Zacks Investment Research downgraded shares of Colfax Corporation (NYSE:CFX) from a hold rating to a strong sell rating in a research report released on Friday morning.
According to Zacks, “Year to date, Colfax's shares underperformed the industry. We believe that geographical diversification has exposed the company to risks arising from adverse movements in foreign currencies and geo-political issues. Also, as it has to procure raw materials from suppliers both in the United States and international markets, it remains vulnerable to price fluctuations associated with policies and issues of the source countries. Lower level of industrial activities and difficult financial conditions in countries where the company operates, will adversely hurt its sales, earnings and cash flow. Moreover, it encounters active competition from players operating in the same line of businesses. Over the last 7 days, earnings estimates on the stock decreased for 2018.”
Other equities analysts have also issued reports about the stock. Robert W. Baird reiterated a buy rating and set a $50.00 target price on shares of Colfax Corporation in a report on Friday, October 27th. Royal Bank of Canada restated a buy rating and issued a $45.00 price objective on shares of Colfax Corporation in a report on Wednesday, September 27th. KeyCorp restated a buy rating and issued a $46.00 price objective on shares of Colfax Corporation in a report on Tuesday, September 26th. Cowen and Company restated a buy rating and issued a $50.00 price objective on shares of Colfax Corporation in a report on Tuesday, September 26th. Finally, Argus restated a buy rating and issued a $50.00 price objective on shares of Colfax Corporation in a report on Tuesday, August 29th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. The company has an average rating of Hold and an average target price of $46.40.
Colfax Corporation (NYSE:CFX) traded up $0.35 during mid-day trading on Friday, hitting $36.53. 1,036,900 shares of the stock traded hands, compared to its average volume of 701,064. Colfax Corporation has a 1 year low of $33.31 and a 1 year high of $43.29. The stock has a market capitalization of $4,540.00, a price-to-earnings ratio of 21.80, a price-to-earnings-growth ratio of 2.28 and a beta of 1.30. The company has a quick ratio of 1.31, a current ratio of 1.80 and a debt-to-equity ratio of 0.38.
Colfax Corporation (NYSE:CFX) last released its earnings results on Monday, November 6th. The industrial products company reported $0.42 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.42. Colfax Corporation had a net margin of 4.89% and a return on equity of 6.26%. The firm had revenue of $844.50 million during the quarter, compared to analyst estimates of $901.09 million. During the same period last year, the business earned $0.39 earnings per share. The business’s revenue was up 10.2% on a year-over-year basis. analysts forecast that Colfax Corporation will post 1.71 earnings per share for the current year.
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In other news, SVP Stephen Wittig sold 29,189 shares of the business’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $39.30, for a total transaction of $1,147,127.70. Following the completion of the sale, the senior vice president now owns 15,479 shares of the company’s stock, valued at approximately $608,324.70. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 10.60% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Wells Fargo & Company MN boosted its holdings in Colfax Corporation by 97.2% in the 3rd quarter. Wells Fargo & Company MN now owns 2,959,647 shares of the industrial products company’s stock worth $123,239,000 after buying an additional 1,458,683 shares during the period. Picton Mahoney Asset Management bought a new position in Colfax Corporation in the 3rd quarter worth $2,282,000. Godshalk Welsh Capital Management Inc. bought a new position in Colfax Corporation in the 3rd quarter worth $206,000. JPMorgan Chase & Co. boosted its holdings in Colfax Corporation by 105.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 117,018 shares of the industrial products company’s stock worth $4,908,000 after buying an additional 59,984 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Colfax Corporation by 5.4% in the 3rd quarter. Legal & General Group Plc now owns 98,815 shares of the industrial products company’s stock worth $4,115,000 after buying an additional 5,070 shares during the period. 76.14% of the stock is owned by institutional investors.
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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