Bank of New York Mellon Corp Reduces Stake in Boot Barn Holdings, Inc. $BOOT

Key Points

• Bank of New York Mellon reduced its Boot Barn stake by 3.6% in the first quarter, selling 6,772 shares and retaining 183,486 shares worth approximately $26.9 million, or 0.60% of the company.
• Several institutions increased their positions, including Principal Financial Group, which raised its stake by 36.5%, and Diversify Wealth Management, which more than doubled its holdings.
• Boot Barn beat quarterly earnings and revenue estimates, reporting $1.45 in EPS and $538.75 million in revenue, with sales up 18.7% year over year. Analysts maintain a “Moderate Buy” consensus and an average price target of $226.92, versus a recent share price of $155.70.

Bank of New York Mellon Corp lowered its position in shares of Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 3.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 183,486 shares of the company's stock after selling 6,772 shares during the period. Bank of New York Mellon Corp owned 0.60% of Boot Barn worth $26,855,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Illinois Municipal Retirement Fund lifted its position in Boot Barn by 7.5% in the first quarter. Illinois Municipal Retirement Fund now owns 17,382 shares of the company's stock valued at $2,544,000 after purchasing an additional 1,220 shares during the last quarter. Emerald Mutual Fund Advisers Trust lifted its holdings in shares of Boot Barn by 18.6% during the first quarter. Emerald Mutual Fund Advisers Trust now owns 129,260 shares of the company's stock valued at $18,918,000 after purchasing an additional 20,316 shares during the last quarter. Emerald Advisers LLC boosted its holdings in Boot Barn by 14.7% in the first quarter. Emerald Advisers LLC now owns 208,425 shares of the company's stock worth $30,505,000 after acquiring an additional 26,737 shares in the last quarter. Principal Financial Group Inc. grew its position in Boot Barn by 36.5% during the 1st quarter. Principal Financial Group Inc. now owns 536,520 shares of the company's stock valued at $78,525,000 after purchasing an additional 143,422 shares during the last quarter. Finally, Diversify Wealth Management LLC increased its position in shares of Boot Barn by 120.7% during the first quarter. Diversify Wealth Management LLC now owns 11,832 shares of the company's stock valued at $1,732,000 after acquiring an additional 6,470 shares in the last quarter.

Boot Barn Stock Performance

Shares of BOOT opened at $155.70 on Tuesday. The company has a 50 day moving average price of $162.34 and a 200-day moving average price of $168.99. Boot Barn Holdings, Inc. has a fifty-two week low of $133.18 and a fifty-two week high of $210.25. The stock has a market capitalization of $4.72 billion, a PE ratio of 21.18, a PEG ratio of 1.05 and a beta of 1.69.

Boot Barn (NYSE:BOOT - Get Free Report) last released its quarterly earnings results on Thursday, May 14th. The company reported $1.45 EPS for the quarter, beating the consensus estimate of $1.43 by $0.02. Boot Barn had a net margin of 10.02% and a return on equity of 18.15%. The business had revenue of $538.75 million during the quarter, compared to analyst estimates of $531.43 million. During the same period in the prior year, the firm posted $1.22 earnings per share. The company's quarterly revenue was up 18.7% on a year-over-year basis. Boot Barn has set its Q1 2027 guidance at 1.620-1.710 EPS and its FY 2027 guidance at 8.210-8.640 EPS. Equities research analysts forecast that Boot Barn Holdings, Inc. will post 8.56 EPS for the current year.

Analyst Upgrades and Downgrades

BOOT has been the subject of a number of research analyst reports. BTIG Research reaffirmed a "buy" rating and issued a $235.00 target price on shares of Boot Barn in a research report on Monday. Bank of America lowered their price target on shares of Boot Barn from $224.00 to $206.00 and set a "buy" rating on the stock in a report on Friday, May 15th. TD Cowen reiterated a "buy" rating on shares of Boot Barn in a research report on Wednesday, June 17th. Weiss Ratings lowered Boot Barn from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, May 18th. Finally, UBS Group set a $225.00 target price on shares of Boot Barn in a research report on Wednesday, June 17th. Twelve investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $226.92.

About Boot Barn

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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