Primecap Management Co. CA Cuts Stock Holdings in Boot Barn Holdings, Inc. (NYSE:BOOT)

Key Points

• Primecap Management Co. CA reduced its holdings in Boot Barn Holdings, Inc. by 11.6%, resulting in ownership of 53,300 shares valued at approximately $5.73 million as of its latest SEC filing.
• Multiple analysts have adjusted price targets for Boot Barn, with estimates ranging from $173.00 to $247.00, and the stock currently holds an average rating of "Moderate Buy".
• Boot Barn reported a quarterly earnings per share of $1.74, exceeding expectations and showing a revenue increase of 19.1% year-over-year, alongside a newly authorized stock buyback program worth $200 million.

Primecap Management Co. CA decreased its position in shares of Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 11.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 53,300 shares of the company's stock after selling 7,000 shares during the period. Primecap Management Co. CA owned approximately 0.17% of Boot Barn worth $5,726,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Intrust Bank NA increased its position in Boot Barn by 3.4% during the 1st quarter. Intrust Bank NA now owns 4,702 shares of the company's stock worth $505,000 after buying an additional 153 shares during the period. Blair William & Co. IL increased its position in Boot Barn by 52.4% during the 1st quarter. Blair William & Co. IL now owns 6,079 shares of the company's stock worth $653,000 after buying an additional 2,090 shares during the period. Argent Trust Co increased its position in Boot Barn by 12.7% during the 1st quarter. Argent Trust Co now owns 2,355 shares of the company's stock worth $253,000 after buying an additional 266 shares during the period. Blueshift Asset Management LLC increased its position in Boot Barn by 3.9% during the 1st quarter. Blueshift Asset Management LLC now owns 16,039 shares of the company's stock worth $1,723,000 after buying an additional 606 shares during the period. Finally, Jefferies Financial Group Inc. bought a new position in Boot Barn during the 1st quarter worth $1,271,000.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. UBS Group raised their price target on Boot Barn from $156.00 to $210.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Jefferies Financial Group cut Boot Barn from a "buy" rating to a "hold" rating and decreased their price target for the stock from $187.00 to $175.00 in a research report on Wednesday, July 23rd. Craig Hallum upgraded 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. BTIG Research raised their price target on Boot Barn from $200.00 to $218.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, Robert W. Baird raised their price target on Boot Barn from $140.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. One analyst has rated the stock with a sell rating, two have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $182.54.

Insider Transactions 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 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 in the company, valued at approximately $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 SEC, which can be accessed through this hyperlink. Also, insider Laurie Marie Grijalva sold 2,438 shares of Boot Barn stock in a transaction that occurred 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 approximately $2,344,657.31. The trade was a 14.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.66% of the stock is owned by company insiders.

Boot Barn Stock Down 1.7%

Shares of BOOT stock traded down $2.80 during mid-day trading on Friday, reaching $165.84. 470,621 shares of the stock traded hands, compared to its average volume of 729,137. The stock's fifty day simple moving average is $165.47 and its two-hundred day simple moving average is $137.96. 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 $5.07 billion, a price-to-earnings ratio of 26.16, a price-to-earnings-growth ratio of 1.69 and a beta of 1.76.

Boot Barn (NYSE:BOOT - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $1.74 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 firm had revenue of $504.07 million for the quarter, compared to analyst estimates of $489.49 million. During the same period last year, the firm posted $1.26 earnings per share. The business's revenue for the quarter was up 19.1% on a year-over-year basis. On average, equities research analysts anticipate that Boot Barn Holdings, Inc. will post 5.82 EPS for the current fiscal year.

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

Boot Barn Company 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.