KeyCorp Forecasts Strong Price Appreciation for Boot Barn (NYSE:BOOT) Stock

Boot Barn (NYSE:BOOT - Get Free Report) had its price target hoisted by equities researchers at KeyCorp from $180.00 to $195.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. KeyCorp's price objective suggests a potential upside of 12.05% from the stock's current price.

BOOT has been the topic of a number of other reports. UBS Group upped their price target on shares of Boot Barn from $156.00 to $210.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. JPMorgan Chase & Co. upped their price objective on shares of Boot Barn from $196.00 to $207.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 27th. Craig Hallum upgraded shares of Boot Barn from a "hold" rating to a "buy" rating and set a $130.00 price target on the stock in a report on Wednesday, April 23rd. Stephens assumed coverage on shares of Boot Barn in a report on Wednesday, April 9th. They issued an "overweight" rating and a $100.00 price target on the stock. Finally, Bank of America increased their price objective 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. One analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $176.08.

Boot Barn Trading Up 3.9%

Shares of NYSE BOOT traded up $6.60 during mid-day trading on Tuesday, reaching $174.03. The company had a trading volume of 530,786 shares, compared to its average volume of 913,778. The business's 50-day moving average is $162.57 and its 200-day moving average is $136.97. The stock has a market cap of $5.32 billion, a price-to-earnings ratio of 29.70, a price-to-earnings-growth ratio of 2.03 and a beta of 1.69. Boot Barn has a 52 week low of $86.17 and a 52 week high of $178.92.

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

Boot Barn declared that its board has initiated a share repurchase program on Wednesday, May 14th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to purchase up to 4.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling

In other news, 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 sale, the insider owned 2,112 shares of the company's stock, valued at $328,078.08. This trade represents a 66.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Laurie Marie Grijalva sold 2,438 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $160.67, for a total transaction of $391,713.46. Following the sale, the insider directly owned 14,593 shares in the company, valued at $2,344,657.31. The trade was a 14.32% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.00% of the company's stock.

Institutional Investors Weigh In On Boot Barn

A number of hedge funds and other institutional investors have recently made changes to their positions in BOOT. FMR LLC grew its stake in shares of Boot Barn by 47.3% during the 4th quarter. FMR LLC now owns 2,211,300 shares of the company's stock worth $335,720,000 after purchasing an additional 709,903 shares during the period. Wellington Management Group LLP grew its stake in Boot Barn by 48.6% in the 4th quarter. Wellington Management Group LLP now owns 2,161,052 shares of the company's stock valued at $328,091,000 after acquiring an additional 706,518 shares during the period. Artemis Investment Management LLP grew its stake in Boot Barn by 206.5% in the 1st quarter. Artemis Investment Management LLP now owns 734,023 shares of the company's stock valued at $78,856,000 after acquiring an additional 494,523 shares during the period. Nuveen LLC acquired a new stake in Boot Barn in the 1st quarter valued at $38,387,000. Finally, Capital Research Global Investors grew its stake in Boot Barn by 32.6% in the 4th quarter. Capital Research Global Investors now owns 1,141,821 shares of the company's stock valued at $173,351,000 after acquiring an additional 280,892 shares during the period.

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.