Mitsubishi UFJ Asset Management Co. Ltd. Raises Stock Position in Deckers Outdoor Corporation (NYSE:DECK)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Deckers Outdoor by 19.6%, now owning 279,848 shares valued at approximately $31.29 million.
• Deckers Outdoor reported $0.93 EPS for the last quarter, exceeding analysts' expectations of $0.68, with a significant revenue increase of 16.9% year-over-year.
• The company announced a $2.25 billion share repurchase plan to reacquire up to 11.7% of its outstanding shares, signaling confidence in its stock valuation.

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Deckers Outdoor Corporation (NYSE:DECK - Free Report) by 19.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 279,848 shares of the textile maker's stock after acquiring an additional 45,868 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.18% of Deckers Outdoor worth $31,290,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of DECK. Mpwm Advisory Solutions LLC bought a new stake in shares of Deckers Outdoor in the 4th quarter worth approximately $26,000. Vega Investment Solutions bought a new stake in Deckers Outdoor during the 4th quarter valued at $29,000. Mountain Hill Investment Partners Corp. purchased a new stake in shares of Deckers Outdoor during the first quarter worth $34,000. Fourth Dimension Wealth LLC purchased a new stake in shares of Deckers Outdoor during the fourth quarter worth $41,000. Finally, Itau Unibanco Holding S.A. lifted its position in shares of Deckers Outdoor by 352.1% during the fourth quarter. Itau Unibanco Holding S.A. now owns 217 shares of the textile maker's stock worth $44,000 after acquiring an additional 169 shares in the last quarter. 97.79% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Cindy L. Davis acquired 1,825 shares of the stock in a transaction dated 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 completion of the purchase, the director owned 13,340 shares in the company, valued at approximately $1,464,198.40. The trade was a 15.85% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Maha Saleh Ibrahim sold 300 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $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.

Deckers Outdoor Price Performance

NYSE DECK traded down $0.66 during trading on Friday, hitting $103.20. 726,822 shares of the company's stock traded hands, compared to its average volume of 3,404,754. The stock has a fifty day moving average of $104.61 and a two-hundred day moving average of $119.64. Deckers Outdoor Corporation has a 12-month low of $93.72 and a 12-month high of $223.98. The firm has a market cap of $15.31 billion, a P/E ratio of 15.83, a PEG ratio of 4.04 and a beta of 0.99.

Deckers Outdoor (NYSE:DECK - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The textile maker reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.25. Deckers Outdoor had a net margin of 19.42% and a return on equity of 40.49%. The business had revenue of $964.54 million during the quarter, compared to analyst estimates of $901.45 million. During the same period in the prior year, the business posted $4.52 earnings per share. The company's revenue was up 16.9% on a year-over-year basis. As a group, analysts expect that Deckers Outdoor Corporation will post 5.89 earnings per share for the current fiscal year.

Deckers Outdoor announced that its board has approved a share buyback plan on Thursday, May 22nd that permits the company to buyback $2.25 billion in outstanding shares. This buyback authorization permits the textile maker to reacquire up to 11.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

DECK has been the topic of several recent research reports. KGI Securities upgraded Deckers Outdoor to a "hold" rating in a research report on Monday, May 26th. Raymond James Financial increased their target price on Deckers Outdoor from $123.00 to $137.00 and gave the stock a "strong-buy" rating in a research report on Friday, July 25th. Evercore ISI increased their target price on Deckers Outdoor from $110.00 to $115.00 and gave the stock an "in-line" rating in a research report on Friday, July 25th. Truist Financial increased their target price on Deckers Outdoor from $130.00 to $145.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Finally, Telsey Advisory Group restated a "market perform" rating and set a $120.00 price target on shares of Deckers Outdoor in a research report on Friday, July 25th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Deckers Outdoor presently has a consensus rating of "Hold" and an average price target 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.