Miller Value Partners Dumps 72,000 Buckle Inc. Shares for $4.2 Million
Key Points
Exited entire position in Buckle, reducing holdings by 72,000 shares; estimated trade size was $4.22 million based on quarterly average pricing.
This move represented a 1.49% decrease in the fund’s reportable 13F assets under management.
The position previously accounted for approximately 1.55% of the fund’s AUM as of the prior quarter.
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On February 17, 2026, Miller Value Partners, LLC, disclosed in a U.S. Securities and Exchange Commission filing that it sold out its entire stake in Buckle (NYSE:BKE).
What happened
According to an SEC filing dated February 17, 2026, Miller Value Partners, LLC, sold all 72,000 shares of Buckle during the fourth quarter of 2025, fully exiting the position. The estimated transaction value was $4.22 million, calculated using the quarter’s average share price. The net position change, representing the quarter-end valuation impact, also totaled $4.22 million. The fund now reports a zero stake in the retailer.
What else to know
- Top holdings after this filing:
- NYSE:NBR: approximately $32.73 million (approximately 11.5% of AUM)
- NYSE:LNC: approximately $22.48 million (approximately 7.9% of AUM)
- NYSE:GTN: approximately $19.30 million (approximately 6.8% of AUM)
- NYSE:TDAY: approximately $17.53 million (approximately 6.2% of AUM)
- NYSE:QUAD: approximately $17.17 million (approximately 6.0% of AUM)
- As of February 13, 2026, shares of Buckle were priced at $53.45, showing a one-year return of approximately 36.8% and outperforming the S&P 500 by 25.05 percentage points.
Company/Etf overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $1.28 billion |
| Net income (TTM) | $206.10 million |
| Dividend yield | 2.62% |
| Price (as of market close February 13, 2026) | $53.45 |
Company/Etf snapshot
- Offers branded and private label casual apparel, footwear, and accessories, with significant revenue generated from denim, tops, and related merchandise.
- Operates a multi-channel retail model through physical stores and e-commerce, leveraging exclusive brands and value-added services such as hemming, loyalty programs, and private label credit cards.
- Targets young men and women in the United States seeking fashionable, casual wear, primarily serving customers through over 400 retail locations and its online platform.
Buckle is a leading U.S. retailer specializing in casual apparel and accessories for young adults, operating a network of over 400 stores nationwide and a robust e-commerce platform. The company's strategy emphasizes exclusive private labels, curated brand assortments, and personalized in-store services to drive customer loyalty and repeat business. With a strong dividend yield and consistent profitability, Buckle leverages its established market presence and operational efficiency to maintain a competitive edge in the apparel retail sector.
What this transaction means for investors
After years of holding the retailer Buckle, Inc., Miller Value Partners exited its entire position in the fourth quarter of 2025.
Although the stock has traded since 1992, it had risen by a relatively modest 37% over the previous five years. This compares to a 132% total return in that time, meaning it earned the majority of its returns from the quarterly payouts and the special dividends it periodically distributed.
Such filings do not explain why a fund chooses to sell. At a P/E ratio of 13, it was not a particularly expensive retail stock, and the fund tends to invest in retail, industrial, and financial stocks that do not stand out for rapid growth rates.
Nonetheless, net income growth was in the low single digits and is expected to slow to just 0.15% in fiscal 2027. Amid such returns, Miller could likely earn higher returns in a different investment.
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Will Healy has no position in any of the stocks mentioned. The Motley Fool recommends USA Today. The Motley Fool has a disclosure policy.
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