Colfax Corp. (NYSE:CFX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued 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 issued reports about the stock. Cowen and Company reaffirmed a “buy” rating on shares of Colfax Corp. in a research note on Friday, June 10th. Barclays PLC reaffirmed an “equal weight” rating and issued a $28.00 target price (up from $26.00) on shares of Colfax Corp. in a research note on Monday, July 18th. Finally, Citigroup Inc. upped their target price on shares of Colfax Corp. from $25.00 to $26.00 and gave the stock a “sell” rating in a research note on Friday, July 29th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. Colfax Corp. has an average rating of “Hold” and an average target price of $30.17.
Colfax Corp. (NYSE:CFX) opened at 30.48 on Wednesday. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of 30.21 and a beta of 1.69. The stock 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 released its quarterly earnings data on Thursday, July 28th. The company reported $0.41 EPS for the quarter, beating the Zacks’ 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 business 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. The firm’s quarterly revenue was down 6.6% on a year-over-year basis. Equities analysts predict that Colfax Corp. will post $0.71 earnings per share for the current year.
Several large investors have recently modified their holdings of the stock. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Colfax Corp. during the second quarter worth about $43,724,000. Teachers Advisors Inc. boosted its stake in shares of Colfax Corp. by 1,262.6% in the second quarter. Teachers Advisors Inc. now owns 1,511,654 shares of the company’s stock worth $39,998,000 after buying an additional 1,400,718 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Colfax Corp. by 19.3% in the second quarter. Principal Financial Group Inc. now owns 8,020,663 shares of the company’s stock worth $212,227,000 after buying an additional 1,299,735 shares during the last quarter. Golub Group LLC purchased a new stake in shares of Colfax Corp. during the second quarter worth about $15,773,000. Finally, FMR LLC boosted its stake in shares of Colfax Corp. by 51.9% in the second quarter. FMR LLC now owns 1,726,480 shares of the company’s stock worth $45,683,000 after buying an additional 589,700 shares during the last quarter. 78.33% of the stock is currently owned by institutional investors.
About Colfax Corp.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Colfax Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Colfax Corp. and related companies with MarketBeat.com's FREE daily email newsletter.