Penobscot Investment Management Company Inc. Sells 18,545 Shares of Deckers Outdoor Corporation $DECK

Key Points

• Penobscot Investment Management reduced its Deckers Outdoor position by 73.8%, selling 18,545 shares and retaining 6,580 shares valued at approximately $514,000.
• Institutional ownership remains very high at 97.79%, despite mixed activity: BlackRock initiated a major position, while UBS, Bank of New York Mellon and Amundi increased their holdings.
• Deckers exceeded quarterly earnings expectations with EPS of $2.31 versus $1.79 projected, but revenue came in slightly below estimates. Analysts maintain a consensus “Hold” rating with an average price target of $105.81.

Penobscot Investment Management Company Inc. lowered its position in shares of Deckers Outdoor Corporation (NYSE:DECK - Free Report) by 73.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,580 shares of the textile maker's stock after selling 18,545 shares during the quarter. Penobscot Investment Management Company Inc.'s holdings in Deckers Outdoor were worth $514,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Deckers Outdoor in the second quarter worth approximately $1,343,613,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Deckers Outdoor by 21.5% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,116,595 shares of the textile maker's stock valued at $210,157,000 after purchasing an additional 374,923 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Deckers Outdoor by 123.2% in the 1st quarter. Bank of New York Mellon Corp now owns 1,803,021 shares of the textile maker's stock valued at $180,464,000 after purchasing an additional 995,099 shares during the last quarter. Amundi raised its stake in Deckers Outdoor by 13.2% in the 1st quarter. Amundi now owns 1,611,174 shares of the textile maker's stock valued at $161,262,000 after purchasing an additional 187,702 shares during the last quarter. Finally, Caisse de depot et placement du Quebec purchased a new position in Deckers Outdoor in the 2nd quarter valued at $119,656,000. Institutional investors and hedge funds own 97.79% of the company's stock.

Deckers Outdoor Stock Performance

NYSE:DECK opened at $80.73 on Thursday. Deckers Outdoor Corporation has a one year low of $77.20 and a one year high of $122.29. The stock has a market cap of $11.00 billion, a PE ratio of 10.71, a P/E/G ratio of 1.21 and a beta of 1.12. The stock has a 50 day moving average price of $82.96 and a 200 day moving average price of $99.47.

Deckers Outdoor (NYSE:DECK - Get Free Report) last released its quarterly earnings data on Thursday, October 22nd. The textile maker reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $1.79 by $0.52. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.51 billion. Deckers Outdoor had a return on equity of 42.42% and a net margin of 19.18%. The firm's revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.82 earnings per share. As a group, analysts predict that Deckers Outdoor Corporation will post 7.85 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on DECK. Wolfe Research began coverage on shares of Deckers Outdoor in a research note on Wednesday, October 21st. They set a "peer perform" rating on the stock. Raymond James Financial dropped their target price on shares of Deckers Outdoor from $105.00 to $92.00 in a report on Friday, October 23rd. Sanford C. Bernstein reduced their target price on shares of Deckers Outdoor from $105.00 to $100.00 in a research report on Friday, October 23rd. Jefferies Financial Group decreased their price target on shares of Deckers Outdoor from $130.00 to $120.00 and set a "hold" rating on the stock in a research note on Friday, October 23rd. Finally, Robert W. Baird set a $95.00 price target on shares of Deckers Outdoor in a research note on Friday, October 23rd. Ten research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $105.81.

Deckers Outdoor Profile

Deckers Outdoor Corporation, doing business as Deckers Brands NYSE: DECK, is a global footwear, apparel and accessories company. Its portfolio includes UGG, known for sheepskin and casual footwear; HOKA, which focuses on performance and running shoes; Teva, which offers outdoor and sport sandals and footwear; and Koolaburra by UGG, a lifestyle footwear brand.

The company sells its products through department and specialty stores, independent retailers, international distributors, company-owned retail stores and e-commerce websites.

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