Colfax Corporation (CFX) Downgraded to Strong Sell at Zacks Investment Research
Colfax Corporation (NYSE:CFX) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors 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.”
Other analysts also recently issued reports about the company. Robert W. Baird reissued a “buy” rating and issued a $50.00 price objective on shares of Colfax Corporation in a research note on Friday, October 27th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $45.00 price target on shares of Colfax Corporation in a research report on Wednesday, September 27th. KeyCorp reaffirmed a “buy” rating and set a $46.00 price target on shares of Colfax Corporation in a research report on Tuesday, September 26th. Cowen and Company reaffirmed a “buy” rating and set a $50.00 price target on shares of Colfax Corporation in a research report on Tuesday, September 26th. Finally, Argus reaffirmed a “buy” rating and set a $50.00 price target on shares of Colfax Corporation in a research report on Tuesday, August 29th. Three analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. Colfax Corporation currently has an average rating of “Hold” and an average target price of $46.40.
Shares of Colfax Corporation (CFX) traded up $0.28 during trading on Friday, hitting $36.46. The stock had a trading volume of 254,901 shares, compared to its average volume of 696,384. The stock has a market capitalization of $4,523.27, a P/E ratio of 22.13, a PEG ratio of 2.29 and a beta of 1.30. Colfax Corporation has a 12-month low of $33.31 and a 12-month high of $43.29. The company has a current ratio of 1.80, a quick ratio of 1.31 and a debt-to-equity ratio of 0.38.
Colfax Corporation (NYSE:CFX) last issued its quarterly earnings data on Monday, November 6th. The industrial products company reported $0.42 EPS for the quarter, hitting the consensus estimate of $0.42. The firm had revenue of $844.50 million during the quarter, compared to the consensus estimate of $901.09 million. Colfax Corporation had a return on equity of 6.26% and a net margin of 4.89%. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.39 earnings per share. equities analysts expect that Colfax Corporation will post 1.73 EPS for the current fiscal year.
In other Colfax Corporation news, SVP Stephen Wittig sold 29,189 shares of the firm’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $39.30, for a total value 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 $608,324.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 10.60% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in CFX. BlackRock Inc. increased its position in Colfax Corporation by 13,409.0% in the first quarter. BlackRock Inc. now owns 4,103,892 shares of the industrial products company’s stock worth $161,119,000 after buying an additional 4,073,513 shares during the last quarter. Wells Fargo & Company MN increased its position in Colfax Corporation by 97.2% in the third quarter. Wells Fargo & Company MN now owns 2,959,647 shares of the industrial products company’s stock worth $123,239,000 after buying an additional 1,458,683 shares during the last quarter. Victory Capital Management Inc. increased its position in Colfax Corporation by 82.2% in the third quarter. Victory Capital Management Inc. now owns 2,897,556 shares of the industrial products company’s stock worth $120,655,000 after buying an additional 1,306,927 shares during the last quarter. Oak Ridge Investments LLC purchased a new stake in Colfax Corporation in the second quarter worth $46,085,000. Finally, Balyasny Asset Management LLC purchased a new stake in Colfax Corporation in the second quarter worth $35,722,000. 76.14% of the stock is owned by institutional investors and hedge funds.
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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