Deckers Outdoor Corporation (NYSE:DECK) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank significantly increased its stake in Deckers Outdoor Corporation by 156.6%, acquiring an additional 132,534 shares in the first quarter, now owning 0.14% valued at $24.3 million.
• Deckers Outdoor reported a 16.9% revenue increase year-over-year, achieving $964.54 million for the quarter, and exceeded earnings expectations with an EPS of $0.93, surpassing the consensus estimate by $0.25.
• The company announced a stock buyback plan worth $2.25 billion, allowing the repurchase of up to 11.7% of its stock, indicating management's belief in the stock's undervalued status.

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Deckers Outdoor Corporation (NYSE:DECK - Free Report) by 156.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 217,182 shares of the textile maker's stock after buying an additional 132,534 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.14% of Deckers Outdoor worth $24,283,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of DECK. Mpwm Advisory Solutions LLC bought a new stake in Deckers Outdoor during the fourth quarter worth about $26,000. Headlands Technologies LLC bought a new stake in Deckers Outdoor during the fourth quarter worth about $29,000. Vega Investment Solutions bought a new stake in Deckers Outdoor during the fourth quarter worth about $29,000. Mountain Hill Investment Partners Corp. bought a new stake in Deckers Outdoor during the first quarter worth about $34,000. Finally, Fourth Dimension Wealth LLC bought a new stake in Deckers Outdoor during the fourth quarter worth about $41,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

Deckers Outdoor Stock Performance

Shares of DECK traded down $3.39 during mid-day trading on Friday, hitting $102.78. 1,470,863 shares of the company were exchanged, compared to its average volume of 3,476,275. Deckers Outdoor Corporation has a 1-year low of $93.72 and a 1-year high of $223.98. The company has a 50 day moving average of $104.90 and a 200-day moving average of $127.07. The stock has a market cap of $15.27 billion, a price-to-earnings ratio of 15.76, a price-to-earnings-growth ratio of 7.01 and a beta of 0.99.

Deckers Outdoor (NYSE:DECK - Get Free Report) last released 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%. Deckers Outdoor's quarterly revenue was up 16.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.52 EPS. Research analysts anticipate 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 approved a stock buyback plan on Thursday, May 22nd that allows the company to repurchase $2.25 billion in shares. This repurchase authorization allows the textile maker to reacquire up to 11.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Insider Activity

In related news, insider Angela Ogbechie sold 6,244 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider owned 19,980 shares of the company's stock, valued at approximately $2,075,722.20. This trade represents a 23.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Maha Saleh Ibrahim sold 300 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $109.08, for a total transaction of $32,724.00. Following the transaction, the director directly owned 10,681 shares of the company's stock, valued at $1,165,083.48. The trade was a 2.73% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on DECK. Raymond James Financial lifted their price target on Deckers Outdoor from $123.00 to $137.00 and gave the stock a "strong-buy" rating in a research note on Friday, July 25th. TD Securities boosted their target price on Deckers Outdoor from $150.00 to $175.00 and gave the company a "buy" rating in a research note on Tuesday, May 20th. The Goldman Sachs Group lowered their target price on Deckers Outdoor from $90.00 to $87.00 and set a "sell" rating for the company in a research note on Tuesday, July 22nd. Citigroup lowered their target price on Deckers Outdoor from $215.00 to $150.00 and set a "buy" rating for the company in a research note on Monday, April 28th. Finally, Wells Fargo & Company boosted their target price on Deckers Outdoor from $90.00 to $100.00 and gave the company an "equal weight" rating in a research note on Friday, July 25th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target 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.