Pacer Advisors Inc. Buys 627,918 Shares of Deckers Outdoor Corporation (NYSE:DECK)

Key Points

• Pacer Advisors Inc. increased its stake in Deckers Outdoor Corporation by 4,770%, acquiring an additional 627,918 shares in the 1st quarter, bringing their total holdings to 641,082 shares valued at approximately $71.68 million.
• Deckers Outdoor has authorized a $2.25 billion stock buyback program, allowing the company to repurchase up to 11.7% of its outstanding shares, signaling management's belief that the stock is undervalued.
• Deckers Outdoor reported earnings per share of $0.93 for the latest quarter, exceeding expectations, with a year-over-year revenue growth of 16.9%.

Pacer Advisors Inc. lifted its position in Deckers Outdoor Corporation (NYSE:DECK - Free Report) by 4,770.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 641,082 shares of the textile maker's stock after buying an additional 627,918 shares during the quarter. Pacer Advisors Inc. owned approximately 0.42% of Deckers Outdoor worth $71,679,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Marks Group Wealth Management Inc lifted its holdings in shares of Deckers Outdoor by 15.4% in the first quarter. Marks Group Wealth Management Inc now owns 62,902 shares of the textile maker's stock worth $7,033,000 after buying an additional 8,410 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Deckers Outdoor by 17.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 17,864 shares of the textile maker's stock worth $1,997,000 after buying an additional 2,706 shares in the last quarter. Park Avenue Securities LLC lifted its holdings in shares of Deckers Outdoor by 32.3% in the first quarter. Park Avenue Securities LLC now owns 26,929 shares of the textile maker's stock worth $3,011,000 after buying an additional 6,569 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Deckers Outdoor by 17.7% in the first quarter. Principal Financial Group Inc. now owns 587,747 shares of the textile maker's stock worth $65,716,000 after buying an additional 88,179 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Deckers Outdoor in the first quarter worth about $493,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

DECK has been the topic of a number of recent analyst reports. Citigroup lowered their price target on shares of Deckers Outdoor from $215.00 to $150.00 and set a "buy" rating on the stock in a report on Monday, April 28th. Piper Sandler lowered their target price on shares of Deckers Outdoor from $210.00 to $100.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. KGI Securities raised shares of Deckers Outdoor to a "hold" rating in a research note on Monday, May 26th. Robert W. Baird raised their target price on shares of Deckers Outdoor from $140.00 to $150.00 and gave the company an "outperform" rating in a research note on Friday. Finally, TD Securities raised their target price on shares of Deckers Outdoor from $150.00 to $175.00 and gave the company a "buy" rating in a research note on Tuesday, May 20th. 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, the company presently has an average rating of "Hold" and a consensus target price of $137.50.

Insider Transactions at Deckers Outdoor

In other news, insider Angela Ogbechie sold 6,244 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $103.89, for a total value of $648,689.16. Following the transaction, the insider owned 19,980 shares in the company, valued at approximately $2,075,722.20. This trade represents a 23.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Cindy L. Davis bought 1,825 shares of the business's stock in a transaction dated Friday, June 6th. The stock was purchased at an average price 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 approximately $1,464,198.40. The trade was a 15.85% increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.40% of the company's stock.

Deckers Outdoor Trading Up 0.7%

Shares of DECK stock traded up $0.83 during trading hours on Tuesday, hitting $113.22. 1,395,927 shares of the company's stock were exchanged, compared to its average volume of 3,475,454. The company has a market capitalization of $16.92 billion, a PE ratio of 17.38, a PEG ratio of 7.53 and a beta of 0.99. Deckers Outdoor Corporation has a 12-month low of $93.72 and a 12-month high of $223.98. The business's 50 day simple moving average is $105.92 and its 200-day simple moving average is $127.98.

Deckers Outdoor (NYSE:DECK - Get Free Report) last issued its earnings results on Thursday, July 24th. The textile maker reported $0.93 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $964.54 million for the quarter, compared to analysts' expectations of $901.45 million. During the same quarter last year, the business earned $4.52 earnings per share. The business's revenue was up 16.9% on a year-over-year basis. Equities analysts anticipate that Deckers Outdoor Corporation will post 5.89 EPS for the current year.

Deckers Outdoor announced that its board has authorized a stock repurchase plan on Thursday, May 22nd that authorizes the company to repurchase $2.25 billion in outstanding shares. This repurchase authorization authorizes the textile maker to buy up to 11.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership 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.