Zacks Investment Research downgraded shares of Colfax Corporation (NYSE:CFX) from a hold rating to a strong sell rating in a research report report published on Friday.
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.”
A number of other equities analysts have also weighed in on the company. Royal Bank Of Canada reiterated a buy rating and issued a $44.00 price target on shares of Colfax Corporation in a research report on Tuesday, November 7th. Robert W. Baird reiterated a buy rating and issued a $50.00 price target on shares of Colfax Corporation in a research report on Friday, October 27th. Cowen and Company lowered Colfax Corporation from an outperform rating to a market perform rating in a research report on Wednesday, October 18th. Stifel Nicolaus reiterated a buy rating and issued a $50.00 price target on shares of Colfax Corporation in a research report on Tuesday, October 17th. Finally, Citigroup Inc. reiterated a sell rating and issued a $40.00 price target (up previously from $39.00) on shares of Colfax Corporation in a research report on Monday, October 9th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $46.40.
Colfax Corporation (CFX) opened at $36.24 on Friday. The stock has a market capitalization of $4,497.42, a PE ratio of 22.01, a P/E/G ratio of 2.30 and a beta of 1.30. Colfax Corporation has a fifty-two week low of $33.31 and a fifty-two week high of $43.29. The company has a current ratio of 1.80, a quick ratio of 1.47 and a debt-to-equity ratio of 0.38.
Colfax Corporation (NYSE:CFX) last released its quarterly earnings results on Monday, November 6th. The industrial products company reported $0.42 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.42. Colfax Corporation had a return on equity of 6.26% and a net margin of 4.89%. The business had revenue of $844.50 million during the quarter, compared to analyst estimates of $901.09 million. During the same quarter last year, the company posted $0.39 EPS. Colfax Corporation’s revenue for the quarter was up 10.2% on a year-over-year basis. analysts anticipate that Colfax Corporation will post 1.71 EPS for the current year.
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In other news, SVP Stephen Wittig sold 29,189 shares of the firm’s stock in a transaction dated Thursday, September 7th. The stock was 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 directly owns 15,479 shares of the company’s stock, valued at approximately $608,324.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.60% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. Bronfman E.L. Rothschild L.P. raised its stake in shares of Colfax Corporation by 4,167.2% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 2,603 shares of the industrial products company’s stock valued at $102,000 after acquiring an additional 2,542 shares in the last quarter. Toronto Dominion Bank bought a new position in shares of Colfax Corporation in the 2nd quarter valued at approximately $118,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Colfax Corporation by 10.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,533 shares of the industrial products company’s stock valued at $139,000 after acquiring an additional 323 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Colfax Corporation by 7.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,688 shares of the industrial products company’s stock valued at $145,000 after acquiring an additional 251 shares in the last quarter. Finally, FNY Managed Accounts LLC bought a new position in shares of Colfax Corporation in the 3rd quarter valued at approximately $160,000. 75.32% 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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