Thornburg Investment Management Inc. Sells 4,760 Shares of Deckers Outdoor Corporation (NYSE:DECK)

Key Points

• Thornburg Investment Management Inc. reduced its stake in Deckers Outdoor Corporation by 7.2%, holding $6.91 million worth of shares after selling 4,760 shares in the first quarter.
• Deckers Outdoor has announced a $2.25 billion stock repurchase plan, indicating that the board believes the stock is undervalued.
• Analyst ratings for Deckers Outdoor reflect a consensus of "Hold" with an average target price of $137.50, and a mix of ratings from buy to strong buy.

Thornburg Investment Management Inc. cut its holdings in shares of Deckers Outdoor Corporation (NYSE:DECK - Free Report) by 7.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 61,776 shares of the textile maker's stock after selling 4,760 shares during the quarter. Thornburg Investment Management Inc.'s holdings in Deckers Outdoor were worth $6,907,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in DECK. HighPoint Advisor Group LLC grew its position in shares of Deckers Outdoor by 5.3% during the 4th quarter. HighPoint Advisor Group LLC now owns 1,623 shares of the textile maker's stock worth $330,000 after buying an additional 81 shares during the period. Gerber Kawasaki Wealth & Investment Management boosted its stake in Deckers Outdoor by 4.6% during the fourth quarter. Gerber Kawasaki Wealth & Investment Management now owns 1,902 shares of the textile maker's stock valued at $386,000 after buying an additional 84 shares during the period. CIBC Private Wealth Group LLC boosted its stake in Deckers Outdoor by 1.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 4,896 shares of the textile maker's stock worth $1,016,000 after buying an additional 90 shares in the last quarter. Alcosta Capital Management Inc. increased its stake in Deckers Outdoor by 0.3% in the 4th quarter. Alcosta Capital Management Inc. now owns 33,787 shares of the textile maker's stock worth $6,862,000 after purchasing an additional 90 shares during the period. Finally, Arete Wealth Advisors LLC increased its holdings in Deckers Outdoor by 2.8% during the 4th quarter. Arete Wealth Advisors LLC now owns 3,654 shares of the textile maker's stock valued at $747,000 after purchasing an additional 98 shares during the period. Institutional investors own 97.79% of the company's stock.

Insider Buying and Selling at Deckers Outdoor

In other Deckers Outdoor news, Director Cindy L. Davis bought 1,825 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was acquired at an average cost of $109.76 per share, with a total value of $200,312.00. Following the purchase, the director owned 13,340 shares in the company, valued at $1,464,198.40. This trade represents a 15.85% increase 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 the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $109.08, for a total value of $32,724.00. Following the completion of the sale, the director directly owned 10,681 shares of the company's stock, valued at approximately $1,165,083.48. The trade was 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.

Analysts Set New Price Targets

A number of brokerages have weighed in on DECK. UBS Group raised their target price on shares of Deckers Outdoor from $144.00 to $158.00 and gave the company a "buy" rating in a research note on Friday, July 25th. KGI Securities upgraded Deckers Outdoor to a "hold" rating in a research note on Monday, May 26th. Stifel Nicolaus reduced their price target on Deckers Outdoor from $185.00 to $127.00 and set a "hold" rating for the company in a report on Thursday, April 10th. Piper Sandler dropped their price target 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. Finally, Needham & Company LLC restated a "buy" rating and set a $128.00 price objective (up from $120.00) on shares of Deckers Outdoor in a research note on Wednesday, July 23rd. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Deckers Outdoor currently has a consensus rating of "Hold" and a consensus target price of $137.50.

Deckers Outdoor Stock Performance

Shares of DECK stock traded down $4.58 during mid-day trading on Thursday, hitting $106.02. 3,704,926 shares of the stock were exchanged, compared to its average volume of 4,332,234. Deckers Outdoor Corporation has a 12-month low of $93.72 and a 12-month high of $223.98. The stock has a market capitalization of $15.75 billion, a price-to-earnings ratio of 16.26, a P/E/G ratio of 7.01 and a beta of 0.99. The stock's fifty day simple moving average is $105.31 and its two-hundred day simple moving average is $127.75.

Deckers Outdoor (NYSE:DECK - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The textile maker reported $0.93 EPS for the quarter, beating 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 net margin of 19.42% and a return on equity of 40.49%. The company's quarterly revenue was up 16.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.52 EPS. On average, research analysts expect that Deckers Outdoor Corporation will post 5.89 earnings per share for the current fiscal year.

Deckers Outdoor declared that its Board of Directors has initiated a stock buyback program on Thursday, May 22nd that authorizes the company to buyback $2.25 billion in outstanding shares. This buyback authorization authorizes the textile maker to purchase up to 11.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

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.