Zacks Investment Research upgraded shares of Colfax Corporation (NYSE:CFX) from a hold rating to a buy rating in a research report report published on Tuesday, August 1st. Zacks Investment Research currently has $46.00 price target on the industrial products company’s stock.
According to Zacks, “In the last three months, Colfax's shares have outperformed the industry. In second-quarter 2017, the company's profitability was driven by organic revenue growth, gains from acquired assets and lower operating and interest expenses. Assets acquired during the quarter, TBi and HKS, will strengthen its welding process analytics and robotic welding torches operations in the Fabrication Technology segment. For 2017, it anticipates benefiting from its organic and inorganic growth initiatives as well as improving end-market conditions. It predicts the Gas and Fluid Handling segment to witness organic growth in the third quarter. The company increased its adjusted earnings guidance to $1.65-$1.75 per share from the previous projection of $1.60-$1.75. Also, it’s on track to realize benefits from its cost-saving strategies.”
Several other research firms also recently commented on CFX. Cowen and Company reaffirmed an outperform rating and set a $50.00 price objective (up from $45.00) on shares of Colfax Corporation in a report on Friday, July 14th. BidaskClub downgraded shares of Colfax Corporation from a buy rating to a hold rating in a report on Friday, July 28th. Robert W. Baird raised shares of Colfax Corporation from a neutral rating to an outperform rating and upped their price objective for the company from $47.00 to $50.00 in a report on Monday, July 31st. Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of Colfax Corporation in a report on Tuesday, May 23rd. Finally, Barclays PLC set a $40.00 price target on shares of Colfax Corporation and gave the stock a hold rating in a report on Saturday, May 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $46.00.
Shares of Colfax Corporation (NYSE CFX) opened at 37.82 on Tuesday. The stock’s 50 day moving average price is $40.45 and its 200 day moving average price is $39.69. Colfax Corporation has a 52 week low of $27.75 and a 52 week high of $42.75. The firm has a market capitalization of $4.65 billion, a P/E ratio of 29.76 and a beta of 1.37.
Colfax Corporation (NYSE:CFX) last posted its quarterly earnings results on Friday, July 28th. The industrial products company reported $0.43 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.43. The company had revenue of $965.83 million during the quarter, compared to analyst estimates of $940.31 million. Colfax Corporation had a net margin of 4.35% and a return on equity of 6.30%. The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.41 earnings per share. On average, analysts predict that Colfax Corporation will post $1.73 EPS for the current fiscal year.
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In other Colfax Corporation news, EVP Daniel A. Pryor sold 3,574 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $41.13, for a total transaction of $146,998.62. Following the transaction, the executive vice president now directly owns 40,224 shares in the company, valued at $1,654,413.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP A. Lynne Puckett sold 10,882 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $40.14, for a total transaction of $436,803.48. Following the transaction, the senior vice president now owns 40,907 shares in the company, valued at $1,642,006.98. The disclosure for this sale can be found here. Insiders have sold 14,895 shares of company stock worth $601,858 over the last quarter. Company insiders own 10.60% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Bronfman E.L. Rothschild L.P. boosted its position in shares of Colfax Corporation by 4,167.2% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 2,603 shares of the industrial products company’s stock valued at $102,000 after buying an additional 2,542 shares in the last quarter. Toronto Dominion Bank purchased a new position in shares of Colfax Corporation during the second quarter valued at about $118,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Colfax Corporation by 10.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,533 shares of the industrial products company’s stock valued at $139,000 after buying an additional 323 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Colfax Corporation by 7.3% in the second quarter. The Manufacturers Life Insurance Company now owns 3,688 shares of the industrial products company’s stock valued at $145,000 after buying an additional 251 shares in the last quarter. Finally, M&T Bank Corp purchased a new position in shares of Colfax Corporation during the first quarter valued at about $214,000. Hedge funds and other institutional investors own 77.35% of the company’s stock.
Colfax Corporation Company Profile
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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