Colfax (CFX) Upgraded to “Strong-Buy” by Zacks Investment Research

Colfax (NYSE:CFX) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday, January 9th. The firm presently has a $47.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 20.51% from the company’s current price.

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.”

A number of other brokerages have also recently issued reports on CFX. Stifel Nicolaus reaffirmed a “buy” rating and set a $50.00 target price on shares of Colfax in a research report on Tuesday, October 17th. Robert W. Baird reiterated a “buy” rating and set a $50.00 price target on shares of Colfax in a report on Friday, October 27th. KeyCorp reiterated a “buy” rating and set a $46.00 price target on shares of Colfax in a report on Tuesday, September 26th. Cowen reiterated a “buy” rating and set a $50.00 price target on shares of Colfax in a report on Tuesday, September 26th. Finally, Citigroup restated a “sell” rating and issued a $40.00 target price (up from $39.00) on shares of Colfax in a research note on Monday, October 9th. Two analysts have rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Colfax presently has an average rating of “Buy” and an average price target of $46.20.

Colfax (NYSE:CFX) opened at $39.00 on Tuesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.47 and a current ratio of 1.80. Colfax has a 12 month low of $33.31 and a 12 month high of $43.29. The firm has a market capitalization of $4,801.52, a PE ratio of 23.49, a price-to-earnings-growth ratio of 1.48 and a beta of 1.17.

Colfax (NYSE:CFX) last announced its quarterly earnings results on Monday, November 6th. The industrial products company reported $0.42 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.42. The business had revenue of $844.50 million during the quarter, compared to analysts’ expectations of $901.09 million. Colfax had a return on equity of 6.26% and a net margin of 4.89%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.39 EPS. equities research analysts forecast that Colfax will post 1.75 earnings per share for the current year.

In other news, EVP Daniel A. Pryor sold 53,333 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now owns 93,557 shares of the company’s stock, valued at $3,569,199.55. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP A. Lynne Puckett sold 7,270 shares of Colfax stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $42.01, for a total value of $305,412.70. The disclosure for this sale can be found here. Corporate insiders own 10.60% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. M&T Bank Corp raised its position in Colfax by 0.7% in the 2nd quarter. M&T Bank Corp now owns 5,510 shares of the industrial products company’s stock valued at $216,000 after buying an additional 41 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Colfax by 7.3% in the second quarter. The Manufacturers Life Insurance Company now owns 3,688 shares of the industrial products company’s stock valued at $145,000 after purchasing an additional 251 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Colfax by 10.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,533 shares of the industrial products company’s stock valued at $139,000 after purchasing an additional 323 shares in the last quarter. Legal & General Group Plc grew its stake in Colfax by 0.8% in the second quarter. Legal & General Group Plc now owns 93,745 shares of the industrial products company’s stock valued at $3,687,000 after purchasing an additional 773 shares in the last quarter. Finally, Eqis Capital Management Inc. grew its stake in Colfax by 11.7% in the third quarter. Eqis Capital Management Inc. now owns 13,531 shares of the industrial products company’s stock valued at $563,000 after purchasing an additional 1,415 shares in the last quarter. 74.66% of the stock is currently owned by institutional investors and hedge funds.

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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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