Colfax Corporation (CFX) Given “Buy” Rating at Cowen and Company
Colfax Corporation (NYSE:CFX)‘s stock had its “buy” rating reaffirmed by analysts at Cowen and Company in a report issued on Tuesday. They presently have a $50.00 target price on the industrial products company’s stock. Cowen and Company’s price target suggests a potential upside of 16.99% from the company’s previous close.
Several other analysts have also recently issued reports on the company. Zacks Investment Research cut Colfax Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 10th. Argus reaffirmed a “buy” rating and set a $50.00 price objective on shares of Colfax Corporation in a report on Tuesday, August 29th. Seaport Global Securities reaffirmed a “buy” rating on shares of Colfax Corporation in a report on Wednesday, June 14th. Wolfe Research initiated coverage on Colfax Corporation in a report on Tuesday, July 11th. They set a “market perform” rating on the stock. Finally, KeyCorp raised Colfax Corporation from a “sector weight” rating to an “overweight” rating and set a $46.00 price objective on the stock in a report on Friday, August 25th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $46.44.
Colfax Corporation (NYSE:CFX) last issued its quarterly earnings data on Friday, July 28th. The industrial products company reported $0.43 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.43. The business had revenue of $965.83 million for the quarter, compared to analysts’ expectations of $940.31 million. Colfax Corporation had a return on equity of 6.30% and a net margin of 4.35%. The company’s revenue for the quarter was up .9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 EPS.
In other news, EVP Daniel A. Pryor sold 3,574 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $41.13, for a total transaction of $146,998.62. Following the transaction, the executive vice president now owns 40,224 shares of the company’s stock, valued at approximately $1,654,413.12. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Stephen Wittig sold 29,189 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $39.30, for a total value of $1,147,127.70. Following the transaction, the senior vice president now directly owns 15,479 shares in the company, valued at approximately $608,324.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,202 shares of company stock worth $1,312,182. Corporate insiders own 10.60% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bronfman E.L. Rothschild L.P. increased its position in shares of Colfax Corporation by 4,167.2% during 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 purchasing an additional 2,542 shares during the last quarter. Toronto Dominion Bank bought a new position in Colfax Corporation in the 2nd quarter valued at $118,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in 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 during the last quarter. The Manufacturers Life Insurance Company grew its position in 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 during the last quarter. Finally, M&T Bank Corp bought a new position in Colfax Corporation in the 1st quarter valued at $214,000. 75.22% of the stock is currently owned by hedge funds and other institutional investors.
Colfax Corporation Company Profile
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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