Bank of America Issues Pessimistic Forecast for Deckers Outdoor (NYSE:DECK) Stock Price

Deckers Outdoor (NYSE:DECK) had its target price cut by investment analysts at Bank of America from $128.00 to $114.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the textile maker’s stock. Bank of America‘s target price would indicate a potential upside of 11.87% from the stock’s previous close.

A number of other brokerages have also commented on DECK. UBS Group set a $169.00 price target on Deckers Outdoor and gave the stock a “buy” rating in a research note on Friday, May 23rd. Stifel Nicolaus dropped their target price on shares of Deckers Outdoor from $185.00 to $127.00 and set a “hold” rating for the company in a research report on Thursday, April 10th. Evercore ISI reiterated an “in-line” rating and set a $110.00 price target (down previously from $235.00) on shares of Deckers Outdoor in a research report on Friday, May 23rd. Cowen restated a “buy” rating on shares of Deckers Outdoor in a report on Tuesday, May 20th. Finally, The Goldman Sachs Group assumed coverage on Deckers Outdoor in a research report on Wednesday, July 2nd. They set a “sell” rating and a $90.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Deckers Outdoor has a consensus rating of “Hold” and a consensus target price of $135.61.

Deckers Outdoor Trading Up 0.7%

Shares of DECK stock opened at $101.90 on Thursday. Deckers Outdoor has a 12 month low of $93.72 and a 12 month high of $223.98. The stock has a market capitalization of $15.23 billion, a P/E ratio of 16.06, a PEG ratio of 6.17 and a beta of 0.99. The firm’s 50 day moving average is $108.14 and its 200 day moving average is $133.11.

Deckers Outdoor (NYSE:DECK) last issued its quarterly earnings data on Thursday, May 22nd. The textile maker reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.43. Deckers Outdoor had a return on equity of 41.17% and a net margin of 19.49%. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the business posted $0.82 earnings per share. The firm’s revenue was up 6.5% compared to the same quarter last year. On average, equities analysts predict that Deckers Outdoor will post 5.89 EPS for the current year.

Deckers Outdoor announced that its Board of Directors has authorized a stock repurchase plan on Thursday, May 22nd that allows the company to buyback $2.25 billion in shares. This buyback authorization allows the textile maker to reacquire up to 11.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Cindy L. Davis acquired 1,825 shares of the stock in a transaction dated Friday, June 6th. The shares were bought at an average cost of $109.76 per share, for a total transaction of $200,312.00. Following the purchase, the director owned 13,340 shares in the company, valued at approximately $1,464,198.40. This trade represents a 15.85% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Angela Ogbechie sold 6,244 shares of the firm’s stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $103.89, for a total transaction of $648,689.16. Following the completion of the sale, the insider owned 19,980 shares of the company’s stock, valued at $2,075,722.20. The trade was a 23.81% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of DECK. Marks Group Wealth Management Inc lifted its stake in shares of Deckers Outdoor by 15.4% during the first quarter. Marks Group Wealth Management Inc now owns 62,902 shares of the textile maker’s stock valued at $7,033,000 after acquiring an additional 8,410 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in Deckers Outdoor by 17.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 17,864 shares of the textile maker’s stock worth $1,997,000 after purchasing an additional 2,706 shares during the last quarter. Park Avenue Securities LLC lifted its position in Deckers Outdoor by 32.3% during the 1st quarter. Park Avenue Securities LLC now owns 26,929 shares of the textile maker’s stock valued at $3,011,000 after purchasing an additional 6,569 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Deckers Outdoor by 17.7% in the 1st quarter. Principal Financial Group Inc. now owns 587,747 shares of the textile maker’s stock valued at $65,716,000 after purchasing an additional 88,179 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Deckers Outdoor during the first quarter worth approximately $493,000. Institutional investors own 97.79% of the company’s stock.

About Deckers Outdoor

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.