Zacks Investment Research downgraded shares of Colfax Corporation (NYSE:CFX) from a buy rating to a hold rating in a research note issued to investors on Wednesday.
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. 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 equities analysts have also recently issued reports on CFX. Royal Bank Of Canada reiterated a buy rating and issued a $44.00 price objective on shares of Colfax Corporation in a research note on Monday, April 17th. Barclays PLC lifted their price objective on Colfax Corporation from $38.00 to $39.00 and gave the company an equal weight rating in a research note on Wednesday, April 19th. Oppenheimer Holdings, Inc. reiterated a hold rating on shares of Colfax Corporation in a research note on Sunday, May 7th. Robert W. Baird lifted their price objective on Colfax Corporation from $47.00 to $48.00 and gave the company a neutral rating in a research note on Monday, May 8th. Finally, Credit Suisse Group started coverage on Colfax Corporation in a research note on Thursday, May 18th. They issued an outperform rating and a $47.00 price objective for the company. Six 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.
Shares of Colfax Corporation (NYSE:CFX) traded up 0.22% during trading on Wednesday, reaching $41.27. 677,479 shares of the company’s stock were exchanged. The company has a market capitalization of $5.08 billion, a P/E ratio of 32.50 and a beta of 1.37. Colfax Corporation has a 12-month low of $27.75 and a 12-month high of $42.75. The stock has a 50-day moving average price of $39.94 and a 200 day moving average price of $39.56.
Colfax Corporation (NYSE:CFX) last announced its quarterly earnings data on Friday, July 28th. The industrial products company reported $0.43 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.43. The business had revenue of $965.83 million during the quarter, compared to analysts’ expectations of $940.31 million. Colfax Corporation had a return on equity of 6.40% and a net margin of 4.35%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 EPS. Equities analysts expect that Colfax Corporation will post $1.74 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 that occurred on 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 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 the SEC website. Also, EVP Daniel A. Pryor sold 3,574 shares of the business’s stock in a transaction that occurred on 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 approximately $1,654,413.12. The disclosure for this sale can be found here. In 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 large investors have recently bought and sold shares of the company. First Mercantile Trust Co. boosted its stake in Colfax Corporation by 76.0% in the first quarter. First Mercantile Trust Co. now owns 9,740 shares of the industrial products company’s stock valued at $382,000 after buying an additional 4,205 shares during the last quarter. Mesirow Financial Investment Management Equity Management boosted its stake in Colfax Corporation by 26.7% in the first quarter. Mesirow Financial Investment Management Equity Management now owns 42,385 shares of the industrial products company’s stock valued at $1,664,000 after buying an additional 8,935 shares during the last quarter. Nationwide Fund Advisors boosted its stake in Colfax Corporation by 68.7% in the first quarter. Nationwide Fund Advisors now owns 20,288 shares of the industrial products company’s stock valued at $797,000 after buying an additional 8,261 shares during the last quarter. Columbus Circle Investors boosted its stake in Colfax Corporation 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. Finally, Quantitative Systematic Strategies LLC boosted its stake in Colfax Corporation 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. Hedge funds and other institutional investors own 77.27% 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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