Colfax (CFX) Upgraded to “Strong-Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Colfax (NYSE:CFX) from a hold rating to a strong-buy rating in a report published on Tuesday morning. They currently have $47.00 target price on the industrial products company’s stock.
According to Zacks, “In a month, Colfax's shares have outperformed the industry. We believe that Colfax is poised to benefit from its inorganic initiatives, solid product portfolio and cost-saving strategies. In December, the company completed divesting its Fluid Handling business to CIRCOR. For 2017 (results not yet released), the company maintained its adjusted earnings guidance at $1.65-$1.75 per share. It anticipates gaining from ESAB and Howden brands as well as from acquired businesses in 2018. These aspects are likely to boost 2018 earnings per share from continuing operations by more than 20% over 2017 prediction. Adjusted earnings for the year are anticipated to in the $2.00-$2.15 per share range. Earnings estimates on the stock increased for 2018 in the last 60 days.”
Other research analysts have also issued reports about the company. Royal Bank of Canada reissued a buy rating and issued a $45.00 price target on shares of Colfax in a research report on Wednesday, September 27th. KeyCorp reissued a buy rating and issued a $46.00 price target on shares of Colfax in a research report on Tuesday, September 26th. Cowen reissued a buy rating and issued a $50.00 price target on shares of Colfax in a research report on Tuesday, September 26th. Stifel Nicolaus reissued a buy rating and issued a $50.00 price target on shares of Colfax in a research report on Tuesday, October 17th. Finally, Longbow Research raised Colfax from a neutral rating to a buy rating in a research report on Tuesday, November 21st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $45.80.
Colfax (NYSE:CFX) last released its quarterly earnings results on Monday, November 6th. The industrial products company reported $0.42 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.42. The firm had revenue of $844.50 million during the quarter, compared to analyst estimates of $901.09 million. Colfax had a return on equity of 6.26% and a net margin of 4.89%. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.39 EPS. research analysts forecast that Colfax will post 1.72 earnings per share for the current fiscal year.
In related news, EVP Daniel A. Pryor sold 53,333 shares of the business’s stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $38.15, for a total transaction of $2,034,653.95. Following the transaction, the executive vice president now directly owns 93,557 shares in the company, valued at approximately $3,569,199.55. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 10.60% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in CFX. Wells Fargo & Company MN grew its stake in Colfax by 97.2% during the 3rd quarter. Wells Fargo & Company MN now owns 2,959,647 shares of the industrial products company’s stock worth $123,239,000 after buying an additional 1,458,683 shares during the last quarter. Victory Capital Management Inc. grew its stake in Colfax by 82.2% during the 3rd quarter. Victory Capital Management Inc. now owns 2,897,556 shares of the industrial products company’s stock valued at $120,655,000 after purchasing an additional 1,306,927 shares during the last quarter. Balyasny Asset Management LLC purchased a new stake in Colfax during the 2nd quarter valued at about $35,722,000. Lodge Hill Capital LLC grew its stake in Colfax by 37.9% during the 2nd quarter. Lodge Hill Capital LLC now owns 2,020,200 shares of the industrial products company’s stock valued at $79,535,000 after purchasing an additional 555,000 shares during the last quarter. Finally, Oakview Capital Management L.P. purchased a new stake in Colfax during the 3rd quarter valued at about $16,570,000. Hedge funds and other institutional investors own 74.86% of the company’s stock.
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Colfax Corporation is an industrial manufacturing and engineering company. The Company provides air and gas handling, and fabrication technology products and services. The Company’s segments include Air and Gas handling, and Fabrication Technology. The Air and Gas Handling segment supplies a range of gas handling products, including heavy-duty centrifugal and axial fans, rotary heat exchangers, gas compressors, pumps and certain related products, as well as aftermarket services.
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