Colfax Corp. (CFX) Rating Lowered to Sell at Zacks Investment Research
Colfax Corp. (NYSE:CFX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
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.”
CFX has been the subject of a number of other research reports. Cowen and Company reissued a “buy” rating on shares of Colfax Corp. in a research report on Friday, June 10th. Citigroup Inc. boosted their price objective on shares of Colfax Corp. from $25.00 to $26.00 and gave the company a “sell” rating in a research report on Friday, July 29th. Finally, Barclays PLC reissued an “equal weight” rating and issued a $28.00 price objective (up previously from $26.00) on shares of Colfax Corp. in a research report on Monday, July 18th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $30.17.
Colfax Corp. (NYSE:CFX) traded down 0.49% during midday trading on Tuesday, reaching $30.46. 830,595 shares of the company’s stock were exchanged. Colfax Corp. has a 52 week low of $18.22 and a 52 week high of $33.63. The firm has a market capitalization of $3.74 billion, a P/E ratio of 30.19 and a beta of 1.59. The stock’s 50 day moving average is $29.81 and its 200 day moving average is $28.86.
Colfax Corp. (NYSE:CFX) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. The business earned $957.20 million during the quarter, compared to analyst estimates of $943.50 million. Colfax Corp. had a net margin of 3.23% and a return on equity of 5.55%. The company’s revenue was down 6.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.50 earnings per share. On average, analysts expect that Colfax Corp. will post $0.71 EPS for the current fiscal year.
In other Colfax Corp. news, SVP A. Lynne Puckett sold 21,037 shares of the business’s stock in a transaction that occurred on Friday, September 30th. The shares were sold at an average price of $31.00, for a total transaction of $652,147.00. Following the completion of the sale, the senior vice president now directly owns 20,370 shares in the company, valued at $631,470. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 10.50% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in CFX. Aperio Group LLC increased its stake in Colfax Corp. by 9.8% in the first quarter. Aperio Group LLC now owns 72,844 shares of the company’s stock valued at $2,083,000 after buying an additional 6,500 shares in the last quarter. TIAA CREF Investment Management LLC increased its position in shares of Colfax Corp. by 7.5% in the first quarter. TIAA CREF Investment Management LLC now owns 278,921 shares of the company’s stock valued at $7,974,000 after buying an additional 19,533 shares during the period. Teachers Advisors Inc. increased its position in shares of Colfax Corp. by 13.4% in the first quarter. Teachers Advisors Inc. now owns 110,936 shares of the company’s stock valued at $3,172,000 after buying an additional 13,094 shares during the period. BlackRock Inc. increased its position in shares of Colfax Corp. by 33.4% in the first quarter. BlackRock Inc. now owns 34,681 shares of the company’s stock valued at $991,000 after buying an additional 8,683 shares during the period. Finally, East Coast Asset Management LLC. increased its position in shares of Colfax Corp. by 18.1% in the first quarter. East Coast Asset Management LLC. now owns 73,527 shares of the company’s stock valued at $2,102,000 after buying an additional 11,251 shares during the period. Institutional investors own 78.33% of the company’s stock.
Colfax Corp. 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 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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