Front Street Capital Management Inc. Raises Position in Colfax Corporation (CFX)
Front Street Capital Management Inc. increased its position in Colfax Corporation (NYSE:CFX) by 28.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 85,585 shares of the industrial products company’s stock after buying an additional 18,940 shares during the period. Colfax Corporation accounts for approximately 1.3% of Front Street Capital Management Inc.’s holdings, making the stock its 22nd largest position. Front Street Capital Management Inc. owned approximately 0.07% of Colfax Corporation worth $3,360,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of CFX. M&T Bank Corp acquired a new stake in Colfax Corporation during the first quarter valued at $214,000. Boothbay Fund Management LLC bought a new position in Colfax Corporation during the fourth quarter valued at about $222,000. Fox Run Management L.L.C. bought a new position in Colfax Corporation during the first quarter valued at about $251,000. Alambic Investment Management L.P. bought a new position in Colfax Corporation during the first quarter valued at about $254,000. Finally, Russell Investments Group Ltd. bought a new position in Colfax Corporation during the fourth quarter valued at about $256,000. Institutional investors own 77.15% of the company’s stock.
Colfax Corporation (NYSE:CFX) traded down 0.35% during trading on Thursday, hitting $39.45. The stock had a trading volume of 499,023 shares. The stock’s 50-day moving average is $40.13 and its 200 day moving average is $38.92. The firm has a market cap of $4.85 billion, a price-to-earnings ratio of 33.72 and a beta of 1.31. Colfax Corporation has a one year low of $24.62 and a one year high of $41.99.
Colfax Corporation (NYSE:CFX) last issued its quarterly earnings results on Friday, May 5th. The industrial products company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.05. The business had revenue of $845 million during the quarter, compared to analyst estimates of $820.23 million. Colfax Corporation had a net margin of 3.98% and a return on equity of 6.29%. Colfax Corporation’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.30 earnings per share. Equities analysts anticipate that Colfax Corporation will post $1.72 earnings per share for the current year.
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A number of brokerages have recently weighed in on CFX. Royal Bank Of Canada restated a “buy” rating and set a $43.00 price target on shares of Colfax Corporation in a research note on Friday, March 24th. Zacks Investment Research raised Colfax Corporation from a “hold” rating to a “strong-buy” rating and set a $46.00 target price for the company in a report on Tuesday, May 16th. Barclays PLC boosted their price target on Colfax Corporation from $38.00 to $39.00 and gave the company an “equal weight” rating in a report on Wednesday, April 19th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Colfax Corporation in a report on Sunday, May 7th. Finally, Robert W. Baird upped their target price on Colfax Corporation from $47.00 to $48.00 and gave the stock a “neutral” rating in a research note on Monday, May 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Colfax Corporation has a consensus rating of “Buy” and an average price target of $42.29.
In related news, SVP A. Lynne Puckett sold 10,882 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $40.14, for a total value of $436,803.48. Following the completion of the sale, the senior vice president now owns 40,907 shares of the company’s stock, valued at $1,642,006.98. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 11,547 shares of company stock valued at $463,265. 10.60% of the stock is currently owned by company insiders.
About Colfax Corporation
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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