Colfax (CFX) Rating Increased to Strong-Buy at Zacks Investment Research

Colfax (NYSE:CFX) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday, January 9th. The firm currently has a $47.00 target price on the industrial products company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 12.55% from the stock’s previous close.

According to Zacks, “In a month, Colfax's shares have outperformed the industry. We believe that Colfax is poised to benefit from its inorganic initiatives, solid product portfolio and cost-saving strategies. In December, the company completed divesting its Fluid Handling business to CIRCOR. For 2017 (results not yet released), the company maintained its adjusted earnings guidance at $1.65-$1.75 per share. It anticipates gaining from ESAB and Howden brands as well as from acquired businesses in 2018. These aspects are likely to boost 2018 earnings per share from continuing operations by more than 20% over 2017 prediction. Adjusted earnings for the year are anticipated to in the $2.00-$2.15 per share range. Earnings estimates on the stock increased for 2018 in the last 60 days.”

Several other research analysts have also recently issued reports on CFX. Cowen reissued a “buy” rating and issued a $50.00 price target on shares of Colfax in a research note on Tuesday, September 26th. KeyCorp reaffirmed a “buy” rating and set a $46.00 target price on shares of Colfax in a research note on Tuesday, September 26th. Royal Bank of Canada reaffirmed a “buy” rating and set a $45.00 target price on shares of Colfax in a research note on Wednesday, September 27th. Citigroup reaffirmed a “sell” rating and set a $40.00 target price (up previously from $39.00) on shares of Colfax in a research note on Monday, October 9th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $50.00 target price on shares of Colfax in a research note on Tuesday, October 17th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Colfax has an average rating of “Buy” and a consensus price target of $46.20.

Colfax (NYSE CFX) traded up $0.35 during trading hours on Tuesday, hitting $41.76. The stock had a trading volume of 375,300 shares, compared to its average volume of 602,433. Colfax has a 12 month low of $33.31 and a 12 month high of $43.29. The company has a market capitalization of $5,141.31, a PE ratio of 29.41, a price-to-earnings-growth ratio of 1.60 and a beta of 1.27. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.47 and a current ratio of 1.80.

Colfax (NYSE:CFX) last released its quarterly earnings results on Monday, November 6th. The industrial products company reported $0.42 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.42. Colfax had a return on equity of 6.26% and a net margin of 4.89%. The company had revenue of $844.50 million during the quarter, compared to analysts’ expectations of $901.09 million. During the same quarter in the prior year, the business posted $0.39 earnings per share. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. equities analysts expect that Colfax will post 1.72 EPS for the current fiscal year.

In other news, EVP Daniel A. Pryor sold 53,333 shares of the company’s stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $38.15, for a total transaction of $2,034,653.95. Following the completion of the sale, the executive vice president now directly owns 93,557 shares of the company’s stock, valued at $3,569,199.55. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 10.60% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Toronto Dominion Bank purchased a new stake in Colfax in the 2nd quarter worth about $118,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Colfax by 10.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,533 shares of the industrial products company’s stock worth $139,000 after acquiring an additional 323 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Colfax by 7.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,688 shares of the industrial products company’s stock worth $145,000 after acquiring an additional 251 shares in the last quarter. FNY Managed Accounts LLC purchased a new stake in Colfax in the 3rd quarter worth about $160,000. Finally, Valeo Financial Advisors LLC purchased a new stake in Colfax in the 3rd quarter worth about $177,000. 74.89% of the stock is owned by institutional investors and hedge funds.

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Colfax Company Profile

Colfax Corporation is an industrial manufacturing and engineering company. The Company provides air and gas handling, and fabrication technology products and services. The Company’s segments include Air and Gas handling, and Fabrication Technology. The Air and Gas Handling segment supplies a range of gas handling products, including heavy-duty centrifugal and axial fans, rotary heat exchangers, gas compressors, pumps and certain related products, as well as aftermarket services.

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