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 research note issued 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.”
Several other analysts have also recently weighed in on the stock. Cowen and Company reissued a “buy” rating on shares of Colfax Corp. in a research note on Friday, June 10th. Barclays PLC reissued an “equal weight” rating and issued a $28.00 price target (up previously from $26.00) on shares of Colfax Corp. in a research note on Monday, July 18th. Finally, Citigroup Inc. increased their price target on shares of Colfax Corp. from $25.00 to $26.00 and gave the company a “sell” rating in a research note on Friday, July 29th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $30.17.
Shares of Colfax Corp. (NYSE:CFX) traded down 0.49% during trading on Tuesday, reaching $30.46. 830,595 shares of the company were exchanged. Colfax Corp. has a 1-year low of $18.22 and a 1-year high of $33.63. The firm has a 50-day moving average price of $29.81 and a 200-day moving average price of $28.86. The stock has a market capitalization of $3.74 billion, a P/E ratio of 30.19 and a beta of 1.59.
Colfax Corp. (NYSE:CFX) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.41 earnings per share (EPS) for the quarter, beating 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 company earned $957.20 million during the quarter, compared to analysts’ expectations of $943.50 million. During the same quarter in the prior year, the company earned $0.50 EPS. Colfax Corp.’s revenue was down 6.6% compared to the same quarter last year. Equities research analysts predict that Colfax Corp. will post $0.71 earnings per share for the current fiscal year.
In other Colfax Corp. news, SVP A. Lynne Puckett sold 21,037 shares of the 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 sale, the senior vice president now directly owns 20,370 shares in the company, valued at approximately $631,470. The transaction was disclosed in a document filed 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 the company. Comerica Bank raised its stake in Colfax Corp. by 0.9% in the second quarter. Comerica Bank now owns 12,362 shares of the company’s stock worth $375,000 after buying an additional 111 shares during the period. Amalgamated Bank raised its stake in Colfax Corp. by 1.7% in the second quarter. Amalgamated Bank now owns 11,880 shares of the company’s stock worth $371,000 after buying an additional 199 shares during the period. Sei Investments Co. raised its stake in Colfax Corp. by 2.1% in the second quarter. Sei Investments Co. now owns 14,171 shares of the company’s stock worth $375,000 after buying an additional 285 shares during the period. Welch & Forbes LLC raised its stake in Colfax Corp. by 1.6% in the second quarter. Welch & Forbes LLC now owns 21,800 shares of the company’s stock worth $577,000 after buying an additional 350 shares during the period. Finally, SeaBridge Investment Advisors LLC raised its stake in Colfax Corp. by 2.3% in the second quarter. SeaBridge Investment Advisors LLC now owns 19,774 shares of the company’s stock worth $523,000 after buying an additional 454 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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