Nuveen LLC Invests $38.39 Million in Boot Barn Holdings, Inc. (NYSE:BOOT)

Key Points

• Nuveen LLC has invested approximately $38.39 million in Boot Barn Holdings, acquiring 357,324 shares, representing about 1.17% of the company's stock.
• Boot Barn's stock has received a consensus rating of "Moderate Buy" from analysts, with a price target averaging around $182.54 following recent upgrades and downgrades from various research firms.
• The company has authorized a $200 million stock buyback plan, indicating a belief by its Board that the stock may be undervalued in the market.

Nuveen LLC purchased a new stake in shares of Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 357,324 shares of the company's stock, valued at approximately $38,387,000. Nuveen LLC owned approximately 1.17% of Boot Barn at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new stake in Boot Barn during the 1st quarter valued at $29,000. Golden State Wealth Management LLC grew its holdings in Boot Barn by 263.6% during the 1st quarter. Golden State Wealth Management LLC now owns 280 shares of the company's stock valued at $30,000 after purchasing an additional 203 shares in the last quarter. Versant Capital Management Inc grew its holdings in Boot Barn by 210.8% during the 1st quarter. Versant Capital Management Inc now owns 317 shares of the company's stock valued at $34,000 after purchasing an additional 215 shares in the last quarter. Bayforest Capital Ltd acquired a new stake in Boot Barn during the 1st quarter valued at $48,000. Finally, First Horizon Advisors Inc. grew its holdings in Boot Barn by 20.6% during the 1st quarter. First Horizon Advisors Inc. now owns 1,321 shares of the company's stock valued at $142,000 after purchasing an additional 226 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on BOOT shares. Robert W. Baird raised their price target on shares of Boot Barn from $140.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, May 15th. BTIG Research increased 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 objective on the stock in a research note on Wednesday, April 23rd. Jefferies Financial Group downgraded shares of Boot Barn from a "buy" rating to a "hold" rating and reduced their price objective for the company from $187.00 to $175.00 in a research note on Wednesday, July 23rd. Finally, Piper Sandler increased their price objective on shares of Boot Barn from $184.00 to $185.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. One equities 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. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $182.54.

Insider Transactions at Boot Barn

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

Boot Barn Stock Performance

Boot Barn stock opened at $161.96 on Friday. The firm's 50-day moving average is $165.86 and its 200-day moving average is $138.06. 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 cap of $4.95 billion, a P/E ratio of 25.55, a PEG ratio of 1.65 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, topping 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 for the quarter, compared to the consensus estimate of $489.49 million. During the same period last year, the firm posted $1.26 EPS. The company's revenue for the quarter was up 19.1% on a year-over-year basis. As a group, sell-side analysts predict that Boot Barn Holdings, Inc. will post 5.82 earnings per share for the current year.

Boot Barn announced that its Board of Directors has authorized a stock buyback plan on Wednesday, May 14th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

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.

Want to see what other hedge funds are holding BOOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.