Bank of New York Mellon Corp reduced its position in Columbia Sportswear (NASDAQ:COLM) by 10.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 226,671 shares of the textile maker’s stock after selling 25,570 shares during the period. Bank of New York Mellon Corp owned about 0.32% of Columbia Sportswear worth $20,734,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Public Employees Retirement Association of Colorado bought a new stake in Columbia Sportswear in the 2nd quarter worth approximately $104,000. Mount Yale Investment Advisors LLC bought a new stake in Columbia Sportswear in the 1st quarter worth approximately $109,000. NewSquare Capital LLC bought a new stake in Columbia Sportswear in the 2nd quarter worth approximately $165,000. Zeke Capital Advisors LLC bought a new stake in Columbia Sportswear in the 2nd quarter worth approximately $202,000. Finally, Commonwealth Equity Services LLC bought a new stake in Columbia Sportswear in the 1st quarter worth approximately $219,000. 39.08% of the stock is owned by institutional investors and hedge funds.
In other news, SVP Douglas H. Morse sold 688 shares of the business’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $91.00, for a total transaction of $62,608.00. Following the completion of the sale, the senior vice president now owns 460 shares of the company’s stock, valued at approximately $41,860. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Joseph P. Boyle sold 1,443 shares of the business’s stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $90.99, for a total transaction of $131,298.57. Following the sale, the executive vice president now directly owns 2,116,597 shares of the company’s stock, valued at approximately $192,589,161.03. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,661 shares of company stock valued at $789,646. Insiders own 56.68% of the company’s stock.
Shares of COLM stock opened at $91.72 on Friday. Columbia Sportswear has a 1 year low of $57.50 and a 1 year high of $95.58. The firm has a market cap of $6.46 billion, a PE ratio of 30.78, a price-to-earnings-growth ratio of 2.45 and a beta of 0.78.
Columbia Sportswear (NASDAQ:COLM) last issued its quarterly earnings data on Thursday, July 26th. The textile maker reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.26. Columbia Sportswear had a net margin of 5.19% and a return on equity of 14.79%. The firm had revenue of $481.62 million during the quarter, compared to the consensus estimate of $453.27 million. During the same quarter in the previous year, the firm posted ($0.17) EPS. The company’s revenue for the quarter was up 20.7% compared to the same quarter last year. sell-side analysts forecast that Columbia Sportswear will post 3.47 earnings per share for the current year.
Columbia Sportswear announced that its Board of Directors has initiated a share repurchase plan on Monday, August 6th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the textile maker to reacquire up to 3.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 30th. Stockholders of record on Thursday, August 16th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date was Wednesday, August 15th. Columbia Sportswear’s payout ratio is 29.53%.
A number of research firms have commented on COLM. Citigroup lifted their target price on shares of Columbia Sportswear from $94.00 to $106.00 and gave the stock a “buy” rating in a research report on Monday, July 30th. Wedbush lifted their target price on shares of Columbia Sportswear from $100.00 to $102.00 and gave the stock an “outperform” rating in a research report on Friday, July 27th. Robert W. Baird lifted their target price on shares of Columbia Sportswear from $95.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 24th. Buckingham Research lifted their target price on shares of Columbia Sportswear from $80.00 to $84.00 and gave the stock a “neutral” rating in a research report on Thursday, August 16th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $98.00 target price on shares of Columbia Sportswear in a research report on Friday, July 27th. Eleven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $87.44.
Columbia Sportswear Profile
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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