Morgan Stanley Trims Colfax (NYSE:CFX) Target Price to $29.00

Colfax (NYSE:CFX) had its price target lowered by Morgan Stanley from $30.00 to $29.00 in a report released on Wednesday, Stock Target Advisor reports. The firm currently has an equal weight rating on the industrial products company’s stock.

Other analysts have also recently issued reports about the company. Barclays dropped 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. CIBC reaffirmed a hold rating on shares of Just Energy Group in a research note on Friday, June 7th. Goldman Sachs Group began coverage on Colfax in a report on Friday, April 5th. They set a buy rating and a $34.00 price target on the stock. Raymond James reissued a buy rating and set a $21.00 price target on shares of Colfax in a research report on Thursday, May 2nd. Finally, Longbow Research reissued a sell rating and issued a $14.00 price objective on shares of Goodyear Tire & Rubber in a report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $28.81.

CFX opened at $27.14 on Wednesday. The stock has a market cap of $3.19 billion, a price-to-earnings ratio of 11.75, a price-to-earnings-growth ratio of 0.86 and a beta of 1.64. The business has a 50 day simple moving average of $26.41. Colfax has a 1-year low of $18.95 and a 1-year high of $37.05. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.53 and a quick ratio of 1.06.

Colfax (NYSE:CFX) last posted its quarterly earnings results on Wednesday, May 8th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. Colfax had a return on equity of 8.16% and a net margin of 1.68%. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the business earned $0.48 earnings per share. The business’s revenue was up 14.4% compared to the same quarter last year. On average, sell-side analysts forecast that Colfax will post 2.55 EPS for the current year.

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

Several institutional investors have recently added to or reduced their stakes in CFX. Crossmark Global Holdings Inc. raised its position in Colfax by 9.4% in the second quarter. Crossmark Global Holdings Inc. now owns 14,410 shares of the industrial products company’s stock valued at $404,000 after purchasing an additional 1,241 shares during the period. Macquarie Group Ltd. purchased a new stake in shares of Colfax in the 4th quarter valued at $27,000. Bridges Investment Management Inc. raised its holdings in shares of Colfax by 4.2% in the 1st quarter. Bridges Investment Management Inc. now owns 34,410 shares of the industrial products company’s stock valued at $1,021,000 after buying an additional 1,400 shares during the period. Stifel Financial Corp raised its holdings in shares of Colfax by 13.7% in the 4th quarter. Stifel Financial Corp now owns 11,905 shares of the industrial products company’s stock valued at $253,000 after buying an additional 1,430 shares during the period. Finally, D. E. Shaw & Co. Inc. lifted its stake in Colfax by 10.7% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 16,486 shares of the industrial products company’s stock worth $345,000 after acquiring an additional 1,600 shares in the last quarter. 93.16% of the stock is currently owned by institutional investors and hedge funds.

Colfax Company Profile

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.

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Analyst Recommendations for Colfax (NYSE:CFX)

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