Assetmark Inc. Reduces Stake in Deckers Outdoor Corporation (NYSE:DECK)

Key Points

• Assetmark Inc. reduced its holdings in Deckers Outdoor Corporation by 35.0%, owning 10,252 shares worth approximately $1.15 million after selling 5,526 shares in the 1st quarter.
• Insider transactions revealed that Director Cindy L. Davis increased her stake by 15.85%, while another insider, Angela Ogbechie, sold 6,244 shares, representing a 23.81% decrease in her ownership.
• Deckers Outdoor reported strong earnings, posting $0.93 EPS against a consensus estimate of $0.68, alongside a 16.9% increase in revenue year-over-year, and announced a stock repurchase program of up to $2.25 billion.

Assetmark Inc. lowered its stake in shares of Deckers Outdoor Corporation (NYSE:DECK - Free Report) by 35.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,252 shares of the textile maker's stock after selling 5,526 shares during the period. Assetmark Inc.'s holdings in Deckers Outdoor were worth $1,146,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. raised its holdings in Deckers Outdoor by 204.8% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 889,624 shares of the textile maker's stock worth $180,674,000 after buying an additional 597,743 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Deckers Outdoor by 101.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 1,003,743 shares of the textile maker's stock worth $203,850,000 after purchasing an additional 505,139 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Deckers Outdoor by 69.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,034,191 shares of the textile maker's stock worth $210,034,000 after purchasing an additional 424,702 shares during the period. Clark Capital Management Group Inc. increased its holdings in Deckers Outdoor by 2,155.1% in the 4th quarter. Clark Capital Management Group Inc. now owns 255,837 shares of the textile maker's stock worth $51,958,000 after acquiring an additional 244,492 shares during the last quarter. Finally, Twinbeech Capital LP purchased a new position in Deckers Outdoor during the 4th quarter valued at about $44,551,000. Hedge funds and other institutional investors own 97.79% of the company's stock.

Insider Buying and Selling at Deckers Outdoor

In other news, Director Maha Saleh Ibrahim sold 300 shares of the business's stock in a transaction that occurred 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 sale, the director directly owned 10,681 shares in the company, valued at approximately $1,165,083.48. The trade was a 2.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Cindy L. Davis acquired 1,825 shares of the firm's stock in a transaction on Friday, June 6th. The stock was bought at an average price of $109.76 per share, with a total value of $200,312.00. Following the completion of the acquisition, the director directly owned 13,340 shares in the company, valued at approximately $1,464,198.40. This represents a 15.85% increase in their position. The disclosure for this purchase can be found here. 0.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on DECK. The Goldman Sachs Group cut their target price on Deckers Outdoor from $90.00 to $87.00 and set a "sell" rating on the stock in a research note on Tuesday, July 22nd. Evercore ISI set a $115.00 target price on Deckers Outdoor and gave the company an "in-line" rating in a research note on Friday, July 25th. Raymond James Financial raised their price objective on Deckers Outdoor from $123.00 to $137.00 and gave the stock a "strong-buy" rating in a research note on Friday, July 25th. Bank of America dropped their target price on Deckers Outdoor from $128.00 to $114.00 and set a "neutral" rating on the stock in a report on Thursday, July 17th. Finally, TD Securities raised their target price on Deckers Outdoor from $150.00 to $175.00 and gave the company a "buy" rating in a research report on Tuesday, May 20th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $137.50.

Deckers Outdoor Price Performance

Shares of DECK traded up $0.65 during trading hours on Tuesday, hitting $105.78. 1,223,267 shares of the stock were exchanged, compared to its average volume of 3,464,091. Deckers Outdoor Corporation has a fifty-two week low of $93.72 and a fifty-two week high of $223.98. The business has a 50-day moving average of $105.03 and a 200-day moving average of $124.51. The firm has a market capitalization of $15.69 billion, a P/E ratio of 16.22, a price-to-earnings-growth ratio of 3.94 and a beta of 0.99.

Deckers Outdoor (NYSE:DECK - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The textile maker reported $0.93 earnings per share for the quarter, beating analysts' consensus estimates of $0.68 by $0.25. Deckers Outdoor had a net margin of 19.42% and a return on equity of 40.49%. The company had revenue of $964.54 million for the quarter, compared to analyst estimates of $901.45 million. During the same period last year, the firm earned $4.52 earnings per share. The firm's revenue was up 16.9% on a year-over-year basis. As a group, analysts forecast that Deckers Outdoor Corporation will post 5.89 earnings per share for the current fiscal year.

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

Deckers Outdoor 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.