Bank of Nova Scotia Sells 5,027 Shares of Deckers Outdoor Corporation (NYSE:DECK)

Bank of Nova Scotia lessened its stake in shares of Deckers Outdoor Corporation (NYSE:DECK - Free Report) by 28.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,436 shares of the textile maker's stock after selling 5,027 shares during the quarter. Bank of Nova Scotia's holdings in Deckers Outdoor were worth $1,390,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in DECK. Cumberland Partners Ltd grew its stake in Deckers Outdoor by 0.4% in the first quarter. Cumberland Partners Ltd now owns 27,991 shares of the textile maker's stock valued at $3,130,000 after purchasing an additional 98 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Deckers Outdoor by 1.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 22,046 shares of the textile maker's stock valued at $2,465,000 after buying an additional 285 shares in the last quarter. Jupiter Asset Management Ltd. bought a new stake in shares of Deckers Outdoor in the 1st quarter valued at about $49,775,000. Baker Avenue Asset Management LP grew its position in shares of Deckers Outdoor by 4.3% in the 1st quarter. Baker Avenue Asset Management LP now owns 18,612 shares of the textile maker's stock worth $2,081,000 after buying an additional 763 shares during the last quarter. Finally, EFG Asset Management Americas Corp. raised its stake in shares of Deckers Outdoor by 3.2% during the 1st quarter. EFG Asset Management Americas Corp. now owns 14,718 shares of the textile maker's stock worth $1,646,000 after acquiring an additional 454 shares in the last quarter. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Angela Ogbechie sold 6,244 shares of the business'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 transaction, the insider directly owned 19,980 shares in the company, valued at approximately $2,075,722.20. The trade was a 23.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Cindy L. Davis acquired 1,825 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were acquired at an average cost of $109.76 per share, with a total value of $200,312.00. Following the purchase, the director owned 13,340 shares in the company, valued at $1,464,198.40. This represents a 15.85% increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on DECK. Piper Sandler lowered their target price on shares of Deckers Outdoor from $210.00 to $100.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. 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 report on Friday, July 25th. Wells Fargo & Company boosted their target price on Deckers Outdoor from $90.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Friday, July 25th. Argus initiated coverage on Deckers Outdoor in a research note on Friday, June 13th. They set a "hold" rating on the stock. Finally, The Goldman Sachs Group decreased their price objective on shares of Deckers Outdoor from $90.00 to $87.00 and set a "sell" rating for the company in a research report on Tuesday, July 22nd. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Deckers Outdoor has an average rating of "Hold" and an average price target of $137.50.

Deckers Outdoor Price Performance

NYSE DECK opened at $101.80 on Friday. The stock's 50 day simple moving average is $104.89 and its 200-day simple moving average is $123.51. The company has a market cap of $15.10 billion, a PE ratio of 15.61, a price-to-earnings-growth ratio of 4.03 and a beta of 0.99. Deckers Outdoor Corporation has a 1-year low of $93.72 and a 1-year high of $223.98.

Deckers Outdoor (NYSE:DECK - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The textile maker reported $0.93 EPS for the quarter, beating the consensus estimate of $0.68 by $0.25. Deckers Outdoor had a return on equity of 40.49% and a net margin of 19.42%. The firm had revenue of $964.54 million during the quarter, compared to the consensus estimate of $901.45 million. During the same period in the prior year, the company earned $4.52 EPS. The firm's revenue was up 16.9% compared to the same quarter last year. On average, equities research analysts anticipate that Deckers Outdoor Corporation will post 5.89 EPS for the current fiscal year.

Deckers Outdoor declared that its Board of Directors has approved a share buyback program on Thursday, May 22nd that authorizes the company to buyback $2.25 billion in outstanding shares. This buyback authorization authorizes the textile maker to reacquire up to 11.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board believes its stock is 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.

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