Bank of New York Mellon Corp Acquires New Position in Boot Barn Holdings, Inc. $BOOT

Key Points

• Bank of New York Mellon acquired 190,479 Boot Barn shares worth approximately $31.3 million, representing about 0.63% of the company. Several other institutional investors also increased their holdings.
• Boot Barn reported quarterly earnings of $2.29 per share, beating estimates of $1.69, while revenue rose 17.7% year over year to $593.5 million.
• Shares opened at $155.41, below their recent moving averages. Despite several price-target reductions, analysts maintained a consensus “Buy” rating with an average price target of $219.55.

Bank of New York Mellon Corp bought a new position in shares of Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 190,479 shares of the company's stock, valued at approximately $31,290,000. Bank of New York Mellon Corp owned about 0.63% of Boot Barn as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in BOOT. Arrowstreet Capital Limited Partnership increased its stake in Boot Barn by 361.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 48,448 shares of the company's stock valued at $7,091,000 after purchasing an additional 37,951 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Boot Barn by 11.4% in the 4th quarter. Principal Financial Group Inc. now owns 393,098 shares of the company's stock worth $69,370,000 after buying an additional 40,282 shares during the last quarter. UBS Group AG boosted its holdings in shares of Boot Barn by 16.4% in the 4th quarter. UBS Group AG now owns 172,380 shares of the company's stock valued at $30,420,000 after buying an additional 24,229 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Boot Barn by 15,768.5% in the 1st quarter. Fifth Third Bancorp now owns 34,276 shares of the company's stock valued at $5,017,000 after buying an additional 34,060 shares during the period. Finally, Hsbc Holdings PLC grew its position in shares of Boot Barn by 335.5% during the 1st quarter. Hsbc Holdings PLC now owns 14,527 shares of the company's stock valued at $2,132,000 after buying an additional 11,191 shares during the last quarter.

Boot Barn Trading Down 0.1%

Shares of NYSE BOOT opened at $155.41 on Friday. The firm has a 50-day moving average of $160.34 and a two-hundred day moving average of $164.51. Boot Barn Holdings, Inc. has a twelve month low of $133.18 and a twelve month high of $210.25. The company has a market capitalization of $4.71 billion, a price-to-earnings ratio of 19.67, a PEG ratio of 1.00 and a beta of 1.71.

Boot Barn (NYSE:BOOT - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $2.29 earnings per share for the quarter, topping analysts' consensus estimates of $1.69 by $0.60. Boot Barn had a net margin of 10.35% and a return on equity of 18.78%. The firm had revenue of $593.51 million during the quarter, compared to analysts' expectations of $583.15 million. During the same period last year, the firm posted $1.74 earnings per share. The firm's revenue for the quarter was up 17.7% compared to the same quarter last year. 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. As a group, research analysts predict that Boot Barn Holdings, Inc. will post 9.18 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. UBS Group set a $225.00 price objective on shares of Boot Barn in a research note on Wednesday, June 17th. Weiss Ratings downgraded Boot Barn from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, August 18th. Citigroup reaffirmed a "buy" rating on shares of Boot Barn in a research report on Monday, May 4th. BTIG Research reduced their price target on shares of Boot Barn from $235.00 to $215.00 and set a "buy" rating for the company in a report on Thursday, July 30th. Finally, TD Cowen lowered their price target on shares of Boot Barn from $225.00 to $190.00 and set a "buy" rating for the company in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $219.55.

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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