Citigroup Inc. Increases Stock Holdings in Deckers Outdoor Corporation (NYSE:DECK)

Key Points

• Citigroup Inc. increased its stake in Deckers Outdoor Corporation by 83.3% during the first quarter, owning 228,766 shares valued at approximately $25.58 million by the quarter's end.
• Deckers Outdoor reported quarterly earnings with an EPS of $0.93, exceeding estimates, and a revenue growth of 16.9% year-over-year, prompting analysts to adjust price targets upwards.
• The company has authorized a $2.25 billion stock buyback program, allowing repurchase of up to 11.7% of its outstanding shares, signaling confidence in the stock's value.

Citigroup Inc. raised its holdings in shares of Deckers Outdoor Corporation (NYSE:DECK - Free Report) by 83.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 228,766 shares of the textile maker's stock after acquiring an additional 103,928 shares during the quarter. Citigroup Inc. owned approximately 0.15% of Deckers Outdoor worth $25,578,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in DECK. Marks Group Wealth Management Inc boosted its position in shares of Deckers Outdoor by 15.4% in the 1st quarter. Marks Group Wealth Management Inc now owns 62,902 shares of the textile maker's stock valued at $7,033,000 after purchasing an additional 8,410 shares during the period. Cambridge Investment Research Advisors Inc. boosted its position in shares of Deckers Outdoor by 17.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 17,864 shares of the textile maker's stock valued at $1,997,000 after purchasing an additional 2,706 shares during the period. Park Avenue Securities LLC boosted its position in shares of Deckers Outdoor by 32.3% in 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 position 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 period. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of Deckers Outdoor in the 1st quarter valued at about $493,000. 97.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on DECK. KGI Securities raised Deckers Outdoor to a "hold" rating in a research report on Monday, May 26th. KeyCorp reissued a "sector weight" rating and issued a $150.00 target price on shares of Deckers Outdoor in a research report on Friday, May 23rd. TD Securities upped 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. Barclays upped their target price on Deckers Outdoor from $128.00 to $134.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Finally, Raymond James Financial upped their target price on Deckers Outdoor from $123.00 to $137.00 and gave the company a "strong-buy" rating in a research report on Friday, July 25th. 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $137.50.

Deckers Outdoor Stock Down 1.0%

NYSE DECK traded down $1.05 during mid-day trading on Friday, hitting $102.81. The stock had a trading volume of 2,655,669 shares, compared to its average volume of 3,417,954. The company has a 50 day simple moving average of $104.61 and a 200 day simple moving average of $119.64. The company has a market cap of $15.25 billion, a price-to-earnings ratio of 15.77, a P/E/G ratio of 4.04 and a beta of 0.99. 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 results on Thursday, July 24th. The textile maker reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.25. The company had revenue of $964.54 million during the quarter, compared to the consensus estimate of $901.45 million. Deckers Outdoor had a return on equity of 40.49% and a net margin of 19.42%. Deckers Outdoor's revenue was up 16.9% compared to the same quarter last year. During the same quarter last year, the business posted $4.52 earnings per share. As a group, equities analysts anticipate that Deckers Outdoor Corporation will post 5.89 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

In related news, Director Cindy L. Davis purchased 1,825 shares of the company'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 transaction, 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 position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Maha Saleh Ibrahim sold 300 shares of Deckers Outdoor 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 sale, the director directly owned 10,681 shares of the company's stock, valued at approximately $1,165,083.48. This represents a 2.73% decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

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.