Colfax Corporation (CFX) Rating Increased to Buy at Zacks Investment Research

Colfax Corporation (NYSE:CFX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm currently has a $47.00 target price on the industrial products company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 12.39% from the stock’s current price.

According to Zacks, “In the last three months, Colfax's shares outperformed the industry. We believe that the company holds solid growth opportunities from its inorganic strategies. Assets acquired during second-quarter 2017, TBi and HKS, will strengthen its welding process analytics and robotic welding torches operations in the Fabrication Technology segment. Also, it anticipates completing the acquisition of Siemens Turbomachinery Equipment GmbH business. In September, it agreed to sell its Fluid Handling business to CIRCOR. The deal will lead to material gain upon completion of the deal in the fourth quarter of 2017. For 2017, the company anticipates earnings to be within $1.65-$1.75 per share, up from the previous projection of $1.60-$1.75.”

A number of other equities analysts have also issued reports on the stock. Citigroup Inc. restated a “sell” rating and set a $40.00 target price (up from $39.00) on shares of Colfax Corporation in a research report on Monday. Royal Bank Of Canada restated a “buy” rating and set a $45.00 target price on shares of Colfax Corporation in a research report on Wednesday, September 27th. KeyCorp restated a “buy” rating and set a $46.00 target price on shares of Colfax Corporation in a research report on Tuesday, September 26th. Cowen and Company restated a “buy” rating and set a $50.00 target price on shares of Colfax Corporation in a research report on Tuesday, September 26th. Finally, Argus restated a “buy” rating and set a $50.00 target price on shares of Colfax Corporation in a research report on Tuesday, August 29th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $46.00.

Shares of Colfax Corporation (NYSE CFX) opened at 41.82 on Monday. Colfax Corporation has a 12-month low of $28.47 and a 12-month high of $42.93. The stock has a market capitalization of $5.15 billion, a P/E ratio of 32.90 and a beta of 1.32. The stock has a 50 day moving average of $40.85 and a 200 day moving average of $40.10.

Colfax Corporation (NYSE:CFX) last announced its earnings results on Friday, July 28th. The industrial products company reported $0.43 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.43. The business had revenue of $965.83 million for the quarter, compared to analyst estimates of $940.31 million. Colfax Corporation had a net margin of 4.35% and a return on equity of 6.30%. The company’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period last year, the firm posted $0.41 earnings per share. Equities research analysts anticipate that Colfax Corporation will post $1.72 EPS for the current fiscal year.

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In related news, SVP Stephen Wittig sold 29,189 shares of Colfax Corporation stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $39.30, for a total value of $1,147,127.70. Following the transaction, the senior vice president now directly owns 15,479 shares in the company, valued at approximately $608,324.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Daniel A. Pryor sold 3,574 shares of Colfax Corporation stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $41.13, for a total transaction of $146,998.62. Following the completion of the transaction, the executive vice president now owns 40,224 shares in the company, valued at $1,654,413.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,202 shares of company stock worth $1,312,182. 10.60% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. boosted its position in shares of Colfax Corporation by 1.1% during the 2nd quarter. Principal Financial Group Inc. now owns 8,956,040 shares of the industrial products company’s stock worth $352,600,000 after purchasing an additional 95,361 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Colfax Corporation by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 6,625,006 shares of the industrial products company’s stock worth $260,827,000 after purchasing an additional 28,081 shares in the last quarter. FMR LLC boosted its position in shares of Colfax Corporation by 32.8% during the 1st quarter. FMR LLC now owns 4,243,210 shares of the industrial products company’s stock worth $166,588,000 after purchasing an additional 1,048,360 shares in the last quarter. BlackRock Inc. boosted its position in shares of Colfax Corporation by 1.7% during the 2nd quarter. BlackRock Inc. now owns 4,174,568 shares of the industrial products company’s stock worth $164,353,000 after purchasing an additional 70,676 shares in the last quarter. Finally, Bares Capital Management Inc. boosted its position in shares of Colfax Corporation by 1.2% during the 1st quarter. Bares Capital Management Inc. now owns 4,080,045 shares of the industrial products company’s stock worth $160,183,000 after purchasing an additional 49,070 shares in the last quarter. Institutional investors own 75.22% of the company’s stock.

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.

Analyst Recommendations for Colfax Corporation (NYSE:CFX)

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