Alesta AR400 champagne metallic color. This gives customers more options in the premium colors segment. The entire AR400 product line meets or exceeds the American Architectural Manufacturers Association 2604 standard for high-performance organic coatings on aluminum extrusions and panels. The new product can be used to create uniform coverage and easily fill in the scratches and reduce excessive thickness. This product also has corrosion-resistant properties.
Axalta stock price
On October 7, 2016, Axalta closed at $26.76, down 5.3% for the week. The First Trust US IPO Index Fund (FPX), which holds 0.6% in AXTA as of October 7, dropped 1.6% for the week and closed at $53.72. AXTA peers Sherwin-Williams (SHW), RPM International (RPM), and Valspar (VAL) fell 2.9%, 8.5%, and 0.7%, respectively, for the same period.
AXTA’s stock price closed 3.9% lower than its 100-day moving average price of $27.85, indicating a downward trend in the stock. During the week, the 14-day relative strength index (or RSI) has fallen from 51 to 33, indicating that the stock is moving towards an oversold situation temporarily. Analysts expect AXTA’s 12-month target price to be at $33.40, implying a potential return of ~24.9% over its closing price on October 7, 2016. On a year-to-date basis, AXTA has risen 0.4%.