Skandinaviska Enskilda Banken AB publ Sells 182,477 Shares of Deckers Outdoor Corporation (NYSE:DECK)

Key Points

• Skandinaviska Enskilda Banken AB publ reduced its stake in Deckers Outdoor Corporation by 22.4% during the first quarter, owning 633,610 shares worth approximately $70.84 million after selling 182,477 shares.
• Deckers Outdoor reported quarterly earnings of $0.93 per share, exceeding analysts' expectations of $0.68, alongside a revenue of $964.54 million, a 16.9% increase year-over-year.
• The company authorized a $2.25 billion stock buyback plan, allowing repurchase of up to 11.7% of its shares, indicating confidence in its stock valuation.

Skandinaviska Enskilda Banken AB publ cut its stake in Deckers Outdoor Corporation (NYSE:DECK - Free Report) by 22.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 633,610 shares of the textile maker's stock after selling 182,477 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned 0.42% of Deckers Outdoor worth $70,844,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Mpwm Advisory Solutions LLC bought a new stake in shares of Deckers Outdoor in the fourth quarter worth approximately $26,000. Headlands Technologies LLC bought a new stake in shares of Deckers Outdoor in the fourth quarter worth approximately $29,000. Vega Investment Solutions bought a new stake in shares of Deckers Outdoor in the fourth quarter worth approximately $29,000. Mountain Hill Investment Partners Corp. bought a new stake in shares of Deckers Outdoor in the first quarter worth approximately $34,000. Finally, Fourth Dimension Wealth LLC bought a new stake in shares of Deckers Outdoor in the fourth quarter worth approximately $41,000. 97.79% of the stock is currently owned by institutional investors.

Deckers Outdoor Price Performance

Shares of DECK stock traded up $0.81 during mid-day trading on Tuesday, hitting $113.20. The company had a trading volume of 1,723,914 shares, compared to its average volume of 3,477,974. The stock's 50 day moving average price is $105.92 and its 200-day moving average price is $127.98. Deckers Outdoor Corporation has a 52-week low of $93.72 and a 52-week high of $223.98. The company has a market capitalization of $16.92 billion, a P/E ratio of 17.38, a P/E/G ratio of 7.53 and a beta of 0.99.

Deckers Outdoor (NYSE:DECK - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The textile maker reported $0.93 earnings per share 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 company had revenue of $964.54 million for the quarter, compared to analysts' expectations of $901.45 million. During the same quarter in the previous year, the business posted $4.52 earnings per share. Deckers Outdoor's quarterly revenue was up 16.9% on a year-over-year basis. On average, equities research analysts expect that Deckers Outdoor Corporation will post 5.89 earnings per share for the current year.

Deckers Outdoor declared that its board has authorized 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 buy up to 11.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other Deckers Outdoor news, Director Maha Saleh Ibrahim sold 300 shares of the business's stock in a transaction on 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 owned 10,681 shares in the company, valued at $1,165,083.48. The trade was a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Angela Ogbechie sold 6,244 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $103.89, for a total transaction of $648,689.16. Following the transaction, the insider owned 19,980 shares in the company, valued at $2,075,722.20. This trade represents a 23.81% decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Barclays lifted their price target on shares of Deckers Outdoor from $128.00 to $134.00 and gave the stock an "overweight" rating in a research note on Friday. Truist Financial raised their price objective on shares of Deckers Outdoor from $130.00 to $145.00 and gave the stock a "buy" rating in a report on Friday. UBS Group raised their price objective on shares of Deckers Outdoor from $144.00 to $158.00 and gave the stock a "buy" rating in a report on Friday. Citigroup dropped their price objective 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. Finally, KeyCorp reissued a "sector weight" rating and issued a $150.00 price objective on shares of Deckers Outdoor in a report on Friday, May 23rd. One research 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, the stock currently has an average rating of "Hold" and a consensus target price of $137.50.

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.