MFS Cuts Axalta Stake to 2.6% as of Dec 29, 2023

TL;DR

**MFS just trimmed its Axalta stake to 2.6%, watch for other institutional moves.**

AI Summary

Massachusetts Financial Services Company (MFS) filed an amended SC 13G/A on February 9, 2024, disclosing its beneficial ownership in Axalta Coating Systems Ltd. As of December 29, 2023, MFS holds 5,871,289 shares of common stock, representing 2.6% of the company's outstanding shares. This is a decrease from their previous filing, indicating MFS has reduced its stake in Axalta, which could signal a shift in their investment strategy or outlook on the company's future performance.

Why It Matters

This filing shows a significant institutional investor, MFS, has reduced its ownership in Axalta, which could be interpreted as a lack of confidence or a reallocation of capital, potentially influencing other investors' decisions.

Risk Assessment

Risk Level: medium — A large institutional investor reducing its stake can signal potential concerns or a change in outlook, which could lead to downward pressure on the stock.

Analyst Insight

Investors should monitor subsequent institutional filings (13F, 13G/A) to see if other major holders are also reducing their stake in Axalta, which could signal a broader shift in sentiment. Consider researching the reasons behind MFS's decision to reduce its position.

Key Numbers

• 5,871,289 — shares beneficially owned (the total number of Axalta shares MFS holds with sole voting power)
• 2.6% — percentage of class (the percentage of Axalta's common stock beneficially owned by MFS)

Key Players & Entities

• Massachusetts Financial Services Company (company) — the reporting person, an institutional investor
• Axalta Coating Systems Ltd. (company) — the subject company whose shares are being reported
• December 29, 2023 (date) — the date of the event requiring the filing
• February 9, 2024 (date) — the filing date of the SC 13G/A

Forward-Looking Statements

• Other institutional investors may re-evaluate their positions in Axalta following MFS's reduction. (Axalta Coating Systems Ltd.) — medium confidence, target: Q1 2024

FAQ

Filing Documents

• SEC13G_Filing.htm (SC 13G/A) — 15KB
• 0000912938-24-000244.txt ( ) — 17KB

From the Filing

SC 13G/A 1 SEC13G_Filing.htm SEC SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 2 ) * AXALTA COATING SYSTEMS LTD (Name of Issuer) Common Stock (Title of Class of Securities) G0750C108 (CUSIP Number) December 29, 2023 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [X] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 (the "Act") or otherwise subject to the liabilities of that section of the Act, but shall be subject to all other provisions of the Act (however, see the Notes.) CUSIP No. G0750C108 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Massachusetts Financial Services Company ("MFS") 04-2747644 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] Not Applicable 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5. SOLE VOTING POWER 5,871,289 6. SHARED VOTING POWER 0 7. SOLE DISPOSITIVE POWER 7,135,669 8. SHARED DISPOSITIVE POWER 0 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,135,669 shares of Common Stock consisting of shares beneficially owned by MFS and/or certain other non-reporting entities 10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES Not Applicable 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.2% 12. TYPE OF REPORTING PERSON IA Item 1. (a) Name of Issuer AXALTA COATING SYSTEMS LTD (b) Address of Issuer's Principal Executive Offices 50 Applied Bank Blvd, Suite 300, Glen Mills, PA 19342 Item 2. (a) Name of Person Filing Massachusetts Financial Services Company (b) Address of Principal Business Office or, if None, Residence 111 Huntington Avenue, Boston, MA 02199 (c) Citizenship Delaware (d) Title of Class of Securities Common Stock (e) CUSIP Number G0750C108 Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a: (a) [ ] Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o). (b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c). (c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c). (d) [ ] Investment Company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) [X] An investment adviser in accordance with Rule 240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with Rule 240.13d-1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with Rule 240.13d-1(b)(1)(ii)(G); (h) [ ] A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(J). Item 4. Ownership. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount Beneficially Owned: 7,135,669 shares of Common Stock consisting of shares beneficially owned by MFS and/or certain other non-reporting entities (b) Percent of Class: 3.2% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote 5,871,289 (ii) shared power to vote or to direct the vote 0 (iii) sole power to dispose or to direct the disposition of 7,135,669 (iv) shared power to dispose or to direct the disposition of 0 Item 5. Ownership of Five Percent or Less of Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following: [ X ] Item 6. Ownership of More than Five Percent on Behalf of Another Person. Not Applicable Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company. Not Applicable Item 8. Identification and Classification of Members of the Group. Not Applicable Item 9. Notice of Dissolution of Group. Not Applicable Item 10.