Envestnet Asset Management Inc. Reduces Position in Columbia Sportswear Company (NASDAQ:COLM)

Key Points

• Envestnet Asset Management Inc. has reduced its position in Columbia Sportswear Company by 8.3%, now holding 59,371 shares valued at approximately $4.49 million.
• Several institutional investors, including Principal Financial Group Inc. and Robeco Institutional Asset Management B.V., have made adjustments to their holdings in Columbia Sportswear, with a combined total of 47.76% of the stock owned by such entities.
• Columbia Sportswear's latest quarterly earnings report showed unexpected growth with earnings per share at $0.75, surpassing analysts’ expectations, alongside a revenue increase of 1.1% year-over-year.

Envestnet Asset Management Inc. trimmed its holdings in shares of Columbia Sportswear Company (NASDAQ:COLM - Free Report) by 8.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 59,371 shares of the textile maker's stock after selling 5,366 shares during the quarter. Envestnet Asset Management Inc. owned 0.11% of Columbia Sportswear worth $4,494,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Principal Financial Group Inc. increased its position in shares of Columbia Sportswear by 0.4% during the first quarter. Principal Financial Group Inc. now owns 73,810 shares of the textile maker's stock worth $5,587,000 after acquiring an additional 324 shares during the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of Columbia Sportswear during the first quarter worth about $518,000. CWC Advisors LLC. purchased a new stake in shares of Columbia Sportswear during the first quarter worth about $267,000. Robeco Institutional Asset Management B.V. increased its holdings in Columbia Sportswear by 5.3% in the first quarter. Robeco Institutional Asset Management B.V. now owns 34,432 shares of the textile maker's stock valued at $2,606,000 after buying an additional 1,741 shares during the last quarter. Finally, GHP Investment Advisors Inc. increased its holdings in Columbia Sportswear by 1.3% in the first quarter. GHP Investment Advisors Inc. now owns 27,581 shares of the textile maker's stock valued at $2,088,000 after buying an additional 360 shares during the last quarter. 47.76% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Stephen E. Babson sold 2,776 shares of the business's stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $65.94, for a total transaction of $183,049.44. Following the completion of the transaction, the director directly owned 128,309 shares in the company, valued at approximately $8,460,695.46. The trade was a 2.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 48.30% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on COLM. Citigroup reissued a "neutral" rating and issued a $68.00 price objective (down from $80.00) on shares of Columbia Sportswear in a report on Monday, April 7th. UBS Group boosted their price objective on Columbia Sportswear from $42.00 to $51.00 and gave the company a "sell" rating in a report on Monday, April 14th. Barclays lowered their price objective on Columbia Sportswear from $64.00 to $62.00 and set an "equal weight" rating for the company in a report on Friday, May 2nd. Stifel Nicolaus lowered their price objective on Columbia Sportswear from $91.00 to $75.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Finally, Needham & Company LLC began coverage on Columbia Sportswear in a report on Friday, May 30th. They issued a "hold" rating for the company. One investment 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. Based on data from MarketBeat.com, Columbia Sportswear has an average rating of "Hold" and a consensus price target of $68.00.

Columbia Sportswear Stock Up 0.3%

Shares of COLM stock opened at $60.63 on Friday. The business has a 50 day moving average of $62.19 and a two-hundred day moving average of $71.77. Columbia Sportswear Company has a 52 week low of $58.44 and a 52 week high of $92.88. The company has a market cap of $3.34 billion, a P/E ratio of 15.51, a PEG ratio of 4.07 and a beta of 0.97.

Columbia Sportswear (NASDAQ:COLM - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The textile maker reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.07. The business had revenue of $778.45 million during the quarter, compared to the consensus estimate of $763.50 million. Columbia Sportswear had a return on equity of 12.57% and a net margin of 6.61%. The business's revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.71 earnings per share. Analysts expect that Columbia Sportswear Company will post 4.1 EPS for the current fiscal year.

Columbia Sportswear Company Profile

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.