Deckers Outdoor Co. (NYSE:DECK – Get Rating) saw a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 922,700 shares, an increase of 32.3% from the August 31st total of 697,200 shares. Based on an average trading volume of 370,700 shares, the short-interest ratio is currently 2.5 days. Approximately 3.5% of the company’s stock are sold short.
Analysts Set New Price Targets
Several research analysts have issued reports on the stock. Wells Fargo & Company assumed coverage on shares of Deckers Outdoor in a report on Monday, June 27th. They issued an “equal weight” rating and a $280.00 target price for the company. Jefferies Financial Group cut shares of Deckers Outdoor from a “buy” rating to a “hold” rating and decreased their target price for the stock from $350.00 to $300.00 in a report on Monday, August 1st. Cowen lifted their target price on shares of Deckers Outdoor from $407.00 to $415.00 in a report on Friday, July 29th. Robert W. Baird reaffirmed an “outperform” rating and issued a $375.00 target price on shares of Deckers Outdoor in a report on Tuesday, August 2nd. Finally, TheStreet raised shares of Deckers Outdoor from a “c+” rating to a “b” rating in a report on Friday, August 12th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Deckers Outdoor presently has an average rating of “Moderate Buy” and an average target price of $381.10.
Deckers Outdoor Stock Performance
Shares of DECK traded down $9.37 during mid-day trading on Friday, hitting $313.73. 25,358 shares of the company traded hands, compared to its average volume of 315,491. The stock has a 50-day moving average price of $323.71 and a two-hundred day moving average price of $285.70. The stock has a market cap of $8.32 billion, a price-to-earnings ratio of 19.36 and a beta of 0.90. Deckers Outdoor has a 1 year low of $212.93 and a 1 year high of $448.07.
Deckers Outdoor (NYSE:DECK – Get Rating) last announced its earnings results on Thursday, July 28th. The textile maker reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.33. The company had revenue of $614.46 million during the quarter, compared to analyst estimates of $575.31 million. Deckers Outdoor had a net margin of 13.76% and a return on equity of 29.72%. On average, analysts forecast that Deckers Outdoor will post 18.1 EPS for the current year.
Deckers Outdoor declared that its board has authorized a share buyback program on Thursday, July 28th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the textile maker to repurchase up to 14.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Insider Activity at Deckers Outdoor
In related news, Director Bonita C. Stewart sold 500 shares of Deckers Outdoor stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $350.00, for a total transaction of $175,000.00. Following the completion of the transaction, the director now directly owns 14,019 shares of the company’s stock, valued at approximately $4,906,650. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO David Powers sold 2,925 shares of Deckers Outdoor stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $349.50, for a total transaction of $1,022,287.50. Following the completion of the transaction, the chief executive officer now directly owns 100,972 shares of the company’s stock, valued at approximately $35,289,714. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Bonita C. Stewart sold 500 shares of Deckers Outdoor stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $350.00, for a total transaction of $175,000.00. Following the transaction, the director now directly owns 14,019 shares of the company’s stock, valued at $4,906,650. The disclosure for this sale can be found here. 0.80% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Deckers Outdoor
A number of hedge funds have recently modified their holdings of the company. Steadfast Capital Management LP boosted its position in shares of Deckers Outdoor by 8,817.1% in the first quarter. Steadfast Capital Management LP now owns 833,391 shares of the textile maker’s stock worth $228,157,000 after purchasing an additional 824,045 shares during the period. State Street Corp lifted its holdings in shares of Deckers Outdoor by 2.3% in the first quarter. State Street Corp now owns 720,033 shares of the textile maker’s stock worth $197,123,000 after buying an additional 16,529 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Deckers Outdoor by 24.0% in the first quarter. American Century Companies Inc. now owns 707,993 shares of the textile maker’s stock worth $193,827,000 after buying an additional 136,976 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Deckers Outdoor by 18.0% in the first quarter. Wellington Management Group LLP now owns 433,426 shares of the textile maker’s stock worth $118,658,000 after buying an additional 66,072 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Deckers Outdoor by 7.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 368,334 shares of the textile maker’s stock worth $94,054,000 after buying an additional 24,372 shares in the last quarter. 97.45% of the stock is currently owned by institutional investors.
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. The company offers premium footwear, apparel, and accessories under the UGG brand name; sandals, shoes, and boots under the Teva brand name; and relaxed casual shoes and sandals under the Sanuk brand name.
Further Reading
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