Colfax (NYSE:CFX) Announces Quarterly Earnings Results

Colfax (NYSE:CFX) issued its quarterly earnings data on Tuesday. The industrial products company reported $0.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.04, Briefing.com reports. Colfax had a net margin of 1.68% and a return on equity of 8.16%. The business had revenue of $908.65 million during the quarter, compared to analyst estimates of $1.25 billion. During the same period last year, the business posted $0.61 earnings per share. Colfax’s quarterly revenue was up 62.0% compared to the same quarter last year. Colfax updated its FY 2019 guidance to $2.55-2.65 EPS and its Q3 2019 guidance to $0.45-0.50 EPS.

Shares of CFX traded down $1.91 on Wednesday, hitting $26.54. 1,049,538 shares of the stock traded hands, compared to its average volume of 1,187,425. The stock has a market cap of $2.99 billion, a P/E ratio of 11.49, a PEG ratio of 0.83 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 firm has a 50 day simple moving average of $27.11. Colfax has a one year low of $18.95 and a one year high of $37.05.

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

Several institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. increased its position in shares of Colfax by 91.1% during the first quarter. BlackRock Inc. now owns 8,952,563 shares of the industrial products company’s stock valued at $265,712,000 after acquiring an additional 4,268,182 shares in the last quarter. Principal Financial Group Inc. grew its position in Colfax by 6.2% in the 1st quarter. Principal Financial Group Inc. now owns 7,619,325 shares of the industrial products company’s stock worth $226,142,000 after purchasing an additional 442,844 shares during the period. Dimensional Fund Advisors LP grew its position in Colfax by 23.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,854,275 shares of the industrial products company’s stock worth $80,552,000 after purchasing an additional 722,975 shares during the period. Diamond Hill Capital Management Inc. grew its position in Colfax by 34.6% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 2,740,569 shares of the industrial products company’s stock worth $76,818,000 after purchasing an additional 704,327 shares during the period. Finally, Royce & Associates LP grew its position in Colfax by 427.1% in the 1st quarter. Royce & Associates LP now owns 1,824,930 shares of the industrial products company’s stock worth $54,164,000 after purchasing an additional 1,478,724 shares during the period. 93.49% of the stock is owned by institutional investors.

CFX has been the subject of a number of analyst reports. CIBC reaffirmed a “hold” rating and set a $15.00 target price on shares of Colfax in a research note on Friday, June 7th. Raymond James reaffirmed a “buy” rating and set a $21.00 target price on shares of Colfax in a research note on Thursday, May 2nd. ValuEngine downgraded shares of Colfax from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 2nd. Morgan Stanley decreased their target price on shares of Colfax from $30.00 to $29.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. Finally, KeyCorp decreased their target price on shares of Colfax from $40.00 to $37.00 and set an “overweight” rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $29.44.

Colfax Company Profile

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.

See Also: Cost of Goods Sold (COGS)

Earnings History for Colfax (NYSE:CFX)

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