Clinton Group Inc. trimmed its holdings in Columbia Sportswear (NASDAQ:COLM) by 95.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 2,479 shares of the textile maker’s stock after selling 55,070 shares during the period. Clinton Group Inc.’s holdings in Columbia Sportswear were worth $231,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in COLM. Denali Advisors LLC lifted its position in shares of Columbia Sportswear by 32,923.3% in the third quarter. Denali Advisors LLC now owns 14,200 shares of the textile maker’s stock worth $1,322,000 after buying an additional 14,157 shares in the last quarter. Advisors Asset Management Inc. purchased a new stake in shares of Columbia Sportswear in the second quarter worth about $278,000. Public Employees Retirement System of Ohio lifted its position in shares of Columbia Sportswear by 15.8% in the second quarter. Public Employees Retirement System of Ohio now owns 117,820 shares of the textile maker’s stock worth $10,777,000 after buying an additional 16,090 shares in the last quarter. Global X Management Co LLC lifted its position in shares of Columbia Sportswear by 67.6% in the second quarter. Global X Management Co LLC now owns 4,627 shares of the textile maker’s stock worth $423,000 after buying an additional 1,866 shares in the last quarter. Finally, Jane Street Group LLC purchased a new stake in shares of Columbia Sportswear in the second quarter worth about $2,931,000. Institutional investors and hedge funds own 39.08% of the company’s stock.
Shares of NASDAQ COLM opened at $87.11 on Friday. Columbia Sportswear has a 1-year low of $59.28 and a 1-year high of $95.58. The company has a market cap of $6.51 billion, a price-to-earnings ratio of 29.23, a P/E/G ratio of 2.47 and a beta of 0.77.
Columbia Sportswear (NASDAQ:COLM) last issued its quarterly earnings data on Thursday, July 26th. The textile maker reported $0.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.26. Columbia Sportswear had a return on equity of 14.79% and a net margin of 5.19%. The company had revenue of $481.62 million for the quarter, compared to analysts’ expectations of $453.27 million. During the same period in the previous year, the firm posted ($0.17) earnings per share. The firm’s revenue for the quarter was up 20.7% on a year-over-year basis. On average, equities analysts predict that Columbia Sportswear will post 3.47 EPS for the current fiscal year.
Columbia Sportswear announced that its Board of Directors has authorized a stock buyback program on Monday, August 6th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the textile maker to purchase up to 3.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
In other Columbia Sportswear news, SVP Douglas H. Morse sold 688 shares of the business’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $91.00, for a total transaction of $62,608.00. Following the sale, the senior vice president now directly owns 460 shares of the company’s stock, valued at $41,860. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Edward S. George sold 5,030 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $91.30, for a total value of $459,239.00. Following the sale, the director now directly owns 7,030 shares in the company, valued at $641,839. The disclosure for this sale can be found here. Insiders have sold 8,661 shares of company stock worth $789,646 over the last three months. 56.68% of the stock is currently owned by insiders.
COLM has been the topic of a number of research analyst reports. FBR & Co downgraded Columbia Sportswear from an “outperform” rating to a “$93.43” rating and set a $84.00 target price on the stock. in a research report on Wednesday, July 18th. BidaskClub downgraded Columbia Sportswear from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 25th. Citigroup boosted their target price on Columbia Sportswear from $94.00 to $106.00 and gave the stock a “buy” rating in a research report on Monday, July 30th. Needham & Company LLC reiterated a “buy” rating and issued a $98.00 target price on shares of Columbia Sportswear in a research report on Friday, July 27th. Finally, Pivotal Research downgraded Columbia Sportswear from a “buy” rating to a “hold” rating and boosted their target price for the stock from $95.00 to $96.00 in a research report on Wednesday, July 25th. Eleven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $87.50.
About Columbia Sportswear
Columbia Sportswear Company, together with its subsidiaries, designs, sources, markets, and distributes outdoor and active lifestyle apparel, footwear, accessories, and equipment in the United States, Latin America, the Asia Pacific, Europe, the Middle East, Africa, and Canada. The company provides apparel, accessories, and equipment that are used various outdoor activities, such as skiing, snowboarding, hiking, climbing, mountaineering, camping, hunting, fishing, trail running, water sports, yoga, golf, and adventure travel for men and women under the Columbia, Mountain Hardwear, SOREL, and prAna brands, as well as for youth under the Columbia brand name.
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