Marcato Capital Management LP
disclosed that they own 8.5% of Deckers Outdoor Corporation (NYSE:DECK) in a Schedule 13D/A disclosure that was filed with the Securities and Exchange Commission (SEC) on Tuesday, January 23rd. The investor owns 2,702,531 shares of the stock valued at about $238,011,905. The reporting parties listed on the disclosure included Marcato Capital Management LP, Richard T McGuire III, Marcato International Master Fund Ltd, MCM Encore IM LLC and Marcato Encore Master Fund, Ltd. The disclosure is available through Edgar at this link.
Marcato Capital Management LP
provided the following explanation of their ownership:
Several other institutional investors have also added to or reduced their stakes in DECK. Tremblant Capital Group purchased a new stake in shares of Deckers Outdoor in the 3rd quarter worth about $18,638,000. Bank of New York Mellon Corp raised its stake in Deckers Outdoor by 21.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,105,440 shares of the textile maker’s stock valued at $75,623,000 after purchasing an additional 195,164 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Deckers Outdoor by 264.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 265,436 shares of the textile maker’s stock valued at $17,823,000 after purchasing an additional 192,617 shares during the last quarter. American Century Companies Inc. acquired a new position in Deckers Outdoor in the 3rd quarter valued at about $12,054,000. Finally, Dimensional Fund Advisors LP raised its stake in Deckers Outdoor by 7.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,546,161 shares of the textile maker’s stock valued at $173,801,000 after purchasing an additional 174,844 shares during the last quarter. Institutional investors and hedge funds own 99.56% of the company’s stock.
Several brokerages recently weighed in on DECK. Stifel Nicolaus reissued a “buy” rating and issued a $93.00 target price (up previously from $85.00) on shares of Deckers Outdoor in a research note on Wednesday, January 17th. Zacks Investment Research downgraded shares of Deckers Outdoor from a “buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. Jefferies Group downgraded shares of Deckers Outdoor from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. ValuEngine raised shares of Deckers Outdoor from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Finally, Wedbush reissued a “neutral” rating and issued a $72.00 target price (up previously from $64.00) on shares of Deckers Outdoor in a research note on Tuesday, December 19th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $72.31.
Deckers Outdoor Corporation (NYSE:DECK) traded up $1.93 during midday trading on Tuesday, hitting $88.07. 960,673 shares of the stock were exchanged, compared to its average volume of 535,562. Deckers Outdoor Corporation has a one year low of $44.00 and a one year high of $88.43. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.26 and a current ratio of 2.43. The firm has a market cap of $2,810.00, a P/E ratio of 88.07, a P/E/G ratio of 1.79 and a beta of 1.26.
Deckers Outdoor (NYSE:DECK) last posted its quarterly earnings data on Thursday, October 26th. The textile maker reported $1.54 EPS for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.52. Deckers Outdoor had a net margin of 1.80% and a return on equity of 15.23%. The company had revenue of $482.50 million during the quarter, compared to the consensus estimate of $440.11 million. During the same quarter in the prior year, the company posted $1.21 EPS. The company’s quarterly revenue was down .7% compared to the same quarter last year. analysts expect that Deckers Outdoor Corporation will post 4.37 EPS for the current fiscal year.
Deckers Outdoor announced that its board has initiated a share buyback program on Thursday, October 26th that allows the company to buyback $335.00 million in shares. This buyback authorization allows the textile maker to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
Deckers Outdoor Company Profile
Deckers Outdoor Corporation is engaged in designing, marketing and distributing footwear, apparel and accessories for both everyday casual lifestyle use and high performance activities. The Company’s segments include operations of its brands, such as UGG, Teva, Sanuk and other brands; wholesale divisions, and Direct-to-Consumer (DTC) business, which includes E-Commerce business and retail store business.
Receive News & Ratings for Deckers Outdoor Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Deckers Outdoor and related companies with MarketBeat.com's FREE daily email newsletter.