Deckers Outdoor (NYSE:DECK) Rating Lowered to Hold at Jefferies Financial Group

Deckers Outdoor (NYSE:DECKGet Rating) was downgraded by equities research analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, Marketbeat reports. They currently have a $300.00 price objective on the textile maker’s stock, down from their prior price objective of $350.00. Jefferies Financial Group’s price objective would suggest a potential downside of 2.44% from the stock’s previous close. Jefferies Financial Group also issued estimates for Deckers Outdoor’s Q3 2023 earnings at $9.65 EPS, Q4 2023 earnings at $3.27 EPS, Q2 2024 earnings at $4.88 EPS, Q4 2024 earnings at $4.66 EPS and FY2024 earnings at $21.50 EPS.

Other analysts have also issued research reports about the stock. Cowen boosted their price target on shares of Deckers Outdoor from $407.00 to $415.00 in a research note on Friday, July 29th. Telsey Advisory Group reduced their target price on shares of Deckers Outdoor from $450.00 to $400.00 and set an “outperform” rating for the company in a research note on Friday, May 20th. Robert W. Baird reduced their target price on shares of Deckers Outdoor from $525.00 to $375.00 and set an “outperform” rating for the company in a research note on Friday, May 20th. BTIG Research reduced their target price on shares of Deckers Outdoor from $487.00 to $477.00 and set a “buy” rating for the company in a research note on Thursday, July 21st. Finally, Wells Fargo & Company assumed coverage on shares of Deckers Outdoor in a research note on Monday, June 27th. They issued an “equal weight” rating and a $280.00 target price for the company. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Deckers Outdoor presently has a consensus rating of “Moderate Buy” and an average target price of $383.00.

Deckers Outdoor Stock Down 2.1 %

Deckers Outdoor stock opened at $307.50 on Monday. The company has a market capitalization of $8.16 billion, a PE ratio of 18.92 and a beta of 0.91. The firm’s fifty day moving average is $270.09 and its 200 day moving average is $275.40. Deckers Outdoor has a 12-month low of $212.93 and a 12-month high of $451.49.

Deckers Outdoor (NYSE:DECKGet Rating) last announced its quarterly earnings results on Thursday, May 19th. The textile maker reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $1.16. The business had revenue of $736.00 million during the quarter, compared to analyst estimates of $639.81 million. Deckers Outdoor had a net margin of 13.76% and a return on equity of 29.72%. Deckers Outdoor’s quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.18 EPS. Sell-side analysts expect that Deckers Outdoor will post 18.06 EPS for the current fiscal year.

Deckers Outdoor announced that its board has approved a stock buyback plan on Thursday, July 28th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the textile maker to repurchase up to 14.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Deckers Outdoor

Several institutional investors have recently added to or reduced their stakes in the business. Steadfast Capital Management LP lifted its holdings in Deckers Outdoor by 8,817.1% during the first quarter. Steadfast Capital Management LP now owns 833,391 shares of the textile maker’s stock valued at $228,157,000 after purchasing an additional 824,045 shares during the last quarter. State Street Corp lifted its holdings in shares of Deckers Outdoor by 2.3% in the first quarter. State Street Corp now owns 720,033 shares of the textile maker’s stock worth $197,123,000 after buying an additional 16,529 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Deckers Outdoor by 24.0% in the first quarter. American Century Companies Inc. now owns 707,993 shares of the textile maker’s stock worth $193,827,000 after buying an additional 136,976 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Deckers Outdoor by 18.0% in the first quarter. Wellington Management Group LLP now owns 433,426 shares of the textile maker’s stock worth $118,658,000 after buying an additional 66,072 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Deckers Outdoor by 7.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 368,334 shares of the textile maker’s stock worth $94,054,000 after buying an additional 24,372 shares in the last quarter. 96.81% of the stock is owned by hedge funds and other institutional investors.

Deckers Outdoor Company Profile

(Get Rating)

Deckers Outdoor Corporation, together with its subsidiaries, designs, markets, and distributes footwear, apparel, and accessories for casual lifestyle use and high-performance activities. The company offers premium footwear, apparel, and accessories under the UGG brand name; sandals, shoes, and boots under the Teva brand name; and relaxed casual shoes and sandals under the Sanuk brand name.

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