Colfax (NYSE:CFX) Shares Down 4.6%

Colfax Corp (NYSE:CFX)’s share price fell 4.6% during mid-day trading on Friday . The company traded as low as $26.14 and last traded at $25.03, 35,936 shares traded hands during mid-day trading. A decline of 97% from the average session volume of 1,039,725 shares. The stock had previously closed at $26.25.

A number of research firms have issued reports on CFX. Raymond James reiterated a “buy” rating and issued a $21.00 target price on shares of Colfax in a research report on Thursday, May 2nd. Morgan Stanley decreased their target price on Colfax from $30.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. Deutsche Bank set a $28.00 target price on Colfax and gave the company a “hold” rating in a research report on Wednesday, July 10th. ValuEngine cut Colfax from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 2nd. Finally, CIBC restated a “hold” rating and set a $15.00 price target on shares of Colfax in a report on Friday, June 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $28.81.

The stock has a market cap of $3.09 billion, a P/E ratio of 11.01, a P/E/G ratio of 0.86 and a beta of 1.60. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.53 and a quick ratio of 1.06. The company has a fifty day moving average price of $27.09.

Colfax (NYSE:CFX) last released its quarterly earnings results on Wednesday, May 8th. The industrial products company reported $0.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.04. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Colfax had a return on equity of 8.16% and a net margin of 1.68%. The business’s quarterly revenue was up 14.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.48 earnings per share. Sell-side analysts expect that Colfax Corp will post 2.55 earnings per share for the current year.

In related news, CFO Christopher M. Hix sold 4,750 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $27.08, for a total value of $128,630.00. Following the sale, the chief financial officer now directly owns 29,841 shares in the company, valued at $808,094.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Shyam Kambeyanda sold 11,764 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $26.27, for a total value of $309,040.28. Following the completion of the sale, the insider now owns 51,263 shares in the company, valued at $1,346,679.01. The disclosure for this sale can be found here. Insiders sold 35,103 shares of company stock worth $967,643 over the last quarter. 12.00% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System raised its position in shares of Colfax by 1.3% during the second quarter. Arizona State Retirement System now owns 69,110 shares of the industrial products company’s stock worth $1,937,000 after purchasing an additional 860 shares during the period. CenturyLink Investment Management Co raised its position in shares of Colfax by 2.3% during the second quarter. CenturyLink Investment Management Co now owns 42,239 shares of the industrial products company’s stock worth $1,184,000 after purchasing an additional 934 shares during the period. Crossmark Global Holdings Inc. raised its position in shares of Colfax by 9.4% during the second quarter. Crossmark Global Holdings Inc. now owns 14,410 shares of the industrial products company’s stock worth $404,000 after purchasing an additional 1,241 shares during the period. Macquarie Group Ltd. acquired a new position in shares of Colfax during the fourth quarter worth approximately $27,000. Finally, Bridges Investment Management Inc. raised its position in shares of Colfax by 4.2% during the first quarter. Bridges Investment Management Inc. now owns 34,410 shares of the industrial products company’s stock worth $1,021,000 after purchasing an additional 1,400 shares during the period. Institutional investors and hedge funds own 93.27% of the company’s stock.

About Colfax (NYSE:CFX)

Colfax Corporation operates as a diversified technology company worldwide. The company operates through Air and Gas Handling, and Fabrication Technology segments. The Air and Gas Handling segment designs, manufactures, installs, and maintains heavy-duty fans, rotary heat exchangers, blowers, and compressors.

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