Columbia Sportswear (NASDAQ:COLM) Price Target Cut to $61.00 by Analysts at Citigroup

Key Points

• CitiGroup has reduced its price target for Columbia Sportswear from $64.00 to $61.00, maintaining a "neutral" rating, which suggests a potential upside of 23.73% from the stock's previous close.
• Columbia Sportswear shares experienced a significant decline, dropping 12.9% to $49.30 amid various analysts rating the stock with a consensus rating of "Hold" and an average price target of $60.80.
• The company reported earnings of ($0.19) EPS for the last quarter, exceeding estimates and showcasing revenue growth of 6.1% year-over-year, totaling $605.25 million.

Columbia Sportswear (NASDAQ:COLM - Get Free Report) had its target price dropped by equities researchers at Citigroup from $64.00 to $61.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the textile maker's stock. Citigroup's target price indicates a potential upside of 23.73% from the company's previous close.

Several other equities research analysts have also weighed in on the stock. Barclays cut their target price on shares of Columbia Sportswear from $62.00 to $51.00 and set an "equal weight" rating on the stock in a report on Friday. UBS Group lowered their price objective on shares of Columbia Sportswear from $45.00 to $40.00 and set a "sell" rating for the company in a research report on Friday. Needham & Company LLC initiated coverage on shares of Columbia Sportswear in a research report on Friday, May 30th. They issued a "hold" rating on the stock. Finally, Stifel Nicolaus reduced their target price on shares of Columbia Sportswear from $75.00 to $68.00 and set a "buy" rating for the company in a research note on Friday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $60.80.

Columbia Sportswear Stock Down 12.9%

COLM stock traded down $7.27 during trading hours on Friday, hitting $49.30. The company's stock had a trading volume of 2,373,011 shares, compared to its average volume of 775,069. The company has a market capitalization of $2.72 billion, a PE ratio of 12.61, a price-to-earnings-growth ratio of 3.96 and a beta of 0.97. Columbia Sportswear has a 12 month low of $48.11 and a 12 month high of $92.88. The stock has a 50 day moving average price of $61.81 and a two-hundred day moving average price of $71.29.

Columbia Sportswear (NASDAQ:COLM - Get Free Report) last released its earnings results on Thursday, July 31st. The textile maker reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.09. Columbia Sportswear had a return on equity of 12.57% and a net margin of 6.61%. The company had revenue of $605.25 million during the quarter, compared to analysts' expectations of $587.97 million. During the same period last year, the firm earned ($0.20) EPS. The business's revenue for the quarter was up 6.1% on a year-over-year basis. Sell-side analysts expect that Columbia Sportswear will post 4.1 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Stephen E. Babson sold 2,776 shares of the firm's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $65.94, for a total value of $183,049.44. Following the sale, the director directly owned 128,309 shares of the company's stock, valued at $8,460,695.46. This trade represents a 2.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 48.30% of the stock is currently owned by insiders.

Institutional Trading of Columbia Sportswear

A number of hedge funds have recently made changes to their positions in the stock. Deutsche Bank AG increased its holdings in shares of Columbia Sportswear by 3.7% in the fourth quarter. Deutsche Bank AG now owns 3,911 shares of the textile maker's stock worth $328,000 after buying an additional 141 shares during the period. Novem Group lifted its position in Columbia Sportswear by 7.6% in the second quarter. Novem Group now owns 3,353 shares of the textile maker's stock valued at $205,000 after purchasing an additional 237 shares during the last quarter. Covestor Ltd boosted its stake in shares of Columbia Sportswear by 13.0% during the fourth quarter. Covestor Ltd now owns 2,101 shares of the textile maker's stock valued at $177,000 after purchasing an additional 241 shares during the period. Federated Hermes Inc. raised its holdings in Columbia Sportswear by 4.8% during the 1st quarter. Federated Hermes Inc. now owns 5,241 shares of the textile maker's stock valued at $397,000 after buying an additional 241 shares during the last quarter. Finally, Procyon Advisors LLC increased its position in shares of Columbia Sportswear by 8.3% in the first quarter. Procyon Advisors LLC now owns 3,605 shares of the textile maker's stock valued at $273,000 after acquiring an additional 276 shares during the period. 47.76% of the stock is owned by institutional investors.

About Columbia Sportswear

Columbia Sportswear Company, together with its subsidiaries, designs, develops, markets, and distributes outdoor, active, and everyday 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 for hiking, trail running, snow, fishing, hunting, mountaineering, climbing, skiing and snowboarding, trail, and outdoor activities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.