Columbia Sportswear Co. (NASDAQ:COLM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
According to Zacks, “Estimates have been revised downward over the past 30 days since Columbia Sportswear reported loss for the second quarter after posting profits for the previous three quarters. The company has been posting decent results on the back of strategic acquisitions and the success of its flagship brands. Strong sales increase in most of its geographical segments in particular the U.S. and Europe, have been aiding top-line growth. It has also been successful in driving renewed growth in North America and Europe direct wholesale markets through innovative products and strong relationships with brand-enhancing retail partners. Moreover, the recent athleisure trend and growing market of casual and sportswear also boost the company’s market traction. However, unfavorable currency translation and soft consumer spending in several economies remain overhangs..”
COLM has been the subject of several other research reports. Canaccord Genuity upgraded Columbia Sportswear from a “hold” rating to a “buy” rating and lifted their price objective for the company from $59.00 to $72.00 in a research note on Tuesday, September 20th. Brean Capital reiterated a “hold” rating on shares of Columbia Sportswear in a research note on Thursday, September 22nd. KeyCorp started coverage on Columbia Sportswear in a research note on Thursday, September 22nd. They issued a “sector weight” rating for the company. FBR & Co lifted their price objective on Columbia Sportswear from $62.00 to $68.00 and gave the company an “outperform” rating in a research note on Friday, July 29th. Finally, Citigroup Inc. decreased their target price on Columbia Sportswear from $69.00 to $68.00 and set a “buy” rating for the company in a research note on Friday, July 29th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $62.20.
Shares of Columbia Sportswear (NASDAQ:COLM) opened at 56.00 on Wednesday. The firm has a 50-day moving average price of $56.08 and a 200 day moving average price of $57.51. Columbia Sportswear has a 52-week low of $43.56 and a 52-week high of $66.00. The stock has a market cap of $3.91 billion, a price-to-earnings ratio of 22.33 and a beta of 0.97.
Columbia Sportswear (NASDAQ:COLM) last announced its quarterly earnings data on Thursday, July 28th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.05. The business earned $388.70 million during the quarter, compared to analysts’ expectations of $392.02 million. Columbia Sportswear had a return on equity of 12.14% and a net margin of 7.48%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.09) EPS. Analysts expect that Columbia Sportswear will post $2.67 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Thursday, August 18th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend was Tuesday, August 16th. Columbia Sportswear’s payout ratio is currently 27.09%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Columbia Sportswear by 2.5% in the second quarter. BlackRock Inc. now owns 2,042 shares of the company’s stock worth $117,000 after buying an additional 50 shares during the last quarter. Advisor Group Inc. acquired a new position in shares of Columbia Sportswear during the second quarter worth $172,000. Pacer Advisors Inc. acquired a new position in shares of Columbia Sportswear during the second quarter worth $178,000. BlueMountain Capital Management LLC acquired a new position in shares of Columbia Sportswear during the second quarter worth $201,000. Finally, Intrust Bank NA acquired a new position in shares of Columbia Sportswear during the second quarter worth $222,000. 36.55% of the stock is currently owned by institutional investors and hedge funds.
About Columbia Sportswear
Columbia Sportswear Company is an apparel and footwear company. The Company designs, sources, markets and distributes outdoor and active lifestyle apparel, footwear, accessories and equipment under the Columbia, Mountain Hardwear, Sorel, prAna and other brands. The Company’s geographic segments are the United States, Latin America and Asia Pacific (LAAP), the Europe, Middle East and Africa (EMEA), and Canada.
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