Bayforest Capital Ltd Buys New Holdings in Deckers Outdoor Corporation (NYSE:DECK)

Bayforest Capital Ltd purchased a new position in shares of Deckers Outdoor Corporation (NYSE:DECK) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 11,609 shares of the textile maker’s stock, valued at approximately $1,298,000. Deckers Outdoor comprises about 0.6% of Bayforest Capital Ltd’s holdings, making the stock its 9th biggest holding.

Other institutional investors also recently bought and sold shares of the company. Federated Hermes Inc. lifted its holdings in Deckers Outdoor by 1,998.7% in the first quarter. Federated Hermes Inc. now owns 1,163,977 shares of the textile maker’s stock valued at $130,144,000 after acquiring an additional 1,108,516 shares during the period. Pacer Advisors Inc. grew its stake in shares of Deckers Outdoor by 4,770.0% during the 1st quarter. Pacer Advisors Inc. now owns 641,082 shares of the textile maker’s stock worth $71,679,000 after purchasing an additional 627,918 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in shares of Deckers Outdoor by 204.8% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 889,624 shares of the textile maker’s stock valued at $180,674,000 after purchasing an additional 597,743 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Deckers Outdoor by 101.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 1,003,743 shares of the textile maker’s stock valued at $203,850,000 after purchasing an additional 505,139 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Deckers Outdoor by 69.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,034,191 shares of the textile maker’s stock valued at $210,034,000 after purchasing an additional 424,702 shares during the period. 97.79% of the stock is owned by hedge funds and other institutional investors.

Deckers Outdoor Stock Down 0.4%

Deckers Outdoor stock opened at $111.89 on Wednesday. The company has a fifty day simple moving average of $105.57 and a 200-day simple moving average of $127.87. The firm has a market capitalization of $16.62 billion, a price-to-earnings ratio of 17.16, a PEG ratio of 7.15 and a beta of 0.99. Deckers Outdoor Corporation has a 52-week low of $93.72 and a 52-week high of $223.98.

Deckers Outdoor (NYSE:DECK) last announced its quarterly earnings data on Thursday, July 24th. The textile maker reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.25. The company had revenue of $964.54 million during the quarter, compared to analysts’ expectations of $901.45 million. Deckers Outdoor had a net margin of 19.42% and a return on equity of 40.49%. Deckers Outdoor’s revenue was up 16.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.52 EPS. On average, research analysts anticipate that Deckers Outdoor Corporation will post 5.89 EPS for the current fiscal year.

Deckers Outdoor declared that its Board of Directors has authorized a stock repurchase 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 shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other Deckers Outdoor news, insider Angela Ogbechie sold 6,244 shares of the business’s 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 transaction, the insider owned 19,980 shares of the company’s stock, valued at approximately $2,075,722.20. The trade was a 23.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Cindy L. Davis bought 1,825 shares of the company’s stock in a transaction on Friday, June 6th. The stock was bought at an average price of $109.76 per share, with a total value of $200,312.00. Following the completion of the acquisition, the director owned 13,340 shares in the company, valued at $1,464,198.40. This represents a 15.85% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Truist Financial raised their price target on shares of Deckers Outdoor from $130.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Cowen reissued a “buy” rating on shares of Deckers Outdoor in a research note on Tuesday, May 20th. Telsey Advisory Group restated a “market perform” rating and set a $120.00 target price on shares of Deckers Outdoor in a research report on Friday, July 25th. Needham & Company LLC restated a “buy” rating and issued a $128.00 price target (up previously from $120.00) on shares of Deckers Outdoor in a research note on Wednesday, July 23rd. Finally, Wells Fargo & Company increased their price target on Deckers Outdoor from $90.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Friday, July 25th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $137.50.

Deckers Outdoor Company 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.