Neo Ivy Capital Management Makes New Investment in Boot Barn Holdings, Inc. (NYSE:BOOT)

Key Points

• Neo Ivy Capital Management purchased 18,578 shares of Boot Barn Holdings, valued at approximately $1.996 million, representing about 0.06% ownership of the company.
• Boot Barn's stock has experienced fluctuations, with an average rating of "Moderate Buy" and a consensus target price of $176.08, following various analysts' upgrades and downgrades.
• The company announced a $200 million stock buyback program, indicating management's belief that its stock is undervalued.

Neo Ivy Capital Management bought a new position in Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 18,578 shares of the company's stock, valued at approximately $1,996,000. Neo Ivy Capital Management owned 0.06% of Boot Barn at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Bank of Montreal Can boosted its stake in shares of Boot Barn by 1.4% during the 4th quarter. Bank of Montreal Can now owns 5,936 shares of the company's stock worth $901,000 after buying an additional 82 shares during the last quarter. Cetera Investment Advisers raised its holdings in Boot Barn by 1.0% in the 4th quarter. Cetera Investment Advisers now owns 8,179 shares of the company's stock valued at $1,242,000 after acquiring an additional 83 shares during the period. Coldstream Capital Management Inc. raised its holdings in Boot Barn by 7.6% in the 4th quarter. Coldstream Capital Management Inc. now owns 1,367 shares of the company's stock valued at $208,000 after acquiring an additional 97 shares during the period. Summit Investment Advisors Inc. raised its holdings in Boot Barn by 3.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 3,096 shares of the company's stock valued at $470,000 after acquiring an additional 98 shares during the period. Finally, Park Avenue Securities LLC increased its holdings in shares of Boot Barn by 5.7% during the first quarter. Park Avenue Securities LLC now owns 1,963 shares of the company's stock worth $211,000 after purchasing an additional 105 shares during the period.

Wall Street Analysts Forecast Growth

BOOT has been the topic of several recent research reports. JPMorgan Chase & Co. raised their target price on shares of Boot Barn from $207.00 to $247.00 and gave the stock an "overweight" rating in a report on Monday. Jefferies Financial Group lowered shares of Boot Barn from a "buy" rating to a "hold" rating and cut their target price for the company from $187.00 to $175.00 in a research report on Wednesday, July 23rd. Citigroup raised their price target on shares of Boot Barn from $137.00 to $180.00 and gave the company a "buy" rating in a research note on Friday, May 16th. KeyCorp lifted their target price on shares of Boot Barn from $180.00 to $195.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. Finally, Craig Hallum raised 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. One 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $179.23.

Insider Buying and Selling

In related news, insider Laurie Marie Grijalva sold 2,438 shares of the company's 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 sale, the insider directly owned 14,593 shares in the company, valued at approximately $2,344,657.31. This represents a 14.32% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael A. Love sold 4,154 shares of the company's 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 sale, the insider owned 2,112 shares in the company, valued at $328,078.08. The trade was a 66.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company's stock.

Boot Barn Stock Down 1.4%

BOOT stock traded down $2.55 during trading on Tuesday, reaching $176.11. The stock had a trading volume of 224,606 shares, compared to its average volume of 907,935. Boot Barn Holdings, Inc. has a one year low of $86.17 and a one year high of $179.77. The company's 50 day moving average is $163.52 and its two-hundred day moving average is $136.97. The company has a market capitalization of $5.39 billion, a price-to-earnings ratio of 30.08, a P/E/G ratio of 2.05 and a beta of 1.69.

Boot Barn (NYSE:BOOT - Get Free Report) last released its earnings results 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 company 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 revenue was up 16.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.96 earnings per share. As a group, research analysts predict that Boot Barn Holdings, Inc. will post 5.82 earnings per share for the current fiscal year.

Boot Barn announced that its board has initiated a stock buyback program on Wednesday, May 14th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors 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.