On February 4, Leeward Investments disclosed a buy of 323,314 shares of Axalta Coating Systems (AXTA 1.83%), an estimated $9.48 million trade based on quarterly average pricing.
What happened
According to an SEC filing dated February 4, Leeward Investments added 323,314 shares of Axalta Coating Systems (AXTA 1.83%), with an estimated transaction value of $9.48 million based on the average closing price during the fourth quarter. The fund’s position value in Axalta Coating Systems increased by $12.05 million from the prior quarter, reflecting both the additional shares and changes in the share price.
What else to know
Axalta Coating Systems represented 1.24% of 13F reportable AUM after the filing.
Top holdings after the filing:
- NASDAQ: LITE: $42.12 million (2.1% of AUM)
- NYSE: FHN: $39.97 million (2.0% of AUM)
- NYSE: EHC: $35.45 million (1.8% of AUM)
- NYSE: CLH: $33.99 million (1.7% of AUM)
- NYSE: RRX: $32.63 million (1.7% of AUM)
As of February 4, shares of Axalta Coating Systems were priced at $34.27, down 9.8% over the past year and well underperforming the S&P 500’s roughly 14% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Price (as of February 4, 2026) | $34.27 |
| Market capitalization | $7.31 billion |
| Revenue (TTM) | $5.17 billion |
| Net income (TTM) | $455.00 million |
Company snapshot
- Axalta Coating Systems manufactures and markets high-performance coatings, including water- and solvent-borne systems, powder coatings, and electrocoat products for automotive, industrial, and commercial applications.
- The company generates revenue primarily through the sale of coatings and related systems to original equipment manufacturers (OEMs), body shops, and industrial customers, leveraging a global distribution network and brand portfolio.
- Primary customers include independent and multi-shop automotive repair operators, OEM dealership body shops, industrial manufacturers, and commercial vehicle OEMs across North America, EMEA, Asia Pacific, and Latin America.
Axalta Coating Systems is a global leader in specialty coatings, operating at scale with a diverse customer base across automotive and industrial sectors. The company’s strategy emphasizes innovation in coatings technology and broad market coverage, supported by a robust portfolio of brands and solutions. Its competitive edge lies in its comprehensive product suite and established relationships with OEMs and industrial clients worldwide.
What this transaction means for investors
This move is interesting because it lines up with a business quietly doing the hard work while its stock goes nowhere. Axalta is not a momentum story, but it does seem like a margin and cash flow story hiding in plain sight.
In the most recent quarter, Axalta delivered roughly $1.3 billion in net sales and a record $294 million in adjusted EBITDA, pushing margins to 22.8%, up 70 basis points year over year. Net income climbed to $110 million, while adjusted diluted EPS reached $0.67. That operational discipline showed up in capital allocation too, with $100 million spent on share repurchases during the quarter and plans to deploy up to $250 million more.
Against that backdrop, the stock was still down nearly 10% over the past year at the time of the filing, badly lagging the broader market. That disconnect might help explain why this position sits alongside holdings like Lumentum, First Horizon, and Clean Harbors, businesses where cyclical pressure masks improving economics.
