Connor Clark & Lunn Investment Management Ltd. Takes $237,000 Position in Boot Barn Holdings, Inc. $BOOT

Key Points

• Connor Clark & Lunn Investment Management Ltd. has taken a new position in Boot Barn Holdings, Inc. with the purchase of 2,210 shares valued at approximately $237,000.
• Several hedge funds, including Artemis Investment Management LLP, have significantly increased their stakes in Boot Barn, indicating strong institutional interest in the company's stock.
• Boot Barn recently reported earnings of $1.74 EPS, surpassing analysts' expectations, and has initiated a stock buyback program worth $200 million, suggesting the management believes the stock is undervalued.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 2,210 shares of the company's stock, valued at approximately $237,000.

A number of other hedge funds also recently bought and sold shares of BOOT. Artemis Investment Management LLP increased its position in shares of Boot Barn by 206.5% in the first quarter. Artemis Investment Management LLP now owns 734,023 shares of the company's stock valued at $78,856,000 after buying an additional 494,523 shares in the last quarter. Stephens Investment Management Group LLC grew its stake in Boot Barn by 51.4% in the 1st quarter. Stephens Investment Management Group LLC now owns 465,787 shares of the company's stock valued at $50,039,000 after acquiring an additional 158,195 shares during the period. Congress Asset Management Co. grew its stake in Boot Barn by 5.5% in the 1st quarter. Congress Asset Management Co. now owns 457,675 shares of the company's stock valued at $49,168,000 after acquiring an additional 23,880 shares during the period. Jennison Associates LLC increased its holdings in Boot Barn by 30.8% in the 1st quarter. Jennison Associates LLC now owns 445,449 shares of the company's stock worth $47,855,000 after acquiring an additional 104,899 shares in the last quarter. Finally, Northern Trust Corp raised its position in Boot Barn by 20.8% during the fourth quarter. Northern Trust Corp now owns 369,365 shares of the company's stock worth $56,077,000 after acquiring an additional 63,536 shares during the period.

Insider Activity

In other Boot Barn news, insider Michael A. Love sold 4,154 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $155.34, for a total value of $645,282.36. Following the completion of the sale, the insider directly owned 2,112 shares of the company's stock, valued at $328,078.08. This trade represents a 66.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.66% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on BOOT shares. Cowen reissued a "buy" rating on shares of Boot Barn in a research note on Monday, July 28th. BTIG Research lifted their price objective on Boot Barn from $200.00 to $218.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Craig Hallum raised Boot Barn from a "hold" rating to a "buy" rating and set a $130.00 target price for the company in a report on Wednesday, April 23rd. Piper Sandler raised 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, July 28th. Finally, UBS Group lifted their price target on Boot Barn from $156.00 to $210.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $182.54.

Boot Barn Trading Up 2.8%

BOOT stock opened at $168.8030 on Thursday. The firm has a 50-day moving average of $166.03 and a two-hundred day moving average of $138.00. Boot Barn Holdings, Inc. has a 12 month low of $86.17 and a 12 month high of $183.60. The company has a market cap of $5.16 billion, a price-to-earnings ratio of 26.63, a PEG ratio of 1.67 and a beta of 1.76.

Boot Barn (NYSE:BOOT - Get Free Report) last posted its quarterly 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 return on equity of 17.73% and a net margin of 9.81%.The business had revenue of $504.07 million during the quarter, compared to analyst estimates of $489.49 million. During the same period in the prior year, the business earned $1.26 earnings per share. The business's revenue was up 19.1% compared to the same quarter last year. Boot Barn has set its Q2 2026 guidance at 1.190-1.270 EPS. FY 2026 guidance at 5.800-6.700 EPS. As a group, equities analysts forecast that Boot Barn Holdings, Inc. will post 5.82 earnings per share for the current year.

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

Boot Barn 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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