Columbia Sportswear (NASDAQ:COLM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage presently has a $98.00 price objective on the textile maker’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 10.45% from the stock’s previous close.
According to Zacks, “Columbia Sportswear has outpaced the industry in a year driven by its robust past record that was retained in the third quarter of 2018. In the quarter, both top and the bottom lines grew year over year and beat the consensus mark for the seventh and 23rd consecutive time, respectively. Sales were backed by solid growth in all geographic regions, product categories and most brands. Further, direct-to-consumer and wholesale businesses continued being strong. These factors along with improved margins and lower tax rate fueled the bottom line. The company’s upbeat third-quarter and year-to-date performance led management to raise 2018 view. However, the company is battling high that escalated 13% in the reported quarter. Management expects SG&A costs to increase further that may weigh on its operating margin in 2018. Nonetheless, we expect the company’s Project CONNECT program to provide significant cushion in the near future.”
Other analysts have also recently issued reports about the company. Buckingham Research boosted their price target on Columbia Sportswear from $85.00 to $88.00 and gave the stock a “neutral” rating in a report on Friday, October 26th. Wedbush boosted their price target on Columbia Sportswear from $102.00 to $103.00 and gave the stock an “outperform” rating in a report on Wednesday, October 3rd. BidaskClub cut Columbia Sportswear from a “buy” rating to a “hold” rating in a report on Friday, January 11th. Macquarie upgraded Columbia Sportswear from a “neutral” rating to an “outperform” rating and set a $106.00 price target on the stock in a report on Friday, January 11th. Finally, Canaccord Genuity boosted their price target on Columbia Sportswear from $89.00 to $93.00 and gave the stock a “hold” rating in a report on Friday, October 26th. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $95.47.
NASDAQ:COLM opened at $88.73 on Tuesday. The stock has a market cap of $6.06 billion, a PE ratio of 29.78, a PEG ratio of 2.15 and a beta of 0.72. Columbia Sportswear has a 1-year low of $70.36 and a 1-year high of $95.74.
In related news, Director Sarah Bany sold 19,946 shares of the company’s stock in a transaction that occurred on Tuesday, November 27th. The stock was sold at an average price of $88.91, for a total value of $1,773,398.86. Following the sale, the director now directly owns 11,610 shares in the company, valued at $1,032,245.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 56.68% of the company’s stock.
A number of hedge funds have recently made changes to their positions in COLM. Robeco Institutional Asset Management B.V. boosted its holdings in Columbia Sportswear by 143.4% in the third quarter. Robeco Institutional Asset Management B.V. now owns 973,401 shares of the textile maker’s stock valued at $89,955,000 after acquiring an additional 573,517 shares during the last quarter. Marshall Wace LLP acquired a new position in Columbia Sportswear in the third quarter valued at approximately $25,380,000. Acadian Asset Management LLC lifted its stake in Columbia Sportswear by 28.5% in the third quarter. Acadian Asset Management LLC now owns 985,761 shares of the textile maker’s stock valued at $91,741,000 after buying an additional 218,489 shares during the period. AQR Capital Management LLC lifted its stake in Columbia Sportswear by 383.5% in the third quarter. AQR Capital Management LLC now owns 200,189 shares of the textile maker’s stock valued at $18,631,000 after buying an additional 158,787 shares during the period. Finally, TIAA CREF Investment Management LLC lifted its stake in Columbia Sportswear by 76.5% in the third quarter. TIAA CREF Investment Management LLC now owns 279,575 shares of the textile maker’s stock valued at $26,020,000 after buying an additional 121,216 shares during the period. Institutional investors and hedge funds own 37.24% of the company’s stock.
Columbia Sportswear Company 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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