Colfax Corporation CFX saw a big move last session, as the company’s shares fell close to 10% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This continues the recent downtrend for CFX, as the stock is now down over 26% in the past one-month time frame.
Notably, weaker-than-expected results for the third quarter led to the slump in Colfax Corp’s shares. Earnings of 24 cents per share considerably lagged the Zacks Consensus Estimate of 41 cents, and plummeted 59% year-over-year. Moreover, the company also lowered its adjusted earnings forecast for 2015.
This slump shouldn’t be too much of a surprise to investors, as this industrial manufacturing and engineering company has seen 2 negative revisions in the past week and its current year earnings consensus has moved lower over the last 7 days. This suggests there may be more trouble down the road. So make sure to keep an eye on this stock going forward to see if this recent slump will continue, as the earnings picture definitely suggests that this might be the case.
CFX currently has a Zacks Rank #5 (Strong Sell).
A better-ranked stock in the Machinery-General Industrial sector is Barnes Group Inc. B, which currently carries a Zacks Rank #2 (Buy).
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