Jupiter Asset Management Ltd. Invests $49.78 Million in Deckers Outdoor Corporation (NYSE:DECK)

Key Points

• Jupiter Asset Management Ltd. invested approximately $49.78 million in Deckers Outdoor Corporation by acquiring 445,176 shares in the first quarter.
• Deckers Outdoor's share repurchase plan allows for the buyback of $2.25 billion in shares, reflecting the board's belief that the stock is undervalued.
• Analysts have raised their price targets for Deckers Outdoor, with UBS Group setting a new target of $158 and maintaining a "buy" rating.

Jupiter Asset Management Ltd. bought a new position in Deckers Outdoor Corporation (NYSE:DECK - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 445,176 shares of the textile maker's stock, valued at approximately $49,775,000. Jupiter Asset Management Ltd. owned approximately 0.29% of Deckers Outdoor at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in DECK. Mpwm Advisory Solutions LLC bought a new stake in shares of Deckers Outdoor in the 4th quarter worth approximately $26,000. Headlands Technologies LLC bought a new stake in shares of Deckers Outdoor in the 4th quarter worth approximately $29,000. Vega Investment Solutions bought a new stake in Deckers Outdoor during the 4th quarter valued at $29,000. Mountain Hill Investment Partners Corp. bought a new stake in Deckers Outdoor during the 1st quarter valued at $34,000. Finally, Fourth Dimension Wealth LLC bought a new stake in Deckers Outdoor during the 4th quarter valued at $41,000. Institutional investors and hedge funds own 97.79% of the company's stock.

Insider Buying and Selling

In other Deckers Outdoor news, insider Angela Ogbechie sold 6,244 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $103.89, for a total value of $648,689.16. Following the completion of the transaction, the insider owned 19,980 shares of the company's stock, valued at $2,075,722.20. This represents a 23.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Cindy L. Davis purchased 1,825 shares of the business's stock in a transaction on Friday, June 6th. The stock was purchased at an average cost of $109.76 per share, with a total value of $200,312.00. Following the acquisition, the director owned 13,340 shares in the company, valued at approximately $1,464,198.40. This 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.

Deckers Outdoor Stock Up 1.8%

Shares of NYSE:DECK traded up $1.86 on Monday, reaching $105.21. The company had a trading volume of 2,370,160 shares, compared to its average volume of 4,579,783. Deckers Outdoor Corporation has a twelve month low of $93.72 and a twelve month high of $223.98. The stock has a 50-day moving average price of $105.03 and a 200 day moving average price of $124.51. The stock has a market capitalization of $15.61 billion, a P/E ratio of 16.14, a P/E/G ratio of 3.94 and a beta of 0.99.

Deckers Outdoor (NYSE:DECK - Get Free Report) last posted its quarterly earnings data 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. 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 analysts' expectations of $901.45 million. During the same quarter in the previous year, the firm earned $4.52 EPS. The firm's revenue was up 16.9% compared to the same quarter last year. On average, sell-side analysts predict that Deckers Outdoor Corporation will post 5.89 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets

Several analysts have weighed in on the company. Evercore ISI lifted their target price on Deckers Outdoor from $110.00 to $115.00 and gave the company an "in-line" rating in a research note on Friday, July 25th. TD Securities lifted their target price on Deckers Outdoor from $150.00 to $175.00 and gave the company a "buy" rating in a research note on Tuesday, May 20th. Argus assumed coverage on Deckers Outdoor in a research note on Friday, June 13th. They set a "hold" rating on the stock. Citigroup cut their target price on 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, Raymond James Financial boosted their price objective on Deckers Outdoor from $123.00 to $137.00 and gave the stock a "strong-buy" rating in a research note on Friday, July 25th. One 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 given a strong buy rating to the company. According to data from MarketBeat, Deckers Outdoor has a consensus rating of "Hold" and an average target price of $137.50.

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.