Colfax Corporation (NYSE:CFX) Posts Quarterly Earnings Results, Meets Estimates
Colfax Corporation (NYSE:CFX) issued its earnings results on Friday. The industrial products company reported $0.43 earnings per share for the quarter, hitting the consensus estimate of $0.43, Bloomberg Earnings reports. The business had revenue of $965.83 million for the quarter, compared to analyst estimates of $940.31 million. Colfax Corporation had a return on equity of 6.29% and a net margin of 3.98%. The business’s quarterly revenue was up .9% on a year-over-year basis. During the same period last year, the company posted $0.41 EPS. Colfax Corporation updated its FY17 guidance to $1.65-1.75 EPS.
Shares of Colfax Corporation (CFX) traded down 0.69% during mid-day trading on Friday, hitting $40.55. The stock had a trading volume of 1,066,555 shares. The stock has a market cap of $4.99 billion, a P/E ratio of 31.93 and a beta of 1.37. The stock has a 50-day moving average price of $39.89 and a 200 day moving average price of $39.47. Colfax Corporation has a 52 week low of $27.75 and a 52 week high of $42.50.
In other Colfax Corporation news, SVP A. Lynne Puckett sold 10,882 shares of the business’s stock in a transaction 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 completion of the transaction, the senior vice president now owns 40,907 shares of the company’s stock, valued at approximately $1,642,006.98. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last three months, insiders have sold 11,547 shares of company stock valued at $463,265. Company insiders own 10.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. M&T Bank Corp purchased a new position in Colfax Corporation during the first quarter worth $214,000. Fox Run Management L.L.C. bought a new position in shares of Colfax Corporation during the first quarter worth approximately $251,000. Alambic Investment Management L.P. bought a new position in shares of Colfax Corporation during the first quarter worth approximately $254,000. Laurion Capital Management LP bought a new position in shares of Colfax Corporation during the first quarter worth approximately $263,000. Finally, Two Sigma Securities LLC bought a new position in shares of Colfax Corporation during the first quarter worth approximately $268,000. 77.26% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have commented on CFX shares. BidaskClub lowered Colfax Corporation from a “buy” rating to a “hold” rating in a research report on Friday. Zacks Investment Research lowered Colfax Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 18th. Cowen and Company reissued an “outperform” rating and issued a $50.00 price objective (up from $45.00) on shares of Colfax Corporation in a research report on Friday, July 14th. Wolfe Research started coverage on Colfax Corporation in a research report on Tuesday, July 11th. They issued a “market perform” rating on the stock. Finally, Seaport Global Securities reissued a “buy” rating on shares of Colfax Corporation in a research report on Wednesday, June 14th. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Colfax Corporation currently has an average rating of “Hold” and a consensus target price of $45.71.
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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