11,609 Shares in Deckers Outdoor Corporation (NYSE:DECK) Purchased by Bayforest Capital Ltd

Key Points

• Bayforest Capital Ltd acquired a new position in Deckers Outdoor Corporation, purchasing 11,609 shares valued at approximately $1.3 million, making it the firm’s 9th largest stock position.
• Deckers Outdoor reported a quarterly earnings per share (EPS) of $0.93, surpassing analysts' estimates by $0.25, and experienced a 16.9% year-over-year revenue growth.
• The company's Board of Directors approved a share buyback program allowing up to $2.25 billion for repurchasing shares, reflecting confidence that the stock is undervalued.

Bayforest Capital Ltd acquired a new stake in Deckers Outdoor Corporation (NYSE:DECK - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,609 shares of the textile maker's stock, valued at approximately $1,298,000. Deckers Outdoor makes up 0.6% of Bayforest Capital Ltd's portfolio, making the stock its 9th largest position.

Other large investors have also made changes to their positions in the company. Mpwm Advisory Solutions LLC bought a new stake in Deckers Outdoor during the fourth quarter worth approximately $26,000. Headlands Technologies LLC bought a new stake in Deckers Outdoor during the fourth quarter worth approximately $29,000. Vega Investment Solutions bought a new stake in Deckers Outdoor during the fourth quarter worth approximately $29,000. Mountain Hill Investment Partners Corp. bought a new stake in Deckers Outdoor during the first quarter worth approximately $34,000. Finally, Fourth Dimension Wealth LLC bought a new stake in Deckers Outdoor during the fourth quarter worth approximately $41,000. 97.79% of the stock is currently owned by hedge funds and other institutional investors.

Deckers Outdoor Stock Performance

DECK stock traded down $4.58 during midday trading on Thursday, reaching $106.02. The stock had a trading volume of 3,704,926 shares, compared to its average volume of 4,332,234. The stock has a market cap of $15.75 billion, a PE ratio of 16.26, a P/E/G ratio of 7.01 and a beta of 0.99. The firm has a fifty day simple moving average of $105.31 and a two-hundred day simple moving average of $127.75. Deckers Outdoor Corporation has a 52-week low of $93.72 and a 52-week high of $223.98.

Deckers Outdoor (NYSE:DECK - Get Free Report) last released its quarterly earnings data 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 return on equity of 40.49% and a net margin of 19.42%. The business had revenue of $964.54 million during the quarter, compared to analyst estimates of $901.45 million. During the same quarter last year, the business posted $4.52 EPS. The company's revenue was up 16.9% on a year-over-year basis. On average, sell-side analysts predict that Deckers Outdoor Corporation will post 5.89 EPS for the current fiscal year.

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

Insider Activity

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Cowen reissued a "buy" rating on shares of Deckers Outdoor in a research note on Tuesday, May 20th. Truist Financial increased their price target on Deckers Outdoor from $130.00 to $145.00 and gave the stock a "buy" rating in a report on Friday, July 25th. KeyCorp reissued a "sector weight" rating and issued a $150.00 price objective on shares of Deckers Outdoor in a research note on Friday, May 23rd. Piper Sandler dropped their target price on Deckers Outdoor from $210.00 to $100.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Finally, Argus assumed coverage on Deckers Outdoor in a research report on Friday, June 13th. They set a "hold" rating on the stock. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Deckers Outdoor has an average rating of "Hold" and a consensus price target of $137.50.

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.