Colfax Corp. (CFX) Cut to Sell at Zacks Investment Research
Colfax Corp. (NYSE:CFX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
According to Zacks, “We believe that positive impacts from Colfax's diversified product portfolio, business in emerging markets and cost-saving strategies are more than offset by risks arising from headwinds including uncertain global economic conditions, unfavorable forex movements and stiff competition. In second-quarter 2016, the company's earnings of $0.41 per share declined 18% year over year while revenues were down 6.6%. For 2016, the company remains cautious of unfavorable operating conditions in some end-markets and forex woes. Over the last 60 days, the Zacks Consensus Estimate for 2017 has been lowered.”
A number of other equities analysts also recently issued reports on the stock. Barclays PLC reissued an “equal weight” rating and issued a $28.00 price target (up from $26.00) on shares of Colfax Corp. in a research note on Monday, July 18th. Cowen and Company reissued a “buy” rating on shares of Colfax Corp. in a research note on Friday, June 10th. Finally, Citigroup Inc. increased their price target on shares of Colfax Corp. from $25.00 to $26.00 and gave the stock a “sell” rating in a research note on Friday, July 29th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $30.17.
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Colfax Corp. (NYSE:CFX) opened at 30.26 on Tuesday. The stock has a market cap of $3.71 billion, a P/E ratio of 29.99 and a beta of 1.60. Colfax Corp. has a 52 week low of $18.22 and a 52 week high of $33.63. The stock has a 50 day moving average price of $29.80 and a 200-day moving average price of $28.90.
Colfax Corp. (NYSE:CFX) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.02. Colfax Corp. had a net margin of 3.23% and a return on equity of 5.55%. The company earned $957.20 million during the quarter, compared to the consensus estimate of $943.50 million. During the same period in the prior year, the firm earned $0.50 earnings per share. Colfax Corp.’s revenue was down 6.6% on a year-over-year basis. On average, equities analysts anticipate that Colfax Corp. will post $0.71 EPS for the current fiscal year.
In related news, SVP A. Lynne Puckett sold 21,037 shares of the firm’s stock in a transaction that occurred on Friday, September 30th. The shares were sold at an average price of $31.00, for a total value of $652,147.00. Following the sale, the senior vice president now owns 20,370 shares in the company, valued at $631,470. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 10.50% of the company’s stock.
A number of large investors have recently modified their holdings of CFX. BlackRock Inc. boosted its stake in shares of Colfax Corp. by 33.4% in the first quarter. BlackRock Inc. now owns 34,681 shares of the company’s stock valued at $991,000 after buying an additional 8,683 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in shares of Colfax Corp. during the second quarter valued at about $310,000. Seven Bridges Advisors LLC boosted its stake in shares of Colfax Corp. by 21.0% in the second quarter. Seven Bridges Advisors LLC now owns 19,720 shares of the company’s stock valued at $522,000 after buying an additional 3,418 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Colfax Corp. by 192.5% in the first quarter. Goldman Sachs Group Inc. now owns 280,873 shares of the company’s stock valued at $8,030,000 after buying an additional 184,838 shares in the last quarter. Finally, Kelly Lawrence W & Associates Inc. CA bought a new stake in shares of Colfax Corp. during the first quarter valued at about $5,255,000. Institutional investors own 78.33% of the company’s stock.
About Colfax Corp.
Colfax Corporation is an industrial manufacturing and engineering company. The Company provides gas and fluid-handling and fabrication technology products and services to commercial and governmental customers around the world under Howden, ESAB and Colfax Fluid Handling brand names. The Company’s segments include Gas and Fluid Handling, and Fabrication Technology.
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