Zacks Investment Research upgraded shares of Colfax Corporation (NYSE:CFX) from a hold rating to a buy rating in a research note published on Monday morning. The brokerage currently has $47.00 price objective on the industrial products company’s stock.
According to Zacks, “In the last three months, 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. In September, it agreed to sell its Fluid Handling business to CIRCOR. The deal will lead to material gain upon completion of the deal in the fourth quarter of 2017. For 2017, the company anticipates earnings to be within $1.65-$1.75 per share, up from the previous projection of $1.60-$1.75.”
Several other equities analysts have also recently issued reports on CFX. Royal Bank Of Canada reissued a buy rating and issued a $45.00 price objective on shares of Colfax Corporation in a research note on Wednesday, September 27th. KeyCorp reissued a buy rating and issued a $46.00 price objective on shares of Colfax Corporation in a research note on Tuesday, September 26th. Cowen and Company reissued a buy rating and issued a $50.00 price objective on shares of Colfax Corporation in a research note on Tuesday, September 26th. Argus reissued a buy rating and issued a $50.00 price objective on shares of Colfax Corporation in a research note on Tuesday, August 29th. Finally, BidaskClub raised shares of Colfax Corporation from a hold rating to a buy rating in a research note on Thursday, July 6th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. Colfax Corporation has an average rating of Hold and a consensus target price of $46.00.
Colfax Corporation (NYSE:CFX) last announced its earnings results on Friday, July 28th. The industrial products company reported $0.43 EPS for the quarter, meeting analysts’ consensus estimates of $0.43. The business had revenue of $965.83 million for 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 company’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 EPS.
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In related news, SVP Stephen Wittig sold 29,189 shares of the business’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $39.30, for a total value of $1,147,127.70. Following the sale, the senior vice president now directly owns 15,479 shares in the company, valued at approximately $608,324.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Daniel A. Pryor sold 3,574 shares of the business’s 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 sale, the executive vice president now owns 40,224 shares in the company, valued at $1,654,413.12. The disclosure for this sale can be found here. Insiders sold a total of 33,202 shares of company stock worth $1,312,182 over the last quarter. Insiders own 10.60% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Paloma Partners Management Co purchased a new stake in shares of Colfax Corporation in the 1st quarter worth about $392,000. Principal Financial Group Inc. raised its stake in Colfax Corporation by 1.1% in the 2nd quarter. Principal Financial Group Inc. now owns 8,956,040 shares of the industrial products company’s stock valued at $352,600,000 after purchasing an additional 95,361 shares during the last quarter. Front Street Capital Management Inc. raised its stake in Colfax Corporation by 66.2% in the 2nd quarter. Front Street Capital Management Inc. now owns 142,205 shares of the industrial products company’s stock valued at $5,599,000 after purchasing an additional 56,620 shares during the last quarter. Point72 Asset Management L.P. raised its stake in Colfax Corporation by 1,233.6% in the 1st quarter. Point72 Asset Management L.P. now owns 904,200 shares of the industrial products company’s stock valued at $35,499,000 after purchasing an additional 836,400 shares during the last quarter. Finally, Fox Run Management L.L.C. raised its stake in Colfax Corporation by 223.4% in the 2nd quarter. Fox Run Management L.L.C. now owns 20,700 shares of the industrial products company’s stock valued at $815,000 after purchasing an additional 14,300 shares during the last quarter. Institutional investors and hedge funds own 75.22% of the company’s stock.
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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