BlackRock Inc. Makes New $840.63 Million Investment in Boot Barn Holdings, Inc. $BOOT

Key Points

• BlackRock acquired 5.12 million Boot Barn shares in the second quarter, valued at approximately $840.6 million, giving it a 16.9% stake in the retailer.
• Boot Barn exceeded quarterly expectations, reporting $2.29 in EPS versus the $1.69 consensus and $593.5 million in revenue, up 17.7% year over year.
• Wall Street maintains a bullish outlook, with the stock carrying an average “Buy” rating and an average price target of $219.55, above its reported $164.44 share price.

BlackRock Inc. purchased a new position in shares of Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 5,117,359 shares of the company's stock, valued at approximately $840,629,000. BlackRock Inc. owned about 16.90% of Boot Barn as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Royal Bank of Canada increased its position in Boot Barn by 50.3% during the first quarter. Royal Bank of Canada now owns 34,676 shares of the company's stock worth $3,725,000 after acquiring an additional 11,598 shares during the period. AQR Capital Management LLC grew its position in Boot Barn by 198.0% in the 1st quarter. AQR Capital Management LLC now owns 8,906 shares of the company's stock worth $957,000 after purchasing an additional 5,917 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Boot Barn by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,628 shares of the company's stock worth $1,894,000 after purchasing an additional 779 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Boot Barn by 23.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 323,664 shares of the company's stock worth $34,771,000 after purchasing an additional 61,719 shares during the period. Finally, United Services Automobile Association bought a new position in shares of Boot Barn during the 1st quarter worth about $209,000.

Boot Barn Stock Performance

Shares of Boot Barn stock opened at $164.44 on Friday. The firm's 50-day simple moving average is $161.33 and its 200-day simple moving average is $165.54. Boot Barn Holdings, Inc. has a twelve month low of $133.18 and a twelve month high of $210.25. The firm has a market cap of $4.98 billion, a P/E ratio of 20.82, a price-to-earnings-growth ratio of 1.07 and a beta of 1.71.

Boot Barn (NYSE:BOOT - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $2.29 earnings per share for the quarter, beating 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 business had revenue of $593.51 million for the quarter, compared to analysts' expectations of $583.15 million. During the same quarter in the previous year, the firm posted $1.74 earnings per share. The firm's revenue for the quarter was up 17.7% on a year-over-year basis. 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. On average, equities analysts forecast that Boot Barn Holdings, Inc. will post 9.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BOOT has been the subject of several research reports. UBS Group set a $225.00 target price on shares of Boot Barn in a research note on Wednesday, June 17th. Piper Sandler lowered their price target on Boot Barn from $230.00 to $226.00 and set an "overweight" rating on the stock in a research note on Friday, May 15th. Stephens upped their price target on Boot Barn from $196.00 to $207.00 and gave the company an "overweight" rating in a report on Monday, August 10th. Bank of America reduced their price objective on Boot Barn from $224.00 to $206.00 and set a "buy" rating for the company in a research report on Friday, May 15th. Finally, Zacks Research raised Boot Barn from a "hold" rating to a "strong-buy" rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $219.55.

Boot Barn 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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