Investors Purchase Large Volume of Put Options on Colfax (NYSE:CFX)

Colfax Corp (NYSE:CFX) was the target of unusually large options trading activity on Tuesday. Traders acquired 1,399 put options on the stock. This is an increase of approximately 1,899% compared to the typical daily volume of 70 put options.

Colfax stock traded down $0.18 during midday trading on Thursday, reaching $26.56. The company’s stock had a trading volume of 1,148,904 shares, compared to its average volume of 2,019,719. The firm has a market cap of $3.24 billion, a PE ratio of 11.50, a PEG ratio of 0.90 and a beta of 1.64. The company has a current ratio of 1.53, a quick ratio of 1.06 and a debt-to-equity ratio of 1.12. The firm’s 50-day moving average is $26.61. Colfax has a 52 week low of $18.95 and a 52 week high of $37.05.

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. Research analysts anticipate that Colfax will post 2.55 EPS for the current fiscal year.

In other Colfax news, CFO Christopher M. Hix sold 4,750 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $27.08, for a total transaction of $128,630.00. Following the transaction, the chief financial officer now directly owns 29,841 shares in the company, valued at approximately $808,094.28. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Shyam Kambeyanda sold 11,764 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $26.27, for a total transaction of $309,040.28. Following the transaction, 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. 12.00% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of CFX. BlackRock Inc. lifted its stake in Colfax by 91.1% in the first quarter. BlackRock Inc. now owns 8,952,563 shares of the industrial products company’s stock valued at $265,712,000 after buying an additional 4,268,182 shares during the period. Royce & Associates LP raised its position in shares of Colfax by 427.1% during the first 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. Wexford Capital LP acquired a new position in shares of Colfax during the fourth quarter worth approximately $25,894,000. Rubric Capital Management LP bought a new stake in Colfax during the first quarter worth $30,060,000. Finally, Millennium Management LLC grew its holdings in Colfax by 1,239.3% during the fourth quarter. Millennium Management LLC now owns 1,036,824 shares of the industrial products company’s stock worth $21,670,000 after buying an additional 959,407 shares in the last quarter. 93.16% of the stock is currently owned by hedge funds and other institutional investors.

A number of analysts recently weighed in on CFX shares. Raymond James reiterated a “buy” rating and issued a $21.00 price target on shares of Colfax in a research report on Thursday, May 2nd. Goldman Sachs Group began coverage on Colfax in a research note on Friday, April 5th. They set a “buy” rating and a $34.00 target price for the company. CIBC reissued a “hold” rating on shares of Just Energy Group in a research note on Friday, June 7th. Deutsche Bank set a $28.00 target price on Colfax and gave the stock a “hold” rating in a research note on Wednesday, July 10th. Finally, Morgan Stanley raised their target price on shares of Williams-Sonoma from $52.00 to $56.00 and gave the company an “underweight” rating in a research note on Wednesday, July 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $28.81.

About Colfax

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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