Colfax Corp. (NYSE:CFX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.
According to Zacks, “We believe that positive impacts from Colfax's diversified product portfolio, business in emerging markets and cost-saving strategies are more than offset by risks arising from headwinds including uncertain global economic conditions, unfavorable forex movements and stiff competition. In second-quarter 2016, the company's earnings of $0.41 per share declined 18% year over year while revenues were down 6.6%. For 2016, the company remains cautious of unfavorable operating conditions in some end-markets and forex woes. Over the last 60 days, the Zacks Consensus Estimate for 2017 has been lowered.”
Several other brokerages have also recently commented on CFX. Citigroup Inc. increased their price target on shares of Colfax Corp. from $25.00 to $26.00 and gave the stock a “sell” rating in a research report on Friday, July 29th. Barclays PLC reaffirmed an “equal weight” rating and set a $28.00 price target (up previously from $26.00) on shares of Colfax Corp. in a research report on Monday, July 18th. Finally, Cowen and Company reaffirmed a “buy” rating on shares of Colfax Corp. in a research report on Friday, June 10th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $30.17.
Shares of Colfax Corp. (NYSE:CFX) traded up 1.72% during midday trading on Wednesday, hitting $29.59. The stock had a trading volume of 240,446 shares. The company has a market cap of $3.63 billion, a P/E ratio of 29.33 and a beta of 1.69. The firm has a 50 day moving average of $29.80 and a 200-day moving average of $28.79. Colfax Corp. has a one year low of $18.22 and a one year high of $33.63.
Colfax Corp. (NYSE:CFX) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.39 by $0.02. Colfax Corp. had a net margin of 3.23% and a return on equity of 5.55%. The business had revenue of $957.20 million for the quarter, compared to analysts’ expectations of $943.50 million. During the same quarter last year, the company posted $0.50 earnings per share. The company’s quarterly revenue was down 6.6% compared to the same quarter last year. On average, analysts forecast that Colfax Corp. will post $0.75 earnings per share for the current fiscal year.
Several large investors have recently made changes to their positions in CFX. Principal Financial Group Inc. raised its stake in shares of Colfax Corp. by 19.3% in the second quarter. Principal Financial Group Inc. now owns 8,020,663 shares of the company’s stock valued at $212,227,000 after buying an additional 1,299,735 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Colfax Corp. by 4.3% in the second quarter. Vanguard Group Inc. now owns 6,214,694 shares of the company’s stock valued at $164,441,000 after buying an additional 258,101 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Colfax Corp. by 2.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,727,405 shares of the company’s stock valued at $98,628,000 after buying an additional 80,109 shares during the last quarter. Weitz Investment Management Inc. raised its stake in shares of Colfax Corp. by 4.5% in the second quarter. Weitz Investment Management Inc. now owns 2,276,544 shares of the company’s stock valued at $60,237,000 after buying an additional 98,304 shares during the last quarter. Finally, DAVENPORT & Co LLC raised its stake in shares of Colfax Corp. by 2.5% in the second quarter. DAVENPORT & Co LLC now owns 1,735,604 shares of the company’s stock valued at $45,924,000 after buying an additional 42,216 shares during the last quarter. Institutional investors own 78.33% of the company’s stock.
About Colfax Corp.
Colfax Corporation is an industrial manufacturing and engineering company. The Company provides gas and fluid-handling and fabrication technology products and services to commercial and governmental customers around the world under Howden, ESAB and Colfax Fluid Handling brand names. The Company’s segments include Gas and Fluid Handling, and Fabrication Technology.
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