Colfax Corporation (NYSE:CFX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The firm presently has a $47.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 11.48% from the company’s previous close.
According to Zacks, “In the last three months, Colfax's shares outperformed the industry. We believe that the company holds solid growth opportunities from its inorganic strategies. Assets acquired during second-quarter 2017, TBi and HKS, will strengthen its welding process analytics and robotic welding torches operations in the Fabrication Technology segment. Also, it anticipates completing the acquisition of Siemens Turbomachinery Equipment GmbH business. In September, it agreed to sell its Fluid Handling business to CIRCOR. The deal will lead to material gain upon completion of the deal in the fourth quarter of 2017. For 2017, the company anticipates earnings to be within $1.65-$1.75 per share, up from the previous projection of $1.60-$1.75.”
Several other research analysts also recently weighed in on the stock. Citigroup Inc. upped their price target on shares of Colfax Corporation from $39.00 to $40.00 and gave the stock a “sell” rating in a research report on Monday. Royal Bank Of Canada restated a “buy” rating and set a $45.00 price target on shares of Colfax Corporation in a research report on Wednesday, September 27th. KeyCorp restated 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 restated 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 restated a “buy” rating and set a $50.00 price target on shares of Colfax Corporation in a research report on Tuesday, August 29th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $46.00.
Colfax Corporation (CFX) traded up 0.31% during midday trading on Monday, reaching $42.29. The company’s stock had a trading volume of 134,813 shares. The stock has a market cap of $5.20 billion, a price-to-earnings ratio of 33.27 and a beta of 1.32. The stock’s 50 day moving average price is $40.59 and its 200-day moving average price is $40.01. Colfax Corporation has a one year low of $28.47 and a one year high of $42.93.
Colfax Corporation (NYSE:CFX) last released its quarterly earnings results on Friday, July 28th. The industrial products company reported $0.43 earnings per share for the quarter, hitting the consensus estimate of $0.43. Colfax Corporation had a net margin of 4.35% and a return on equity of 6.30%. The firm had revenue of $965.83 million during the quarter, compared to the consensus estimate of $940.31 million. During the same quarter in the prior year, the firm earned $0.41 EPS. The company’s revenue for the quarter was up .9% on a year-over-year basis. On average, analysts forecast that Colfax Corporation will post $1.72 EPS for the current fiscal year.
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In related news, SVP Stephen Wittig sold 29,189 shares of the company’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $39.30, for a total transaction of $1,147,127.70. Following the completion of the sale, the senior vice president now owns 15,479 shares of the company’s stock, valued at approximately $608,324.70. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Daniel A. Pryor sold 3,574 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $41.13, for a total transaction of $146,998.62. Following the sale, the executive vice president now directly owns 40,224 shares of the company’s stock, valued at approximately $1,654,413.12. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,202 shares of company stock valued at $1,312,182. 10.60% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bronfman E.L. Rothschild L.P. grew its stake in 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 acquiring an additional 2,542 shares in the last quarter. Toronto Dominion Bank purchased a new stake in Colfax Corporation during the 2nd quarter valued at about $118,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Colfax Corporation by 10.1% during 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 in the last quarter. The Manufacturers Life Insurance Company grew its stake in Colfax Corporation by 7.3% during 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 in the last quarter. Finally, M&T Bank Corp purchased a new stake in Colfax Corporation during the 1st quarter valued at about $214,000. 75.22% of the stock is owned by 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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