Citigroup Inc. Buys 17,955 Shares of Boot Barn Holdings, Inc. (NYSE:BOOT)

Key Points

• Citigroup Inc. increased its stake in Boot Barn Holdings, owning a total of 84,710 shares after acquiring an additional 17,955 shares, reflecting a 26.9% increase in its holdings during the first quarter.
• Boot Barn Holdings reported $1.74 earnings per share for the last quarter, surpassing analyst expectations of $1.55, with a year-over-year revenue increase of 19.1%.
• The company has initiated a $200 million stock repurchase program, demonstrating confidence in its stock value and aiming to buy back up to 4.8% of its outstanding shares.

Citigroup Inc. raised its stake in shares of Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 26.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,710 shares of the company's stock after buying an additional 17,955 shares during the period. Citigroup Inc. owned 0.28% of Boot Barn worth $9,100,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of BOOT. Oppenheimer Asset Management Inc. increased its stake in shares of Boot Barn by 29.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 14,731 shares of the company's stock worth $1,583,000 after purchasing an additional 3,341 shares during the period. SG Americas Securities LLC acquired a new stake in Boot Barn during the first quarter worth about $916,000. KBC Group NV grew its position in Boot Barn by 21.8% during the first quarter. KBC Group NV now owns 1,489 shares of the company's stock worth $160,000 after buying an additional 267 shares in the last quarter. GAMMA Investing LLC grew its position in Boot Barn by 8,368.8% during the first quarter. GAMMA Investing LLC now owns 42,005 shares of the company's stock worth $4,513,000 after buying an additional 41,509 shares in the last quarter. Finally, Artemis Investment Management LLP grew its position in Boot Barn by 206.5% during the first quarter. Artemis Investment Management LLP now owns 734,023 shares of the company's stock worth $78,856,000 after buying an additional 494,523 shares in the last quarter.

Insider Buying and Selling

In other news, insider Michael A. Love sold 4,154 shares of Boot Barn stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $155.34, for a total value of $645,282.36. Following the completion of the transaction, the insider owned 2,112 shares in the company, valued at approximately $328,078.08. The trade was a 66.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Laurie Marie Grijalva sold 2,438 shares of Boot Barn stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $160.67, for a total transaction of $391,713.46. Following the completion of the transaction, the insider owned 14,593 shares of the company's stock, valued at $2,344,657.31. This trade represents a 14.32% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.66% of the company's stock.

Boot Barn Trading Down 0.3%

NYSE:BOOT opened at $161.96 on Friday. Boot Barn Holdings, Inc. has a 1 year low of $86.17 and a 1 year high of $183.60. The firm has a 50 day moving average of $165.86 and a 200-day moving average of $137.81. The stock has a market capitalization of $4.95 billion, a P/E ratio of 25.55, a price-to-earnings-growth ratio of 1.64 and a beta of 1.76.

Boot Barn (NYSE:BOOT - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $1.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.55 by $0.19. Boot Barn had a net margin of 9.81% and a return on equity of 17.73%. The company had revenue of $504.07 million during the quarter, compared to analysts' expectations of $489.49 million. During the same quarter in the previous year, the company posted $1.26 earnings per share. Boot Barn's quarterly revenue was up 19.1% compared to the same quarter last year. As a group, analysts forecast that Boot Barn Holdings, Inc. will post 5.82 EPS for the current fiscal year.

Boot Barn declared that its board has initiated a stock repurchase program on Wednesday, May 14th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to buy up to 4.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on BOOT shares. BTIG Research lifted their target price on Boot Barn from $200.00 to $218.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. KeyCorp lifted their target price on Boot Barn from $195.00 to $210.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Jefferies Financial Group downgraded Boot Barn from a "buy" rating to a "hold" rating and decreased their target price for the stock from $187.00 to $175.00 in a research report on Wednesday, July 23rd. Cowen reissued a "buy" rating on shares of Boot Barn in a research report on Monday, July 28th. Finally, Bank of America lifted their target price on Boot Barn from $160.00 to $173.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. One research 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 stock. According to MarketBeat, Boot Barn presently has a consensus rating of "Moderate Buy" and a consensus price target of $182.54.

Boot Barn Company Profile

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.

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