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 report released 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.”
Other equities analysts have also recently issued reports about the company. Cowen and Company reiterated a “buy” rating on shares of Colfax Corp. in a research report on Friday, June 10th. Barclays PLC reiterated an “equal weight” rating and set a $28.00 price target (up from $26.00) on shares of Colfax Corp. in a research report on Monday, July 18th. Finally, Citigroup Inc. lifted their price target on Colfax Corp. from $25.00 to $26.00 and gave the company a “sell” rating in a research report on Friday, July 29th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $30.17.
Colfax Corp. (NYSE:CFX) opened at 30.48 on Wednesday. The firm has a market capitalization of $3.74 billion, a price-to-earnings ratio of 30.21 and a beta of 1.69. The company has a 50-day moving average price of $29.80 and a 200 day moving average price of $28.81. Colfax Corp. has a 1-year low of $18.22 and a 1-year high of $33.63.
Colfax Corp. (NYSE:CFX) last posted its earnings results on Thursday, July 28th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.39 by $0.02. Colfax Corp. had a return on equity of 5.55% and a net margin of 3.23%. The firm had revenue of $957.20 million for the quarter, compared to analysts’ expectations of $943.50 million. During the same period last year, the firm earned $0.50 EPS. The firm’s revenue was down 6.6% compared to the same quarter last year. Equities analysts anticipate that Colfax Corp. will post $0.71 earnings per share for the current year.
Several hedge funds have recently modified their holdings of CFX. Comerica Bank boosted its stake in shares of Colfax Corp. by 0.9% in the second quarter. Comerica Bank now owns 12,362 shares of the company’s stock valued at $375,000 after buying an additional 111 shares during the period. Amalgamated Bank boosted its stake in shares of Colfax Corp. by 1.7% in the second quarter. Amalgamated Bank now owns 11,880 shares of the company’s stock valued at $371,000 after buying an additional 199 shares during the period. Sei Investments Co. boosted its stake in shares of Colfax Corp. by 2.1% in the second quarter. Sei Investments Co. now owns 14,171 shares of the company’s stock valued at $375,000 after buying an additional 285 shares during the period. Welch & Forbes LLC boosted its stake in shares of Colfax Corp. by 1.6% in the second quarter. Welch & Forbes LLC now owns 21,800 shares of the company’s stock valued at $577,000 after buying an additional 350 shares during the period. Finally, SeaBridge Investment Advisors LLC boosted its stake in shares of Colfax Corp. by 2.3% in the second quarter. SeaBridge Investment Advisors LLC now owns 19,774 shares of the company’s stock valued at $523,000 after buying an additional 454 shares during the period. 78.33% of the stock is owned by institutional investors and hedge funds.
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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