First Trust Advisors LP Invests $5.01 Million in Columbia Sportswear (COLM) Stock
First Trust Advisors LP acquired a new stake in Columbia Sportswear (NASDAQ:COLM) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 53,831 shares of the textile maker’s stock, valued at approximately $5,010,000. First Trust Advisors LP owned approximately 0.08% of Columbia Sportswear at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Martingale Asset Management L P lifted its holdings in shares of Columbia Sportswear by 1.3% during the 2nd quarter. Martingale Asset Management L P now owns 50,836 shares of the textile maker’s stock valued at $4,650,000 after buying an additional 630 shares during the period. Xact Kapitalforvaltning AB lifted its holdings in shares of Columbia Sportswear by 23.7% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 3,658 shares of the textile maker’s stock valued at $335,000 after buying an additional 700 shares during the period. Aperio Group LLC lifted its holdings in shares of Columbia Sportswear by 7.7% during the 2nd quarter. Aperio Group LLC now owns 10,236 shares of the textile maker’s stock valued at $936,000 after buying an additional 735 shares during the period. First Midwest Bank Trust Division lifted its holdings in shares of Columbia Sportswear by 13.2% during the 2nd quarter. First Midwest Bank Trust Division now owns 6,670 shares of the textile maker’s stock valued at $610,000 after buying an additional 778 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Columbia Sportswear by 29.4% during the 1st quarter. Principal Financial Group Inc. now owns 4,119 shares of the textile maker’s stock valued at $315,000 after buying an additional 936 shares during the period. 39.83% of the stock is currently owned by institutional investors and hedge funds.
In other Columbia Sportswear news, EVP Joseph P. Boyle sold 1,443 shares of the stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $90.99, for a total value of $131,298.57. Following the completion of the sale, the executive vice president now owns 2,116,597 shares in the company, valued at approximately $192,589,161.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Andy D. Bryant sold 13,274 shares of the stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $91.75, for a total value of $1,217,889.50. Following the completion of the sale, the director now owns 42,060 shares of the company’s stock, valued at approximately $3,859,005. The disclosure for this sale can be found here. Corporate insiders own 56.68% of the company’s stock.
Columbia Sportswear (NASDAQ:COLM) last issued its quarterly earnings results on Thursday, October 25th. The textile maker reported $1.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.27 by $0.14. Columbia Sportswear had a return on equity of 15.43% and a net margin of 5.56%. The business had revenue of $795.80 million during the quarter, compared to analyst estimates of $791.25 million. As a group, equities analysts expect that Columbia Sportswear will post 3.61 earnings per share for the current fiscal year.
Columbia Sportswear announced that its Board of Directors has initiated a share buyback program on Monday, August 6th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the textile maker to buy up to 3.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Thursday, November 15th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend is Wednesday, November 14th. This is a positive change from Columbia Sportswear’s previous quarterly dividend of $0.22. Columbia Sportswear’s dividend payout ratio is presently 32.21%.
COLM has been the topic of several research analyst reports. Buckingham Research increased their price target on Columbia Sportswear from $80.00 to $84.00 and gave the company a “neutral” rating in a report on Thursday, August 16th. Macquarie set a $106.00 target price on Columbia Sportswear and gave the stock a “hold” rating in a report on Friday, October 26th. Pivotal Research set a $94.00 target price on Columbia Sportswear and gave the stock a “hold” rating in a report on Wednesday, October 24th. BidaskClub cut Columbia Sportswear from a “buy” rating to a “hold” rating in a report on Tuesday, August 28th. Finally, Canaccord Genuity raised their target price on Columbia Sportswear from $89.00 to $93.00 and gave the stock a “hold” rating in a report on Friday, October 26th. Ten research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Columbia Sportswear currently has an average rating of “Hold” and a consensus price target of $90.24.
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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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