Prudential PLC Purchases 3,957 Shares of Deckers Outdoor Corporation (NYSE:DECK)

Key Points

• Prudential PLC increased its holdings in Deckers Outdoor Corporation by 6.1%, acquiring an additional 3,957 shares, bringing its total to 69,051 shares, valued at $7.72 million.
• Deckers Outdoor reported a quarterly earnings per share of $0.93, exceeding analysts' expectations of $0.68, and its revenue rose 16.9% year-over-year to approximately $964.54 million.
• The company has approved a $2.25 billion share buyback program, allowing it to repurchase up to 11.7% of its shares, indicating confidence in the stock's valuation by its leadership.

Prudential PLC lifted its holdings in Deckers Outdoor Corporation (NYSE:DECK - Free Report) by 6.1% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 69,051 shares of the textile maker's stock after purchasing an additional 3,957 shares during the period. Prudential PLC's holdings in Deckers Outdoor were worth $7,721,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in DECK. Resona Asset Management Co. Ltd. increased its holdings in Deckers Outdoor by 2.4% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 52,893 shares of the textile maker's stock worth $5,912,000 after acquiring an additional 1,224 shares in the last quarter. HighTower Advisors LLC increased its holdings in Deckers Outdoor by 38.6% in the 1st quarter. HighTower Advisors LLC now owns 77,998 shares of the textile maker's stock worth $8,721,000 after acquiring an additional 21,722 shares in the last quarter. Trillium Asset Management LLC increased its holdings in Deckers Outdoor by 6.9% in the 1st quarter. Trillium Asset Management LLC now owns 147,161 shares of the textile maker's stock worth $16,454,000 after acquiring an additional 9,474 shares in the last quarter. AGF Management Ltd. increased its holdings in Deckers Outdoor by 8.5% in the 1st quarter. AGF Management Ltd. now owns 83,576 shares of the textile maker's stock worth $9,345,000 after acquiring an additional 6,530 shares in the last quarter. Finally, Public Sector Pension Investment Board increased its holdings in Deckers Outdoor by 8.4% in the 1st quarter. Public Sector Pension Investment Board now owns 20,562 shares of the textile maker's stock worth $2,299,000 after acquiring an additional 1,600 shares in the last quarter. Institutional investors own 97.79% of the company's stock.

Deckers Outdoor Stock Down 1.0%

DECK traded down $1.05 during trading on Friday, reaching $102.81. The company had a trading volume of 2,655,669 shares, compared to its average volume of 3,976,303. The stock has a market cap of $15.25 billion, a P/E ratio of 15.77, a PEG ratio of 3.94 and a beta of 0.99. The business has a 50 day simple moving average of $104.48 and a 200-day simple moving average of $118.86. Deckers Outdoor Corporation has a 52 week low of $93.72 and a 52 week high of $223.98.

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

Deckers Outdoor announced that its board has authorized a stock repurchase program on Thursday, May 22nd that allows the company to buyback $2.25 billion in shares. This buyback authorization allows the textile maker to purchase up to 11.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms recently issued reports on DECK. Needham & Company LLC reissued a "buy" rating and issued a $128.00 target price (up from $120.00) on shares of Deckers Outdoor in a report on Wednesday, July 23rd. Wells Fargo & Company increased their target price on shares of Deckers Outdoor from $90.00 to $100.00 and gave the stock an "equal weight" rating in a report on Friday, July 25th. Robert W. Baird increased their price objective on shares of Deckers Outdoor from $140.00 to $150.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Telsey Advisory Group reaffirmed a "market perform" rating and set a $120.00 price objective on shares of Deckers Outdoor in a report on Friday, July 25th. Finally, TD Securities increased their price objective on shares of Deckers Outdoor from $150.00 to $175.00 and gave the company a "buy" rating in a report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $137.50.

Insider Transactions at Deckers Outdoor

In other news, insider Angela Ogbechie sold 6,244 shares of Deckers Outdoor stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $103.89, for a total transaction of $648,689.16. Following the completion of the sale, the insider directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Maha Saleh Ibrahim sold 300 shares of Deckers Outdoor stock in a transaction on Friday, June 6th. The stock was sold at an average price of $109.08, for a total value of $32,724.00. Following the sale, the director 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. Corporate insiders own 0.40% of the company's stock.

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.