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Auto Workers’ Strike Impacted Axalta Coating Systems Ltd. (AXTA)

Artisan Partners, an investment management company, released its “Artisan Select Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Investor Class: ARTNX returned -4.77%, its Advisor Class: APDNX returned -4.77%, and Institutional Class: APHNX returned -4.71% compared to S&P 500 Index’s -3.27% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Artisan Select Equity Fund highlighted stocks like Axalta Coating Systems Ltd. (NYSE:AXTA) in the third quarter 2023 investor letter. Headquartered in Philadelphia, Pennsylvania, Axalta Coating Systems Ltd. (NYSE:AXTA) manufactures, markets, and distributes coatings systems. On November 29, 2023, Axalta Coating Systems Ltd. (NYSE:AXTA) stock closed at $31.07 per share. One-month return of Axalta Coating Systems Ltd. (NYSE:AXTA) was 7.14%, and its shares gained 16.02% of their value over the last 52 weeks. Axalta Coating Systems Ltd. (NYSE:AXTA) has a market capitalization of $6.838 billion.

Artisan Select Equity Fund made the following comment about Axalta Coating Systems Ltd. (NYSE:AXTA) in its Q3 2023 investor letter:

"Axalta Coating Systems Ltd. (NYSE:AXTA) declined 18% in Q3. Shares rose strongly in the prior several months, and we meaningfully reduced our position during that time as the shares approached our fair value estimate. The United Auto Workers strike will reduce auto production rates, which will have a knock-on effect on Axalta’s coatings business with original equipment manufacturers. In addition, strong oil prices will likely lead to more raw material inflation, which Axalta will need to pass on through higher prices. We are confident that it will do so."

A worker in a paint manufacturing plant wearing a protective suit and mask.

Axalta Coating Systems Ltd. (NYSE:AXTA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held Axalta Coating Systems Ltd. (NYSE:AXTA) at the end of third quarter which was 49 in the previous quarter.

We discussed Axalta Coating Systems Ltd. (NYSE:AXTA) in another article and shared the list of best basic materials stocks to buy. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.

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