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Insiders including the CEO have been selling shares at footwear purveyor Deckers Outdoor (DECK...
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Wednesday, March 7, 2012, 11:54 AM ETInsiders including the CEO have been selling shares at footwear purveyor Deckers Outdoor (DECK -5.7%), according to SEC filings. Shares hit a new 52-week low.
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CEO Angel Martinez sold 2,751 shares, but still owns 239,858 shares – 2/29 Code P
COO Ziv Zohar sold 770 shares, but still owns 140,354 shares – 2/29 Code F
Director James E. Quinn sold 800 shares, but still owns 1,271 shares, 3/1 Code P
Peter Worley, a 10% owner (president of Deckers Asia Pacific), sold 794 shares, but still owns 66,995 shares – 2/29 Code F
Constance Rishwain, a 10% owner (president of Ugg), sold 789 shares at an average price of $75.86, but still owns 119,604 shares – 2/29 Code F
So they took some profits, a drop in their bucket full!!
COVERAGE REITERATED: Deckers Outdoor (DECK) reiterated by Stifel Nicolaus. Reiterated rating Buy.
Briefing.com – 8:15 AM ET 03/07/2012
I thought it was good news!
"Deckers is trying to convince men to wear its Uggs brand. Martinez told Bloomberg recently that men “like the fuzzy stuff inside” but won’t admit it. That’s hard to believe. In practice, the Ugg spring campaign for men shows shoes a look quite streamlined compared to those sheepskin clodhoppers."
I've seen one new Uggs style for women with a slimmer toe. Angel should do more of them and use more colors - make them less "clodhopper" like. Women love the comfort but also like changing styles and perhaps the typical Uggs style has worn out, even though I heard this a few years ago, and Uggs still did fabulous. I missed my chance to sell when $113 (or recently even at $80) and hate giving in to the lesser gains. I sell now and the stock takes it as it's cue to move up fast. Never fails. Happened with LVS more times than I can count. I'm sticking with it at least until next year. I mean, how far down can it go?
You were right. Just saw this - from OptionMonster, via Yahoo Finance:
"The maker of the popular Ugg boots and Sperry Topsider deck shoes saw its stock drop sharply after Stern Agee lowered its estimates this morning. Analysts took the action after insiders disclosed that they were selling shares to meet tax obligations."
I think there may be something to the downgrade, due to cost of sheepskin, European recession forecast, our tepid recovery, and the warm weather.
You're right though -- why bring out this trading info now?!! Maybe he missed it last week!