Jefferies Financial Group Inc. Purchases Shares of 11,832 Boot Barn Holdings, Inc. (NYSE:BOOT)

Key Points

• Jefferies Financial Group Inc. has acquired a new stake in Boot Barn Holdings, purchasing 11,832 shares valued at approximately $1,271,000. This reflects a growing interest from institutional investors in the company.
• Insiders at Boot Barn have recently sold a significant number of shares, with insider Laurie Marie Grijalva and Michael A. Love decreasing their positions by 14.32% and 66.29%, respectively.
• Boot Barn has initiated a $200 million stock buyback plan, suggesting that its Board believes the shares are currently undervalued amidst a backdrop of strong quarterly earnings exceeding analysts' expectations.

Jefferies Financial Group Inc. 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 filing with the Securities & Exchange Commission. The institutional investor purchased 11,832 shares of the company's stock, valued at approximately $1,271,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in BOOT. Alberta Investment Management Corp lifted its position in shares of Boot Barn by 65.2% in the first quarter. Alberta Investment Management Corp now owns 30,927 shares of the company's stock worth $3,322,000 after purchasing an additional 12,205 shares in the last quarter. US Bancorp DE grew its holdings in shares of Boot Barn by 6.3% in the 1st quarter. US Bancorp DE now owns 7,252 shares of the company's stock valued at $779,000 after acquiring an additional 431 shares in the last quarter. Natixis Advisors LLC raised its holdings in Boot Barn by 24.9% during the first quarter. Natixis Advisors LLC now owns 49,508 shares of the company's stock worth $5,318,000 after acquiring an additional 9,874 shares in the last quarter. Bayforest Capital Ltd bought a new stake in Boot Barn during the first quarter worth about $48,000. Finally, XTX Topco Ltd acquired a new position in Boot Barn during the first quarter valued at approximately $1,477,000.

Analyst Upgrades and Downgrades

BOOT has been the topic of a number of analyst reports. Stephens initiated coverage on Boot Barn in a research note on Wednesday, April 9th. They set an "overweight" rating and a $100.00 price objective on the stock. Craig Hallum raised shares of Boot Barn from a "hold" rating to a "buy" rating and set a $130.00 price target on the stock in a research report on Wednesday, April 23rd. Piper Sandler lifted their price objective on shares of Boot Barn from $184.00 to $185.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Bank of America upped their target price on shares of Boot Barn from $160.00 to $173.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Finally, Robert W. Baird lifted their price target on Boot Barn from $140.00 to $180.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $182.54.

Boot Barn Trading Up 0.3%

NYSE:BOOT traded up $0.51 on Wednesday, reaching $167.57. 428,454 shares of the stock traded hands, compared to its average volume of 914,864. The company's fifty day simple moving average is $165.07 and its 200 day simple moving average is $137.84. 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 capitalization of $5.12 billion, a price-to-earnings ratio of 26.43, a PEG ratio of 1.75 and a beta of 1.76.

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

Boot Barn announced that its Board of Directors has initiated a share repurchase plan on Wednesday, May 14th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to repurchase up to 4.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Insider Activity at Boot Barn

In other Boot Barn 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 transaction of $645,282.36. Following the transaction, the insider owned 2,112 shares of the company's stock, valued at $328,078.08. The trade was a 66.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Laurie Marie Grijalva sold 2,438 shares of the stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $160.67, for a total value of $391,713.46. Following the completion of the sale, the insider owned 14,593 shares of the company's stock, valued at $2,344,657.31. The trade was 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.

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.