Mitsubishi UFJ Asset Management UK Ltd. Sells 10,000 Shares of Boot Barn Holdings, Inc. (NYSE:BOOT)

Key Points

• Mitsubishi UFJ Asset Management UK Ltd. reduced its stake in Boot Barn Holdings by 76.9%, selling 10,000 shares and leaving it with only 3,000 shares valued at approximately $322,000.
• Multiple institutional investors increased their holdings in Boot Barn, with Artemis Investment Management LLP boosting its stake by 206.5% during the same quarter, now holding 734,023 shares worth nearly $78.9 million.
• Analysts have issued a generally positive outlook for Boot Barn, with a consensus rating of "Moderate Buy" and an average price target of $182.54, with several firms adjusting their price targets upwards.

Mitsubishi UFJ Asset Management UK Ltd. trimmed its holdings in Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 76.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,000 shares of the company's stock after selling 10,000 shares during the quarter. Mitsubishi UFJ Asset Management UK Ltd.'s holdings in Boot Barn were worth $322,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of BOOT. Artemis Investment Management LLP increased its stake in shares of Boot Barn by 206.5% in the 1st quarter. Artemis Investment Management LLP now owns 734,023 shares of the company's stock worth $78,856,000 after acquiring an additional 494,523 shares in the last quarter. Nuveen LLC bought a new position in shares of Boot Barn in the 1st quarter worth about $38,387,000. Capital Research Global Investors increased its stake in shares of Boot Barn by 32.6% in the 4th quarter. Capital Research Global Investors now owns 1,141,821 shares of the company's stock worth $173,351,000 after acquiring an additional 280,892 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Boot Barn in the 4th quarter worth about $42,440,000. Finally, Invesco Ltd. increased its stake in shares of Boot Barn by 24.8% in the 1st quarter. Invesco Ltd. now owns 903,453 shares of the company's stock worth $97,058,000 after acquiring an additional 179,710 shares in the last quarter.

Insider Buying and Selling at Boot Barn

In other 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 transaction, the insider owned 14,593 shares of the company's stock, valued at approximately $2,344,657.31. The trade was a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael A. Love sold 4,154 shares of the business's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $155.34, for a total transaction of $645,282.36. Following the completion of the transaction, the insider directly owned 2,112 shares in the company, valued at $328,078.08. This trade represents a 66.29% decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

BOOT has been the subject of a number of analyst reports. BTIG Research raised their price objective on shares of Boot Barn from $200.00 to $218.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Craig Hallum upgraded shares of Boot Barn from a "hold" rating to a "buy" rating and set a $130.00 price target for the company in a research note on Wednesday, April 23rd. KeyCorp lifted their price target on shares of Boot Barn from $195.00 to $210.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Cowen reiterated a "buy" rating on shares of Boot Barn in a research note on Monday, July 28th. Finally, Bank of America lifted their price target on shares of Boot Barn from $160.00 to $173.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. One research analyst has rated the stock with a sell rating, two have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $182.54.

Boot Barn Price Performance

Shares of NYSE:BOOT opened at $168.54 on Thursday. Boot Barn Holdings, Inc. has a 1-year low of $86.17 and a 1-year high of $183.60. The company has a market capitalization of $5.15 billion, a P/E ratio of 26.58, a P/E/G ratio of 1.76 and a beta of 1.76. The firm's 50 day simple moving average is $166.00 and its two-hundred day simple moving average is $138.18.

Boot Barn (NYSE:BOOT - Get Free Report) last issued 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 net margin of 9.81% and a return on equity of 17.73%. The business had revenue of $504.07 million for the quarter, compared to the consensus estimate of $489.49 million. During the same quarter in the previous year, the firm earned $1.26 earnings per share. The company's revenue for the quarter was up 19.1% on a year-over-year basis. On average, sell-side analysts anticipate that Boot Barn Holdings, Inc. will post 5.82 earnings per share for the current fiscal year.

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