Zacks Investment Research lowered shares of Colfax Corporation (NYSE:CFX) from a buy rating to a hold rating in a research note issued to investors on Tuesday, July 18th.
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. However, we believe that the company's exposure to headwinds from uncertain global economic conditions, unfavorable forex movements and stiff competition might impact its financials in the near term.”
CFX has been the subject of a number of other reports. BidaskClub upgraded Colfax Corporation from a hold rating to a buy rating in a report on Thursday, July 6th. Seaport Global Securities restated a buy rating on shares of Colfax Corporation in a report on Wednesday, June 14th. Royal Bank Of Canada restated a buy rating and issued a $44.00 price objective on shares of Colfax Corporation in a report on Monday, April 17th. Barclays PLC increased their price objective on Colfax Corporation from $38.00 to $39.00 and gave the company an equal weight rating in a report on Wednesday, April 19th. Finally, Oppenheimer Holdings, Inc. restated a hold rating on shares of Colfax Corporation in a report on Sunday, May 7th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $46.00.
Colfax Corporation (NYSE:CFX) traded up 0.40% on Tuesday, hitting $40.01. The stock had a trading volume of 425,942 shares. Colfax Corporation has a 12-month low of $27.75 and a 12-month high of $42.75. The company has a 50 day moving average of $40.33 and a 200 day moving average of $39.71. The company has a market capitalization of $4.92 billion, a PE ratio of 31.48 and a beta of 1.37.
Colfax Corporation (NYSE:CFX) last announced its quarterly earnings results on Friday, July 28th. The industrial products company reported $0.43 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.43. The company had revenue of $965.83 million during the quarter, compared to the consensus estimate of $940.31 million. Colfax Corporation had a net margin of 4.35% and a return on equity of 6.30%. The company’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.41 earnings per share. On average, equities analysts expect that Colfax Corporation will post $1.73 earnings per share for the current year.
In other Colfax Corporation news, SVP A. Lynne Puckett sold 10,882 shares of the 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 sale, the senior vice president now directly owns 40,907 shares in the company, valued at approximately $1,642,006.98. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Daniel A. Pryor sold 3,574 shares of the 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 sale, 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 quarter, insiders have sold 15,560 shares of company stock valued at $628,319. Company insiders own 10.60% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its position in Colfax Corporation by 1.1% in the second quarter. Principal Financial Group Inc. now owns 8,956,040 shares of the industrial products company’s stock worth $352,600,000 after buying an additional 95,361 shares during the period. Vanguard Group Inc. boosted its position in Colfax Corporation by 0.4% in the second quarter. Vanguard Group Inc. now owns 6,625,006 shares of the industrial products company’s stock worth $260,827,000 after buying an additional 28,081 shares during the period. FMR LLC boosted its position in Colfax Corporation by 32.8% in the first quarter. FMR LLC now owns 4,243,210 shares of the industrial products company’s stock worth $166,588,000 after buying an additional 1,048,360 shares during the period. BlackRock Inc. boosted its position in Colfax Corporation by 1.7% in the second quarter. BlackRock Inc. now owns 4,174,568 shares of the industrial products company’s stock worth $164,353,000 after buying an additional 70,676 shares during the period. Finally, Bares Capital Management Inc. boosted its position in Colfax Corporation by 1.2% in the first quarter. Bares Capital Management Inc. now owns 4,080,045 shares of the industrial products company’s stock worth $160,183,000 after buying an additional 49,070 shares during the period. 77.32% of the stock is currently owned by institutional investors.
About Colfax Corporation
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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