Colfax (CFX) Downgraded by Zacks Investment Research to “Strong Sell”

Colfax (NYSE:CFX) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Friday, November 10th.

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.”

Several other equities analysts also recently commented on CFX. Cowen reiterated an “outperform” rating and set a $50.00 price target (up previously from $45.00) on shares of Colfax in a report on Friday, July 14th. BidaskClub downgraded Colfax from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Robert W. Baird upgraded Colfax from a “neutral” rating to an “outperform” rating and increased their price target for the company from $47.00 to $50.00 in a report on Monday, July 31st. KeyCorp upgraded Colfax from a “sector weight” rating to an “overweight” rating and set a $46.00 price target on the stock in a report on Friday, August 25th. They noted that the move was a valuation call. Finally, Argus reissued a “buy” rating and issued a $50.00 price objective on shares of Colfax in a research report on Tuesday, August 29th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $46.40.

Colfax (NYSE:CFX) traded down $0.23 during trading hours on Friday, reaching $36.49. The company had a trading volume of 845,700 shares, compared to its average volume of 713,624. Colfax has a 12-month low of $33.31 and a 12-month high of $43.29. The firm has a market capitalization of $4,453.10, a P/E ratio of 21.79, a P/E/G ratio of 2.32 and a beta of 1.30. The company has a quick ratio of 1.47, a current ratio of 1.80 and a debt-to-equity ratio of 0.38.

Colfax (NYSE:CFX) last released its quarterly earnings data on Monday, November 6th. The industrial products company reported $0.42 EPS for the quarter, hitting analysts’ consensus estimates of $0.42. Colfax had a return on equity of 6.26% and a net margin of 4.89%. The firm had revenue of $844.50 million for the quarter, compared to the consensus estimate of $901.09 million. During the same quarter in the prior year, the company posted $0.39 earnings per share. The firm’s revenue was up 10.2% on a year-over-year basis. equities analysts predict that Colfax will post 1.67 earnings per share for the current year.

In related 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 transaction, the senior vice president now directly owns 15,479 shares of the company’s stock, valued at $608,324.70. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 10.60% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the business. Bronfman E.L. Rothschild L.P. raised its stake in Colfax by 4,167.2% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 2,603 shares of the industrial products company’s stock worth $102,000 after acquiring an additional 2,542 shares in the last quarter. Toronto Dominion Bank acquired a new position in Colfax during the second quarter worth $118,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Colfax by 10.1% during the second 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 raised its stake in Colfax by 7.3% during the second 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. Finally, FNY Managed Accounts LLC acquired a new position in Colfax during the third quarter worth $160,000. Hedge funds and other institutional investors own 74.83% of the company’s stock.

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About Colfax

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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