iA Global Asset Management Inc. Raises Stock Position in Deckers Outdoor Corporation (NYSE:DECK)

Key Points

• iA Global Asset Management Inc. increased its stake in Deckers Outdoor Corporation by 188.6%, owning 31,633 shares worth approximately $3.54 million as of its latest SEC filing.
• Deckers Outdoor reported earnings of $0.93 per share for the quarter, exceeding estimates and showing 16.9% revenue growth year-over-year.
• The company initiated a $2.25 billion stock buyback program, indicating management's belief that their shares are undervalued.

iA Global Asset Management Inc. lifted its holdings in shares of Deckers Outdoor Corporation (NYSE:DECK - Free Report) by 188.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 31,633 shares of the textile maker's stock after purchasing an additional 20,674 shares during the quarter. iA Global Asset Management Inc.'s holdings in Deckers Outdoor were worth $3,537,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in DECK. Mpwm Advisory Solutions LLC purchased a new stake in shares of Deckers Outdoor in the 4th quarter valued at approximately $26,000. Headlands Technologies LLC acquired a new position in shares of Deckers Outdoor during the fourth quarter worth $29,000. Vega Investment Solutions acquired a new position in shares of Deckers Outdoor during the fourth quarter worth $29,000. Mountain Hill Investment Partners Corp. purchased a new position in Deckers Outdoor in the first quarter valued at $34,000. Finally, Fourth Dimension Wealth LLC acquired a new stake in Deckers Outdoor in the fourth quarter valued at $41,000. Hedge funds and other institutional investors own 97.79% of the company's stock.

Deckers Outdoor Stock Down 0.3%

Shares of NYSE DECK traded down $0.30 during mid-day trading on Friday, hitting $101.59. 2,253,155 shares of the company were exchanged, compared to its average volume of 4,555,924. The stock has a 50 day simple moving average of $104.81 and a 200-day simple moving average of $122.73. Deckers Outdoor Corporation has a 1-year low of $93.72 and a 1-year high of $223.98. The firm has a market cap of $15.07 billion, a price-to-earnings ratio of 15.58, a price-to-earnings-growth ratio of 3.89 and a beta of 0.99.

Deckers Outdoor (NYSE:DECK - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The textile maker reported $0.93 EPS for the quarter, topping analysts' consensus estimates 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 net margin of 19.42% and a return on equity of 40.49%. Deckers Outdoor's quarterly revenue was up 16.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.52 EPS. 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 stock repurchase 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 purchase up to 11.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

Insider Activity at Deckers Outdoor

In other news, Director Maha Saleh Ibrahim sold 300 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The stock was 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 $1,165,083.48. This trade represents a 2.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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, for a total transaction of $200,312.00. Following the acquisition, the director directly owned 13,340 shares of the company's stock, valued at $1,464,198.40. This trade represents a 15.85% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.40% of the stock is owned by insiders.

Analyst Ratings Changes

DECK has been the subject of a number of recent analyst reports. Robert W. Baird lifted their price target on Deckers Outdoor from $140.00 to $150.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Stifel Nicolaus decreased their target price on Deckers Outdoor from $185.00 to $127.00 and set a "hold" rating for the company in a research note on Thursday, April 10th. Wells Fargo & Company upped their price target on Deckers Outdoor from $90.00 to $100.00 and gave the company an "equal weight" rating in a report on Friday, July 25th. Citigroup dropped their price target on shares of Deckers Outdoor from $215.00 to $150.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. Finally, Telsey Advisory Group restated a "market perform" rating and set a $120.00 price objective on shares of Deckers Outdoor in a research report on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price 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.