Colfax Corporation (CFX) Rating Lowered to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of Colfax Corporation (NYSE:CFX) from a buy rating to a hold rating in a research note released on Tuesday.
According to Zacks, “In the last year, Colfax's shares outperformed the industry. We believe that the company holds solid growth opportunities from its inorganic strategies. Assets acquired during second-quarter 2017, TBi and HKS, will strengthen its welding process analytics and robotic welding torches operations in the Fabrication Technology segment. Also, it anticipates completing the acquisition of Siemens Turbomachinery Equipment GmbH business and divestment of its Fluid Handling business to CIRCOR in the fourth quarter. For 2017, the company anticipates earnings to be within $1.65-$1.75 per share. 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.”
Several other analysts have also recently commented on the stock. Stifel Nicolaus reiterated a buy rating and set a $50.00 target price on shares of Colfax Corporation in a research report on Tuesday. Citigroup Inc. reiterated a sell rating and set a $40.00 target price (up previously from $39.00) on shares of Colfax Corporation in a research report on Monday, October 9th. Royal Bank Of Canada reiterated a buy rating and set a $45.00 target price on shares of Colfax Corporation in a research report on Wednesday, September 27th. KeyCorp reiterated a buy rating and set a $46.00 target price on shares of Colfax Corporation in a research report on Tuesday, September 26th. Finally, Cowen and Company reiterated a buy rating and set a $50.00 target price on shares of Colfax Corporation in a research report on Tuesday, September 26th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $46.50.
Colfax Corporation (CFX) opened at 42.75 on Tuesday. The firm has a market capitalization of $5.26 billion, a PE ratio of 33.63 and a beta of 1.32. The stock’s 50 day moving average price is $41.65 and its 200 day moving average price is $40.28. Colfax Corporation has a 12 month low of $29.28 and a 12 month high of $42.93.
Colfax Corporation (NYSE:CFX) last issued its earnings results on Friday, July 28th. The industrial products company reported $0.43 EPS for the quarter, meeting the consensus estimate of $0.43. The company had revenue of $965.83 million during the quarter, compared to analysts’ expectations of $940.31 million. Colfax Corporation had a net margin of 4.35% and a return on equity of 6.30%. The business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.41 EPS. Equities research analysts expect that Colfax Corporation will post $1.72 earnings per share 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 dated Tuesday, August 1st. The stock was sold at an average price of $41.13, for a total transaction of $146,998.62. Following the completion of the transaction, the executive vice president now owns 40,224 shares in the company, valued at approximately $1,654,413.12. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Stephen Wittig sold 29,189 shares of the stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $39.30, for a total value of $1,147,127.70. Following the transaction, the senior vice president now owns 15,479 shares of the company’s stock, valued at approximately $608,324.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,202 shares of company stock valued at $1,312,182. 10.60% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. M&T Bank Corp increased its holdings in Colfax Corporation by 0.7% during the 2nd quarter. M&T Bank Corp now owns 5,510 shares of the industrial products company’s stock worth $216,000 after purchasing an additional 41 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in Colfax Corporation by 2.0% during the 2nd quarter. Teacher Retirement System of Texas now owns 7,461 shares of the industrial products company’s stock worth $294,000 after purchasing an additional 145 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Colfax Corporation by 7.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,688 shares of the industrial products company’s stock worth $145,000 after purchasing an additional 251 shares in the last quarter. US Bancorp DE increased its holdings in Colfax Corporation by 0.9% during the 2nd quarter. US Bancorp DE now owns 27,185 shares of the industrial products company’s stock worth $1,070,000 after purchasing an additional 253 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its holdings in Colfax Corporation by 0.5% during the 1st quarter. Public Employees Retirement System of Ohio now owns 49,985 shares of the industrial products company’s stock worth $1,962,000 after purchasing an additional 256 shares in the last quarter. Hedge funds and other institutional investors own 75.22% 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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