Bank of America Corp DE Boosts Stock Position in Boot Barn Holdings, Inc. $BOOT

Key Points

• Bank of America more than doubled its Boot Barn position in the first quarter, adding 349,985 shares to own 655,374 shares, or about 2.16% of the company valued at $95.9 million.
• Institutional ownership broadly increased, with Wellington Management, State Street, T. Rowe Price, Invesco and Goldman Sachs all expanding their Boot Barn stakes.
• Boot Barn reported stronger-than-expected quarterly results, with EPS of $2.29 versus $1.69 expected and revenue up 17.7% year over year. Analysts maintain a consensus “Buy” rating with an average price target of $222.27, above the stock’s $163.38 opening price.

Bank of America Corp DE grew its holdings in shares of Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 114.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 655,374 shares of the company's stock after purchasing an additional 349,985 shares during the quarter. Bank of America Corp DE owned approximately 2.16% of Boot Barn worth $95,921,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wellington Management Group LLP raised its position in Boot Barn by 4.3% in the fourth quarter. Wellington Management Group LLP now owns 1,206,107 shares of the company's stock worth $212,842,000 after acquiring an additional 49,790 shares during the period. State Street Corp grew its position in shares of Boot Barn by 0.6% during the 4th quarter. State Street Corp now owns 1,176,193 shares of the company's stock valued at $207,563,000 after acquiring an additional 7,410 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Boot Barn by 83.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,103,441 shares of the company's stock valued at $194,725,000 after acquiring an additional 502,275 shares during the period. Invesco Ltd. increased its stake in shares of Boot Barn by 15.7% during the 4th quarter. Invesco Ltd. now owns 1,061,668 shares of the company's stock worth $187,353,000 after purchasing an additional 144,262 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Boot Barn by 38.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 723,309 shares of the company's stock worth $127,642,000 after purchasing an additional 200,971 shares during the last quarter.

Analyst Ratings Changes

A number of research firms recently commented on BOOT. Weiss Ratings raised shares of Boot Barn from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 30th. Robert W. Baird set a $212.00 target price on Boot Barn in a research report on Thursday, July 30th. Citigroup restated a "buy" rating on shares of Boot Barn in a research note on Monday, May 4th. TD Cowen dropped their price target on Boot Barn from $225.00 to $190.00 and set a "buy" rating on the stock in a research report on Thursday, July 30th. Finally, UBS Group set a $225.00 price target on Boot Barn in a research note on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $222.27.

Boot Barn Stock Down 0.4%

Shares of BOOT opened at $163.38 on Friday. Boot Barn Holdings, Inc. has a twelve month low of $133.18 and a twelve month high of $210.25. The stock has a market cap of $4.95 billion, a PE ratio of 20.68, a P/E/G ratio of 1.05 and a beta of 1.71. The business's 50-day moving average price is $162.47 and its 200-day moving average price is $166.99.

Boot Barn (NYSE:BOOT - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $2.29 EPS for the quarter, beating analysts' consensus estimates of $1.69 by $0.60. The company had revenue of $593.51 million during the quarter, compared to analyst estimates of $583.15 million. Boot Barn had a net margin of 10.35% and a return on equity of 18.78%. Boot Barn's revenue was up 17.7% compared to the same quarter last year. During the same period last year, the business earned $1.74 earnings per share. Boot Barn has set its FY 2027 guidance at 8.800-9.230 EPS and its Q2 2027 guidance at 1.550-1.650 EPS. Analysts expect that Boot Barn Holdings, Inc. will post 9.18 earnings per share for the current fiscal year.

Boot Barn Company Profile

Boot Barn, Inc is a leading specialty retailer focused on western and work-related footwear, apparel and accessories. The company operates full-price and outlet retail stores under the Boot Barn and BootBarn.com brands, offering a wide assortment of cowboy boots, work boots, casual and fashion footwear, western and work apparel, hats, belts and related accessories. In addition to its brick-and-mortar network, Boot Barn maintains an e-commerce platform to serve customers seeking ranch-and-rodeo style clothing and rugged workwear from coast to coast.

Founded in 1978 in Southern California, Boot Barn began as a single store catering to ranchers, farmworkers and western enthusiasts.

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