Nuveen LLC Takes $97.94 Million Position in Deckers Outdoor Corporation (NYSE:DECK)

Key Points

• Nuveen LLC has acquired a new stake of approximately $97.9 million in Deckers Outdoor Corporation, holding about 0.58% of the company.
• Deckers Outdoor recently reported a quarterly earnings per share of $0.93, exceeding analysts' expectations and indicating a year-over-year revenue increase of 16.9%.
• The company has initiated a $2.25 billion stock repurchase plan, which typically indicates that the company's leadership believes its stock is undervalued.

Nuveen LLC bought a new stake in shares of Deckers Outdoor Corporation (NYSE:DECK - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund bought 875,910 shares of the textile maker's stock, valued at approximately $97,935,000. Nuveen LLC owned 0.58% of Deckers Outdoor as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Federated Hermes Inc. increased its holdings in shares of Deckers Outdoor by 1,998.7% during the first 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. raised its holdings in shares of Deckers Outdoor by 4,770.0% during the first quarter. Pacer Advisors Inc. now owns 641,082 shares of the textile maker's stock worth $71,679,000 after acquiring an additional 627,918 shares during the period. Jacobs Levy Equity Management Inc. increased 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 valued at $180,674,000 after buying an additional 597,743 shares during the last quarter. AMF Tjanstepension AB increased its stake in shares of Deckers Outdoor by 1,037.7% during the 1st quarter. AMF Tjanstepension AB now owns 596,735 shares of the textile maker's stock worth $66,721,000 after purchasing an additional 544,283 shares during the last quarter. Finally, Jupiter Asset Management Ltd. bought a new stake in shares of Deckers Outdoor during the 1st quarter worth about $49,775,000. 97.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Deckers Outdoor news, Director Cindy L. Davis bought 1,825 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The stock was acquired 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 in the company, valued at approximately $1,464,198.40. This trade represents a 15.85% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Maha Saleh Ibrahim sold 300 shares of Deckers Outdoor 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 completion of 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 position. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

DECK has been the subject of several research reports. KeyCorp reissued a "sector weight" rating and issued a $150.00 price objective on shares of Deckers Outdoor in a research note on Friday, May 23rd. Raymond James Financial raised their price objective on shares of Deckers Outdoor from $123.00 to $137.00 and gave the company a "strong-buy" rating in a research report on Friday, July 25th. Barclays raised their price objective on Deckers Outdoor from $128.00 to $134.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Needham & Company LLC reiterated a "buy" rating and set a $128.00 price target (up previously from $120.00) on shares of Deckers Outdoor in a research report on Wednesday, July 23rd. Finally, TD Securities upped their price target on shares of Deckers Outdoor from $150.00 to $175.00 and gave the stock a "buy" rating in a research note on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Deckers Outdoor has an average rating of "Hold" and a consensus target price of $137.50.

Deckers Outdoor Price Performance

Shares of NYSE DECK traded down $1.05 during midday trading on Friday, hitting $102.81. 2,655,669 shares of the company's stock were exchanged, compared to its average volume of 3,417,954. The stock's 50 day moving average price is $104.61 and its 200-day moving average price is $119.64. The firm has a market cap of $15.25 billion, a P/E ratio of 15.77, a PEG ratio of 4.04 and a beta of 0.99. Deckers Outdoor Corporation has a twelve month low of $93.72 and a twelve month high of $223.98.

Deckers Outdoor (NYSE:DECK - Get Free Report) last announced its earnings results on Thursday, July 24th. The textile maker reported $0.93 EPS for the quarter, topping the consensus estimate of $0.68 by $0.25. The firm had revenue of $964.54 million for the quarter, compared to analysts' expectations of $901.45 million. Deckers Outdoor had a return on equity of 40.49% and a net margin of 19.42%. The firm's quarterly revenue was up 16.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.52 earnings per share. On average, analysts expect that Deckers Outdoor Corporation will post 5.89 EPS for the current fiscal year.

Deckers Outdoor announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 22nd that authorizes the company to buyback $2.25 billion in outstanding shares. This buyback authorization authorizes the textile maker to repurchase up to 11.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's management believes its stock is undervalued.

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.