Alberta Investment Management Corp Purchases 12,205 Shares of Boot Barn Holdings, Inc. (NYSE:BOOT)

Key Points

• Alberta Investment Management Corp increased its holdings in Boot Barn Holdings by 65.2% during the first quarter, acquiring an additional 12,205 shares, bringing its total ownership to 30,927 shares valued at approximately $3.32 million.
• Boot Barn Holdings recently reported a 19.1% increase in revenue year-over-year, with earnings per share of $1.74, surpassing analyst expectations of $1.55.
• The company has initiated a $200 million share repurchase program, indicating the board's belief that its shares are currently undervalued.

Alberta Investment Management Corp lifted its position in Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 65.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 30,927 shares of the company's stock after purchasing an additional 12,205 shares during the quarter. Alberta Investment Management Corp owned 0.10% of Boot Barn worth $3,322,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in BOOT. FMR LLC grew its holdings in shares of Boot Barn by 47.3% in 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 last quarter. Artemis Investment Management LLP lifted its position in Boot Barn by 206.5% during the 1st quarter. Artemis Investment Management LLP now owns 734,023 shares of the company's stock worth $78,856,000 after buying an additional 494,523 shares in the last quarter. Capital Research Global Investors lifted its position in Boot Barn by 32.6% during the 4th quarter. Capital Research Global Investors now owns 1,141,821 shares of the company's stock worth $173,351,000 after buying an additional 280,892 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Boot Barn during the 4th quarter worth about $42,440,000. Finally, Invesco Ltd. lifted its position in Boot Barn by 35.3% during the 4th quarter. Invesco Ltd. now owns 723,743 shares of the company's stock worth $109,879,000 after buying an additional 188,688 shares in the last quarter.

Insider Buying and Selling

In related news, insider Laurie Marie Grijalva sold 2,438 shares of the 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 sale, the insider directly owned 14,593 shares in the company, valued at $2,344,657.31. This trade represents a 14.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael A. Love sold 4,154 shares of the 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 owned 2,112 shares in the company, valued at $328,078.08. This represents a 66.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.66% of the company's stock.

Boot Barn Price Performance

Shares of NYSE:BOOT opened at $170.92 on Friday. The company has a market capitalization of $5.23 billion, a price-to-earnings ratio of 26.96, a P/E/G ratio of 2.00 and a beta of 1.76. The firm's 50 day simple moving average is $164.67 and its 200 day simple moving average is $137.66. Boot Barn Holdings, Inc. has a fifty-two week low of $86.17 and a fifty-two week high of $183.60.

Boot Barn (NYSE:BOOT - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $1.74 earnings per share for the quarter, beating analysts' consensus estimates of $1.55 by $0.19. The business had revenue of $504.07 million for the quarter, compared to the consensus estimate of $489.49 million. Boot Barn had a net margin of 9.81% and a return on equity of 18.11%. Boot Barn's revenue for the quarter was up 19.1% on a year-over-year basis. During the same period last year, the company posted $1.26 EPS. Equities research analysts expect that Boot Barn Holdings, Inc. will post 5.82 earnings per share for the current year.

Boot Barn announced 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 repurchase up to 4.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on BOOT shares. BTIG Research upped their price target on shares of Boot Barn from $200.00 to $218.00 and gave the stock a "buy" rating in a research report on Friday. Robert W. Baird upped their price target on shares of Boot Barn from $140.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. Jefferies Financial Group downgraded shares of Boot Barn from a "buy" rating to a "hold" rating and reduced their price target for the stock from $187.00 to $175.00 in a research report on Wednesday, July 23rd. Citigroup upped their price target on shares of Boot Barn from $137.00 to $180.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Finally, Piper Sandler raised their target price on shares of Boot Barn from $184.00 to $185.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $182.54.

About Boot Barn

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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