Colfax (CFX) Stock Rating Upgraded 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 issued on Tuesday. The firm currently has $47.00 price target 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.”

Several other analysts also recently issued reports on CFX. Cowen reaffirmed a buy rating and set a $50.00 price objective on shares of Colfax in a report on Tuesday, September 26th. KeyCorp reaffirmed a buy rating and set a $46.00 price objective on shares of Colfax in a report on Tuesday, September 26th. Royal Bank of Canada reaffirmed a buy rating and set a $45.00 price objective on shares of Colfax in a report on Wednesday, September 27th. Citigroup reaffirmed a sell rating and set a $40.00 price objective (up from $39.00) on shares of Colfax in a report on Monday, October 9th. Finally, Stifel Nicolaus reaffirmed a buy rating and set a $50.00 price objective on shares of Colfax in a report on Tuesday, October 17th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has given 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.

Shares of Colfax (NYSE:CFX) traded up $0.35 on Tuesday, hitting $41.76. 375,354 shares of the stock traded hands, compared to its average volume of 766,408. Colfax has a 52 week low of $33.31 and a 52 week high of $43.29. The firm has a market cap of $5,140.00, a price-to-earnings ratio of 33.68, a price-to-earnings-growth ratio of 1.59 and a beta of 1.26. The company has a current ratio of 1.80, a quick ratio of 1.47 and a debt-to-equity ratio of 0.38.

Colfax (NYSE:CFX) last announced 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. Colfax had a net margin of 4.89% and a return on equity of 6.26%. The company had revenue of $844.50 million for the quarter, compared to analyst estimates of $901.09 million. During the same quarter in the prior year, the business posted $0.39 EPS. Colfax’s quarterly revenue was up 10.2% on a year-over-year basis. research analysts anticipate that Colfax will post 1.72 EPS for the current year.

In other Colfax news, EVP Daniel A. Pryor sold 53,333 shares of the stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $38.15, for a total value of $2,034,653.95. Following the completion of the sale, the executive vice president now directly owns 93,557 shares of the company’s stock, valued at approximately $3,569,199.55. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 10.60% of the stock is owned by corporate insiders.

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Colfax by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 6,625,006 shares of the industrial products company’s stock valued at $260,827,000 after purchasing an additional 28,081 shares during the period. BlackRock Inc. boosted its holdings in Colfax by 1.7% in the 2nd quarter. BlackRock Inc. now owns 4,174,568 shares of the industrial products company’s stock valued at $164,353,000 after purchasing an additional 70,676 shares during the period. Wells Fargo & Company MN boosted its holdings in Colfax by 97.2% in the 3rd quarter. Wells Fargo & Company MN now owns 2,959,647 shares of the industrial products company’s stock valued at $123,239,000 after purchasing an additional 1,458,683 shares during the period. Victory Capital Management Inc. boosted its holdings in Colfax by 82.2% in 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 period. Finally, Dimensional Fund Advisors LP boosted its holdings in Colfax by 0.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,737,287 shares of the industrial products company’s stock valued at $113,984,000 after purchasing an additional 10,709 shares during the period. 74.86% of the stock is owned by hedge funds and other institutional investors.

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About Colfax

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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