Patton Fund Management Inc. Makes New Investment in Deckers Outdoor Co. (NYSE:DECK)

Patton Fund Management Inc. purchased a new position in shares of Deckers Outdoor Co. (NYSE:DECK) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 18,004 shares of the textile maker’s stock, valued at approximately $2,013,000.

A number of other large investors also recently made changes to their positions in DECK. Mpwm Advisory Solutions LLC purchased a new position in shares of Deckers Outdoor during the 4th quarter worth $26,000. Headlands Technologies LLC purchased a new position in shares of Deckers Outdoor during the 4th quarter worth $29,000. Vega Investment Solutions purchased a new position in shares of Deckers Outdoor during the 4th quarter worth $29,000. Whittier Trust Co. of Nevada Inc. raised its position in shares of Deckers Outdoor by 250.0% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 168 shares of the textile maker’s stock worth $34,000 after buying an additional 120 shares during the period. Finally, Fourth Dimension Wealth LLC purchased a new position in shares of Deckers Outdoor in the 4th quarter worth $41,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on DECK. Evercore ISI reaffirmed an “in-line” rating and issued a $110.00 target price (down from $235.00) on shares of Deckers Outdoor in a research report on Friday, May 23rd. Wells Fargo & Company cut their target price on Deckers Outdoor from $120.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Friday, May 23rd. UBS Group set a $169.00 target price on Deckers Outdoor and gave the stock a “buy” rating in a research report on Friday, May 23rd. Raymond James reaffirmed a “strong-buy” rating on shares of Deckers Outdoor in a research report on Friday, May 23rd. Finally, Citigroup cut their target price on Deckers Outdoor from $215.00 to $150.00 and set a “buy” rating on the stock in a research report on Monday, April 28th. Fourteen analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Deckers Outdoor currently has an average rating of “Hold” and a consensus target price of $134.68.

Insider Activity

In related news, insider Angela Ogbechie sold 6,244 shares of Deckers Outdoor stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $103.89, for a total value of $648,689.16. Following the completion of the transaction, the insider now directly owns 19,980 shares in the company, valued at approximately $2,075,722.20. This trade represents a 23.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Maha Saleh Ibrahim sold 300 shares of Deckers Outdoor stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $109.08, for a total value of $32,724.00. Following the completion of the transaction, the director now owns 10,681 shares of the company’s stock, valued at $1,165,083.48. This trade represents a 2.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Deckers Outdoor Price Performance

Shares of Deckers Outdoor stock opened at $103.62 on Tuesday. The business has a 50-day moving average of $112.46 and a 200-day moving average of $149.35. The company has a market capitalization of $15.48 billion, a PE ratio of 16.80, a P/E/G ratio of 1.68 and a beta of 1.02. Deckers Outdoor Co. has a 1-year low of $93.72 and a 1-year high of $223.98.

Deckers Outdoor (NYSE:DECK) last announced its earnings results on Thursday, May 22nd. The textile maker reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.43. The company had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.01 billion. Deckers Outdoor had a return on equity of 41.71% and a net margin of 19.14%. The company’s revenue was up 6.5% on a year-over-year basis. During the same period last year, the firm earned $0.82 earnings per share. On average, equities analysts expect that Deckers Outdoor Co. will post 5.89 earnings per share for the current fiscal year.

Deckers Outdoor declared that its board has approved a share buyback program on Thursday, May 22nd that permits the company to repurchase $2.25 billion in shares. This repurchase authorization permits the textile maker to repurchase up to 11.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

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.