Colfax Corporation (NYSE:CFX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday, July 17th. The firm presently has a $46.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 14.97% from the stock’s previous close.
According to Zacks, “Over the last one year, Colfax's shares outperformed the Zacks categorized Machinery General Industrial industry. We believe that it holds solid long-term potential, backed by a diverse product portfolio, inorganic growth strategies and exposure to emerging markets. Colfax has initiated cost-saving strategies that will enable it to improve its margins. For 2017, it increased its adjusted earnings guidance to $1.60-$1.75 per share from the previous projection of $1.55-$1.70 per share range. In the last 60 days, earnings estimates on the stock increased for both 2017 and 2018.”
CFX has been the topic of several other reports. Barclays PLC increased their target price on shares of Colfax Corporation from $38.00 to $39.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 19th. Royal Bank Of Canada reiterated a “buy” rating and issued a $44.00 target price on shares of Colfax Corporation in a report on Monday, April 17th. Robert W. Baird increased their target price on shares of Colfax Corporation from $47.00 to $48.00 and gave the stock a “neutral” rating in a report on Monday, May 8th. Seaport Global Securities reiterated a “buy” rating on shares of Colfax Corporation in a report on Wednesday, June 14th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Colfax Corporation in a report on Tuesday, May 23rd. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Colfax Corporation presently has a consensus rating of “Buy” and a consensus price target of $46.00.
Shares of Colfax Corporation (CFX) opened at 40.01 on Monday. Colfax Corporation has a one year low of $27.76 and a one year high of $42.75. The firm’s 50-day moving average price is $40.33 and its 200-day moving average price is $39.71. The firm has a market cap of $4.92 billion, a PE ratio of 31.48 and a beta of 1.37.
Colfax Corporation (NYSE:CFX) last announced its quarterly earnings data on Friday, July 28th. The industrial products company reported $0.43 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.43. Colfax Corporation had a net margin of 4.35% and a return on equity of 6.30%. The business had revenue of $965.83 million for the quarter, compared to analyst estimates of $940.31 million. During the same period in the prior year, the business posted $0.41 earnings per share. Colfax Corporation’s revenue was up .9% compared to the same quarter last year. Equities research analysts expect that Colfax Corporation will post $1.73 earnings per share for the current fiscal year.
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In other news, SVP A. Lynne Puckett sold 10,882 shares of Colfax Corporation stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $40.14, for a total value of $436,803.48. Following the completion of the transaction, the senior vice president now owns 40,907 shares of the company’s stock, valued at approximately $1,642,006.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Daniel A. Pryor sold 3,574 shares of Colfax Corporation 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 completion of the transaction, 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 sold 15,560 shares of company stock valued at $628,319. 10.60% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in CFX. M&T Bank Corp increased its position in shares of Colfax Corporation by 0.7% in the second quarter. M&T Bank Corp now owns 5,510 shares of the industrial products company’s stock worth $216,000 after buying an additional 41 shares during the period. Teacher Retirement System of Texas increased its stake in shares of Colfax Corporation by 2.0% in the second quarter. Teacher Retirement System of Texas now owns 7,461 shares of the industrial products company’s stock valued at $294,000 after buying an additional 145 shares during the last quarter. US Bancorp DE increased its stake in shares of Colfax Corporation by 0.9% in the second quarter. US Bancorp DE now owns 27,185 shares of the industrial products company’s stock valued at $1,070,000 after buying an additional 253 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Colfax Corporation by 0.5% in the first quarter. Public Employees Retirement System of Ohio now owns 49,985 shares of the industrial products company’s stock valued at $1,962,000 after buying an additional 256 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Colfax Corporation by 10.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,533 shares of the industrial products company’s stock valued at $139,000 after buying an additional 323 shares during the last quarter. 77.32% 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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