Knights of Columbus Asset Advisors LLC Sells 2,145 Shares of Boot Barn Holdings, Inc. (NYSE:BOOT)

Key Points

• Knights of Columbus Asset Advisors LLC reduced its holdings in Boot Barn by 12.1%, now owning approximately 15,579 shares worth $1.67 million.
• Boot Barn reported quarterly earnings of $1.22 EPS, missing the consensus estimate of $1.24, with a revenue of $453.75 million versus expected $458.56 million.
• The company has initiated a $200 million stock repurchase program, indicating management's belief the stock is undervalued.

Knights of Columbus Asset Advisors LLC reduced its position in Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 12.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 15,579 shares of the company's stock after selling 2,145 shares during the period. Knights of Columbus Asset Advisors LLC owned 0.05% of Boot Barn worth $1,674,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Neo Ivy Capital Management acquired a new stake in shares of Boot Barn during the first quarter worth $1,996,000. Cetera Investment Advisers lifted its holdings in Boot Barn by 28.2% during the first quarter. Cetera Investment Advisers now owns 10,486 shares of the company's stock worth $1,127,000 after acquiring an additional 2,307 shares in the last quarter. 1492 Capital Management LLC bought a new position in Boot Barn during the first quarter worth about $588,000. Y Intercept Hong Kong Ltd bought a new position in Boot Barn during the first quarter worth about $891,000. Finally, Teachers Retirement System of The State of Kentucky lifted its holdings in Boot Barn by 15.9% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 17,585 shares of the company's stock worth $1,889,000 after acquiring an additional 2,409 shares in the last quarter.

Insiders Place Their Bets

In other Boot Barn news, insider Laurie Marie Grijalva sold 2,438 shares of the business's stock in a transaction 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 completion of the sale, the insider directly owned 14,593 shares of the company's stock, valued at $2,344,657.31. The trade was a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael A. Love sold 4,154 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $155.34, for a total transaction of $645,282.36. Following the transaction, the insider directly owned 2,112 shares of the company's stock, valued at approximately $328,078.08. This trade represents a 66.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

BOOT has been the topic of several analyst reports. Citigroup upped their target price on Boot Barn from $137.00 to $180.00 and gave the stock a "buy" rating in a report on Friday, May 16th. KeyCorp boosted their price target on Boot Barn from $180.00 to $195.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. Piper Sandler upped their target price on Boot Barn from $184.00 to $185.00 and gave the company an "overweight" rating in a research report on Monday. JPMorgan Chase & Co. boosted their price target on Boot Barn from $207.00 to $247.00 and gave the company an "overweight" rating in a research note on Monday. Finally, UBS Group increased their price target on Boot Barn from $156.00 to $210.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $179.23.

Boot Barn Stock Performance

Shares of Boot Barn stock traded up $3.89 during mid-day trading on Monday, hitting $178.40. 802,775 shares of the stock were exchanged, compared to its average volume of 912,990. Boot Barn Holdings, Inc. has a 12 month low of $86.17 and a 12 month high of $179.77. The company has a 50-day simple moving average of $163.52 and a 200 day simple moving average of $136.97. The company has a market capitalization of $5.46 billion, a P/E ratio of 30.44, a P/E/G ratio of 2.05 and a beta of 1.69.

Boot Barn (NYSE:BOOT - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The company reported $1.22 earnings per share for the quarter, missing analysts' consensus estimates of $1.24 by ($0.02). The business had revenue of $453.75 million during the quarter, compared to analysts' expectations of $458.56 million. Boot Barn had a net margin of 9.47% and a return on equity of 16.98%. The firm's quarterly revenue was up 16.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.96 earnings per share. Analysts predict that Boot Barn Holdings, Inc. will post 5.82 EPS for the current year.

Boot Barn announced that its Board of Directors has authorized a share buyback program on Wednesday, May 14th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its shares are undervalued.

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.