Colfax (NYSE:CFX) Stock Price Crosses Above Fifty Day Moving Average Following Analyst Downgrade

Colfax Corp (NYSE:CFX) shares passed above its 50-day moving average during trading on Wednesday after ValuEngine upgraded the stock from a strong sell rating to a sell rating. The stock has a 50-day moving average of $26.41 and traded as high as $26.53. Colfax shares last traded at $26.11, with a volume of 22,381 shares trading hands.

Several other research firms have also recently commented on CFX. Oppenheimer lowered their price target on EnPro Industries from $90.00 to $85.00 in a report on Thursday, February 14th. Gabelli restated a “buy” rating on shares of Colfax in a report on Thursday, February 14th. Raymond James restated a “buy” rating and issued a $21.00 price target on shares of Colfax in a report on Thursday, May 2nd. Longbow Research restated a “sell” rating and issued a $14.00 price target on shares of Goodyear Tire & Rubber in a report on Thursday, March 21st. Finally, Barclays decreased their target price on Pivotal Software from $23.00 to $21.00 and set an “equal weight” rating for the company in a report on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the company’s stock. Colfax presently has a consensus rating of “Buy” and a consensus target price of $29.13.

In other Colfax news, insider Shyam Kambeyanda sold 11,764 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $26.27, for a total value of $309,040.28. Following the completion of the transaction, the insider now owns 51,263 shares in the company, valued at approximately $1,346,679.01. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Christopher M. Hix sold 4,750 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $27.08, for a total value of $128,630.00. Following the completion of the transaction, the chief financial officer now owns 29,841 shares of the company’s stock, valued at approximately $808,094.28. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CFX. BlackRock Inc. boosted its holdings in Colfax by 91.1% in the 1st quarter. BlackRock Inc. now owns 8,952,563 shares of the industrial products company’s stock worth $265,712,000 after acquiring an additional 4,268,182 shares during the period. Royce & Associates LP boosted its holdings in Colfax by 427.1% in the 1st quarter. Royce & Associates LP now owns 1,824,930 shares of the industrial products company’s stock worth $54,164,000 after acquiring an additional 1,478,724 shares during the period. Wexford Capital LP purchased a new position in Colfax in the 4th quarter worth approximately $25,894,000. Rubric Capital Management LP purchased a new position in Colfax in the 1st quarter worth approximately $30,060,000. Finally, Millennium Management LLC boosted its holdings in Colfax by 1,239.3% in the 4th quarter. Millennium Management LLC now owns 1,036,824 shares of the industrial products company’s stock worth $21,670,000 after acquiring an additional 959,407 shares during the period. Hedge funds and other institutional investors own 93.16% of the company’s stock.

The company has a market cap of $3.08 billion, a PE ratio of 11.71, a PEG ratio of 0.85 and a beta of 1.64. The stock has a fifty day moving average of $26.37. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.06 and a current ratio of 1.53.

Colfax (NYSE:CFX) last released its quarterly earnings results on Wednesday, May 8th. The industrial products company reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.04. Colfax had a return on equity of 8.16% and a net margin of 1.68%. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the prior year, the business earned $0.48 EPS. Colfax’s quarterly revenue was up 14.4% compared to the same quarter last year. On average, equities analysts predict that Colfax Corp will post 2.56 EPS for the current fiscal year.

About Colfax (NYSE:CFX)

Colfax Corporation operates as a diversified technology company worldwide. The company operates through Air and Gas Handling, and Fabrication Technology segments. The Air and Gas Handling segment designs, manufactures, installs, and maintains heavy-duty fans, rotary heat exchangers, blowers, and compressors.

Further Reading: Diversification

Receive News & Ratings for Colfax Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Colfax and related companies with MarketBeat.com's FREE daily email newsletter.