Colfax Corp (NYSE:CFX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, July 17th. The firm currently has a $46.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 14.97% from the company’s previous close.
According to Zacks, “Over the last one year, Colfax's shares outperformed the Zacks categorized Machinery General Industrial industry. We believe that it holds solid long-term potential, backed by a diverse product portfolio, inorganic growth strategies and exposure to emerging markets. Colfax has initiated cost-saving strategies that will enable it to improve its margins. For 2017, it increased its adjusted earnings guidance to $1.60-$1.75 per share from the previous projection of $1.55-$1.70 per share range. In the last 60 days, earnings estimates on the stock increased for both 2017 and 2018.”
Other analysts also recently issued reports about the company. BidaskClub raised Colfax Corp from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Seaport Global Securities reissued a “buy” rating on shares of Colfax Corp in a research report on Wednesday, June 14th. Royal Bank Of Canada reissued a “buy” rating and issued a $44.00 target price on shares of Colfax Corp in a research report on Monday, April 17th. Barclays PLC raised their target price on Colfax Corp from $38.00 to $39.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 19th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Colfax Corp in a research report on Sunday, May 7th. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $46.00.
Colfax Corp (NYSE CFX) traded up 0.40% on Monday, hitting $40.01. 425,942 shares of the stock were exchanged. The company’s 50 day moving average price is $40.33 and its 200-day moving average price is $39.71. The company has a market cap of $4.92 billion, a P/E ratio of 31.48 and a beta of 1.37. Colfax Corp has a one year low of $27.76 and a one year high of $42.75.
Colfax Corp (NYSE:CFX) last released its earnings results on Friday, July 28th. The industrial products company reported $0.43 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.43. Colfax Corp had a return on equity of 6.94% and a net margin of 6.05%. The business had revenue of $965.83 million during the quarter, compared to the consensus estimate of $940.31 million. During the same period last year, the business posted $0.41 earnings per share. The business’s revenue for the quarter was up .9% on a year-over-year basis. Equities research analysts predict that Colfax Corp will post $1.73 EPS for the current fiscal year.
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In related news, SVP A. Lynne Puckett sold 10,882 shares of the business’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $40.14, for a total transaction of $436,803.48. Following the completion of the transaction, the senior vice president now directly owns 40,907 shares in the company, valued at $1,642,006.98. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Daniel A. Pryor sold 3,574 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $41.13, for a total value of $146,998.62. Following the transaction, the executive vice president now owns 40,224 shares of the company’s stock, valued at $1,654,413.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,560 shares of company stock valued at $628,319. 10.60% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of CFX. Columbus Circle Investors boosted its position in Colfax Corp by 60.4% in the first quarter. Columbus Circle Investors now owns 629,362 shares of the industrial products company’s stock valued at $24,709,000 after buying an additional 237,013 shares during the last quarter. Quantitative Systematic Strategies LLC boosted its position in Colfax Corp by 11.1% in the first quarter. Quantitative Systematic Strategies LLC now owns 12,483 shares of the industrial products company’s stock valued at $490,000 after buying an additional 1,250 shares during the last quarter. Beese Fulmer Investment Management Inc. boosted its position in Colfax Corp by 1.6% in the first quarter. Beese Fulmer Investment Management Inc. now owns 46,838 shares of the industrial products company’s stock valued at $1,839,000 after buying an additional 735 shares during the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of Colfax Corp during the first quarter valued at about $251,000. Finally, Alpha Windward LLC purchased a new stake in shares of Colfax Corp during the first quarter valued at about $473,000. Institutional investors and hedge funds own 77.32% of the company’s stock.
About Colfax Corp
Colfax Corporation is an industrial manufacturing and engineering company. The Company provides gas and fluid handling and fabrication technology products and services to customers around the world. The Company’s segments include Gas and Fluid Handling, and Fabrication Technology. The Gas and Fluid Handling segment supplies a range of gas and fluid handling products, including heavy-duty centrifugal and axial fans, rotary heat exchangers, gas compressors, pumps and certain related products, as well as aftermarket and lubrication-related services, which serves customers in the power generation, oil, gas and petrochemical, mining, marine (including defense) and general industrial and other end markets.
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