Old West Investment Management LLC Cuts Holdings in Colfax Corporation (CFX)
Old West Investment Management LLC cut its stake in shares of Colfax Corporation (NYSE:CFX) by 5.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 54,348 shares of the industrial products company’s stock after selling 2,962 shares during the period. Colfax Corporation accounts for 1.1% of Old West Investment Management LLC’s holdings, making the stock its 28th largest position. Old West Investment Management LLC’s holdings in Colfax Corporation were worth $2,139,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Bronfman E.L. Rothschild L.P. lifted its position in Colfax Corporation 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 during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Colfax Corporation 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 during the last quarter. M&T Bank Corp acquired a new stake in Colfax Corporation during the first quarter worth approximately $214,000. Bridgewater Associates LP acquired a new stake in Colfax Corporation during the second quarter worth approximately $246,000. Finally, Alambic Investment Management L.P. acquired a new stake in Colfax Corporation during the first quarter worth approximately $254,000. Hedge funds and other institutional investors own 75.22% of the company’s stock.
CFX has been the subject of several research reports. Seaport Global Securities restated a “buy” rating on shares of Colfax Corporation in a research report on Wednesday, June 14th. BidaskClub raised shares of Colfax Corporation from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Zacks Investment Research cut shares of Colfax Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 10th. Wolfe Research initiated coverage on shares of Colfax Corporation in a report on Tuesday, July 11th. They set a “market perform” rating on the stock. Finally, Cowen and Company reaffirmed an “outperform” rating and set a $50.00 target price (up from $45.00) on shares of Colfax Corporation in a report on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company’s stock. Colfax Corporation has a consensus rating of “Buy” and a consensus price target of $46.44.
In other Colfax Corporation news, SVP Stephen Wittig sold 29,189 shares of the stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $39.30, for a total value of $1,147,127.70. Following the sale, the senior vice president now directly owns 15,479 shares in the company, valued at approximately $608,324.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Daniel A. Pryor sold 3,574 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $41.13, for a total transaction of $146,998.62. Following the completion of the sale, the executive vice president now owns 40,224 shares in the company, valued at $1,654,413.12. The disclosure for this sale can be found here. Insiders sold a total of 33,202 shares of company stock worth $1,312,182 over the last quarter. Corporate insiders own 10.60% of the company’s stock.
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Shares of Colfax Corporation (CFX) traded up 1.94% on Friday, hitting $42.50. 176,749 shares of the stock traded hands. The stock has a market cap of $5.23 billion, a price-to-earnings ratio of 33.44 and a beta of 1.35. The stock has a 50 day moving average price of $39.99 and a 200-day moving average price of $39.72. Colfax Corporation has a 52 week low of $28.30 and a 52 week high of $42.75.
Colfax Corporation (NYSE:CFX) last announced its quarterly earnings results on Friday, July 28th. The industrial products company reported $0.43 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.43. Colfax Corporation had a net margin of 4.35% and a return on equity of 6.30%. The company had revenue of $965.83 million for the quarter, compared to analysts’ expectations of $940.31 million. During the same period in the prior year, the company posted $0.41 EPS. Colfax Corporation’s revenue was up .9% compared to the same quarter last year. On average, equities research analysts forecast that Colfax Corporation will post $1.73 EPS for the current year.
Colfax Corporation 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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