Boot Barn (NYSE:BOOT) Hits New 1-Year High After Analyst Upgrade

Key Points

• Boot Barn's share price soared to a new 52-week high following an upgrade by JPMorgan Chase & Co. which boosted the stock's price target from $207.00 to $247.00.
• Analysts are generally optimistic about Boot Barn, with twelve buy ratings and an average target price of $179.15, despite a recent quarterly earnings miss.
• The company announced a stock repurchase program allowing it to buy back $200 million in shares, signaling confidence in its valuation.

Boot Barn Holdings, Inc. (NYSE:BOOT - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $207.00 to $247.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Boot Barn traded as high as $179.77 and last traded at $178.94, with a volume of 162350 shares changing hands. The stock had previously closed at $174.51.

A number of other equities analysts have also commented on BOOT. Citigroup lifted their price target on shares of Boot Barn from $137.00 to $180.00 and gave the company a "buy" rating in a research report on Friday, May 16th. Cowen reissued a "buy" rating on shares of Boot Barn in a research report on Monday. Bank of America lifted their price target on shares of Boot Barn from $160.00 to $173.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Craig Hallum raised Boot Barn from a "hold" rating to a "buy" rating and set a $130.00 price target on the stock in a research report on Wednesday, April 23rd. Finally, Stephens assumed coverage on Boot Barn in a research report on Wednesday, April 9th. They issued an "overweight" rating and a $100.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Boot Barn currently has an average rating of "Moderate Buy" and an average target price of $179.15.

Insider Buying and Selling

In related news, insider Laurie Marie Grijalva sold 2,438 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $160.67, for a total value of $391,713.46. Following the completion of the sale, the insider owned 14,593 shares of the company's stock, valued at $2,344,657.31. This trade represents a 14.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael A. Love sold 4,154 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $155.34, for a total transaction of $645,282.36. Following the completion of the sale, the insider directly owned 2,112 shares of the company's stock, valued at approximately $328,078.08. This represents a 66.29% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.00% of the company's stock.

Institutional Trading of Boot Barn

Several institutional investors and hedge funds have recently made changes to their positions in the business. Verdence Capital Advisors LLC grew its holdings in shares of Boot Barn by 3.4% in the 2nd quarter. Verdence Capital Advisors LLC now owns 2,270 shares of the company's stock valued at $345,000 after buying an additional 74 shares during the period. Bank of Montreal Can grew its holdings in shares of Boot Barn by 1.4% in the 4th quarter. Bank of Montreal Can now owns 5,936 shares of the company's stock valued at $901,000 after buying an additional 82 shares during the period. Cetera Investment Advisers grew its holdings in shares of Boot Barn by 1.0% in the 4th quarter. Cetera Investment Advisers now owns 8,179 shares of the company's stock valued at $1,242,000 after buying an additional 83 shares during the period. Coldstream Capital Management Inc. grew its holdings in shares of Boot Barn by 7.6% in the 4th quarter. Coldstream Capital Management Inc. now owns 1,367 shares of the company's stock valued at $208,000 after buying an additional 97 shares during the period. Finally, Summit Investment Advisors Inc. grew its holdings in shares of Boot Barn by 3.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 3,096 shares of the company's stock valued at $470,000 after buying an additional 98 shares during the period.

Boot Barn Trading Up 2.6%

The company has a market cap of $5.48 billion, a price-to-earnings ratio of 30.56, a price-to-earnings-growth ratio of 2.05 and a beta of 1.69. The firm's fifty day moving average price is $163.17 and its 200-day moving average price is $136.81.

Boot Barn (NYSE:BOOT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 14th. The company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.24 by ($0.02). The firm had revenue of $453.75 million during the quarter, compared to analyst estimates of $458.56 million. Boot Barn had a net margin of 9.47% and a return on equity of 16.98%. Boot Barn's quarterly revenue was up 16.8% on a year-over-year basis. During the same period last year, the firm earned $0.96 EPS. As a group, research analysts anticipate that Boot Barn Holdings, Inc. will post 5.82 EPS for the current year.

Boot Barn announced that its Board of Directors has approved a stock repurchase program on Wednesday, May 14th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 4.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Boot Barn Company Profile

Boot Barn Holdings, Inc, a lifestyle retail chain, operates specialty retail stores in the United States. The company's specialty retail stores offer western and work-related footwear, apparel, and accessories for men, women, and kids. It offers boots, shirts, jackets, hats, belts and belt buckles, handbags, western-style jewelry, rugged footwear, outerwear, overalls, denim, and flame-resistant and high-visibility clothing.

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