DAVENPORT & Co LLC Lowers Stake in Deckers Outdoor Corporation (NYSE:DECK)

DAVENPORT & Co LLC lessened its stake in shares of Deckers Outdoor Corporation (NYSE:DECK) by 30.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,840 shares of the textile maker’s stock after selling 1,263 shares during the period. DAVENPORT & Co LLC’s holdings in Deckers Outdoor were worth $318,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Deckers Outdoor by 0.8% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 17,106 shares of the textile maker’s stock worth $1,913,000 after purchasing an additional 140 shares during the last quarter. Smith Group Asset Management LLC acquired a new position in shares of Deckers Outdoor during the 1st quarter worth about $371,000. WT Asset Management Ltd acquired a new position in shares of Deckers Outdoor during the 1st quarter worth about $15,631,000. Vontobel Holding Ltd. raised its position in shares of Deckers Outdoor by 29.9% during the 1st quarter. Vontobel Holding Ltd. now owns 18,493 shares of the textile maker’s stock worth $2,068,000 after purchasing an additional 4,253 shares during the last quarter. Finally, Amalgamated Bank raised its holdings in Deckers Outdoor by 2.5% in the 1st quarter. Amalgamated Bank now owns 32,107 shares of the textile maker’s stock valued at $3,590,000 after acquiring an additional 772 shares during the last quarter. Institutional investors and hedge funds own 97.79% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on DECK. Citigroup cut their price objective on shares of Deckers Outdoor from $215.00 to $150.00 and set a “buy” rating for the company in a report on Monday, April 28th. Wells Fargo & Company cut their price objective on shares of Deckers Outdoor from $120.00 to $100.00 and set an “equal weight” rating for the company in a report on Friday, May 23rd. KeyCorp reiterated a “sector weight” rating and issued a $150.00 price objective on shares of Deckers Outdoor in a report on Friday, May 23rd. UBS Group set a $169.00 price objective on shares of Deckers Outdoor and gave the company a “buy” rating in a report on Friday, May 23rd. Finally, Robert W. Baird cut their price objective on shares of Deckers Outdoor from $160.00 to $140.00 and set an “outperform” rating for the company in a report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Deckers Outdoor presently has an average rating of “Hold” and an average target price of $137.66.

Insiders Place Their Bets

In other Deckers Outdoor news, Director Maha Saleh Ibrahim sold 300 shares of the business’s stock in a transaction on Friday, June 6th. The shares were sold at an average price of $109.08, for a total value of $32,724.00. Following the completion of the transaction, the director owned 10,681 shares in the company, valued at $1,165,083.48. The trade was a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Cindy L. Davis purchased 1,825 shares of the company’s stock in a transaction on Friday, June 6th. The stock was acquired at an average price of $109.76 per share, with a total value of $200,312.00. Following the purchase, the director owned 13,340 shares of the company’s stock, valued at approximately $1,464,198.40. This represents a 15.85% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.40% of the company’s stock.

Deckers Outdoor Stock Performance

NYSE:DECK opened at $105.38 on Wednesday. The stock has a market capitalization of $15.75 billion, a P/E ratio of 16.61, a PEG ratio of 6.43 and a beta of 0.99. The company has a 50 day moving average price of $110.87 and a 200 day moving average price of $138.49. Deckers Outdoor Corporation 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 results on Thursday, May 22nd. The textile maker reported $1.00 EPS for the quarter, topping the consensus estimate of $0.57 by $0.43. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.01 billion. Deckers Outdoor had a net margin of 19.49% and a return on equity of 41.17%. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.82 earnings per share. Research analysts forecast that Deckers Outdoor Corporation will post 5.89 earnings per share for the current fiscal year.

Deckers Outdoor declared that its board has approved a stock buyback program on Thursday, May 22nd that allows the company to repurchase $2.25 billion in shares. This repurchase authorization allows the textile maker to reacquire up to 11.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

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.