Invesco Ltd. Trims Holdings in Deckers Outdoor Corporation (NYSE:DECK)

Key Points

• Invesco Ltd. reduced its stake in Deckers Outdoor Corporation by 19.5%, selling 562,880 shares and owning approximately 1.53% of the company post-sale, valued at about $260.4 million.
• Deckers Outdoor's stock price opened at $103.71 with a market capitalization of $15.38 billion, reporting a 16.9% increase in revenue compared to the same quarter last year.
• The company's Board of Directors authorized a $2.25 billion stock buyback program, indicating they believe its shares are undervalued, allowing for the repurchase of up to 11.7% of outstanding shares.

Invesco Ltd. lowered its position in shares of Deckers Outdoor Corporation (NYSE:DECK - Free Report) by 19.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,329,137 shares of the textile maker's stock after selling 562,880 shares during the period. Invesco Ltd. owned 1.53% of Deckers Outdoor worth $260,421,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of DECK. Federated Hermes Inc. grew its stake in Deckers Outdoor by 1,998.7% in the 1st quarter. Federated Hermes Inc. now owns 1,163,977 shares of the textile maker's stock worth $130,144,000 after buying an additional 1,108,516 shares in the last quarter. Pacer Advisors Inc. grew its stake in Deckers Outdoor by 4,770.0% in the 1st quarter. Pacer Advisors Inc. now owns 641,082 shares of the textile maker's stock worth $71,679,000 after buying an additional 627,918 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in Deckers Outdoor by 204.8% in 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 in the last quarter. AMF Tjanstepension AB grew its stake in Deckers Outdoor by 1,037.7% in the 1st quarter. AMF Tjanstepension AB now owns 596,735 shares of the textile maker's stock worth $66,721,000 after buying an additional 544,283 shares in the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new position in Deckers Outdoor in the 1st quarter worth approximately $49,775,000. Hedge funds and other institutional investors own 97.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Evercore ISI boosted their price target on shares of Deckers Outdoor from $110.00 to $115.00 and gave the stock an "in-line" rating in a research note on Friday, July 25th. Cowen reissued a "buy" rating on shares of Deckers Outdoor in a research note on Tuesday, May 20th. Robert W. Baird boosted their price target on shares of Deckers Outdoor from $140.00 to $150.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Barclays boosted their price objective on shares of Deckers Outdoor from $128.00 to $134.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Finally, Truist Financial increased their target price on shares of Deckers Outdoor from $130.00 to $145.00 and gave the company a "buy" rating in a report on Friday, July 25th. One investment 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. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $137.50.

Deckers Outdoor Stock Down 1.0%

Shares of Deckers Outdoor stock traded down $1.05 during trading on Friday, reaching $102.81. 2,655,669 shares of the stock were exchanged, compared to its average volume of 3,976,303. The stock's fifty day moving average is $104.48 and its 200 day moving average is $118.86. The firm has a market cap of $15.25 billion, a price-to-earnings ratio of 15.77, a price-to-earnings-growth ratio of 3.94 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 earnings results on Thursday, July 24th. The textile maker reported $0.93 earnings per share 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 analyst estimates of $901.45 million. Deckers Outdoor had a net margin of 19.42% and a return on equity of 40.49%. Deckers Outdoor's revenue for the quarter was up 16.9% on a year-over-year basis. During the same period in the prior year, the business posted $4.52 earnings per share. Equities analysts forecast that Deckers Outdoor Corporation will post 5.89 earnings per share for the current year.

Deckers Outdoor announced that its board has authorized a share buyback program on Thursday, May 22nd that allows the company to repurchase $2.25 billion in outstanding shares. This repurchase authorization allows the textile maker to repurchase up to 11.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Deckers Outdoor

In related news, Director Cindy L. Davis acquired 1,825 shares of Deckers Outdoor stock in a transaction 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 transaction, the director owned 13,340 shares in the company, valued at $1,464,198.40. This trade represents a 15.85% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Maha Saleh Ibrahim sold 300 shares of the business's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $109.08, for a total transaction of $32,724.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.40% of the company's stock.

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.