Share Repurchase Plan Approved by Deckers Outdoor (NYSE:DECK) Board of Directors

Deckers Outdoor (NYSE:DECK) announced that its Board of Directors has initiated a share repurchase program on Thursday, May 22nd, RTT News reports. The company plans to repurchase $2.25 billion in shares. This repurchase authorization authorizes the textile maker to buy up to 11.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Deckers Outdoor Stock Up 2.7%

DECK stock opened at $126.74 on Friday. The company has a market capitalization of $19.24 billion, a P/E ratio of 20.55, a PEG ratio of 1.68 and a beta of 1.11. The company has a 50-day simple moving average of $114.83 and a 200 day simple moving average of $158.54. Deckers Outdoor has a fifty-two week low of $93.72 and a fifty-two week high of $223.98.

Deckers Outdoor (NYSE:DECK) last posted its quarterly earnings data on Thursday, May 22nd. The textile maker reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.45. Deckers Outdoor had a net margin of 19.14% and a return on equity of 41.71%. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.82 earnings per share. Equities analysts anticipate that Deckers Outdoor will post 5.89 EPS for the current year.

Analysts Set New Price Targets

DECK has been the subject of a number of research reports. Bank of America lifted their price objective on shares of Deckers Outdoor from $182.00 to $217.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. Wells Fargo & Company reaffirmed an “equal weight” rating on shares of Deckers Outdoor in a report on Thursday. KeyCorp decreased their price objective on shares of Deckers Outdoor from $230.00 to $150.00 and set an “overweight” rating for the company in a report on Tuesday, April 29th. Needham & Company LLC reaffirmed a “buy” rating and issued a $150.00 price objective (down previously from $246.00) on shares of Deckers Outdoor in a report on Wednesday. Finally, Truist Financial decreased their price objective on shares of Deckers Outdoor from $235.00 to $225.00 and set a “buy” rating for the company in a report on Friday, January 31st. Ten research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.79.

Insider Buying and Selling

In other Deckers Outdoor news, Director David Powers sold 25,000 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $138.84, for a total value of $3,471,000.00. Following the sale, the director now directly owns 241,777 shares in the company, valued at approximately $33,568,318.68. The trade was a 9.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Maha Saleh Ibrahim sold 300 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $134.48, for a total transaction of $40,344.00. Following the completion of the sale, the director now owns 10,388 shares in the company, valued at approximately $1,396,978.24. This trade represents a 2.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Deckers Outdoor Company Profile

Deckers Outdoor Corporation, together with its subsidiaries, designs, markets, and distributes footwear, apparel, and accessories for casual lifestyle use and high-performance activities in the United States and internationally. The company offers premium footwear, apparel, and accessories under the UGG brand name; footwear, apparel, and accessories for ultra-runners and athletes under the HOKA brand name; and sandals, shoes, and boots under the Teva brand name.