Primecap Management Co. CA Has $5.73 Million Stock Position 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 stake in shares of Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 11.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. 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 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Bank of Montreal Can increased its stake in Boot Barn by 1.4% during the 4th quarter. Bank of Montreal Can now owns 5,936 shares of the company's stock valued at $901,000 after buying an additional 82 shares during the period. Cetera Investment Advisers grew its stake in shares of Boot Barn by 1.0% in the 4th quarter. Cetera Investment Advisers now owns 8,179 shares of the company's stock worth $1,242,000 after purchasing an additional 83 shares during the last quarter. Coldstream Capital Management Inc. grew its stake in shares of Boot Barn by 7.6% in the 4th quarter. Coldstream Capital Management Inc. now owns 1,367 shares of the company's stock worth $208,000 after purchasing an additional 97 shares during the last quarter. Summit Investment Advisors Inc. grew its stake in shares of Boot Barn by 3.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 3,096 shares of the company's stock worth $470,000 after purchasing an additional 98 shares during the last quarter. Finally, Park Avenue Securities LLC grew its stake in shares of Boot Barn by 5.7% in the 1st 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 last quarter.

Insiders Place Their Bets

In other Boot Barn news, insider Laurie Marie Grijalva sold 2,438 shares of Boot Barn stock in a transaction 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 owned 14,593 shares in the company, valued at $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 is available at this link. Also, insider Michael A. Love sold 4,154 shares of the business's stock in a transaction 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 completion of the sale, the insider owned 2,112 shares in the company, valued at $328,078.08. This represents a 66.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.66% of the company's stock.

Boot Barn Price Performance

BOOT traded up $4.94 during midday trading on Tuesday, hitting $170.05. 230,570 shares of the company's stock traded hands, compared to its average volume of 902,881. The company has a market cap of $5.20 billion, a PE ratio of 26.85, a price-to-earnings-growth ratio of 1.69 and a beta of 1.76. The stock's fifty day simple moving average is $165.62 and its 200-day simple moving average is $137.72. Boot Barn Holdings, Inc. has a one year low of $86.17 and a one year high of $183.60.

Boot Barn (NYSE:BOOT - Get Free Report) last released 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 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 analyst estimates of $489.49 million. During the same quarter last year, the firm posted $1.26 earnings per share. The company's quarterly revenue was up 19.1% compared to the same quarter last year. On average, research analysts expect that Boot Barn Holdings, Inc. will post 5.82 EPS for the current year.

Boot Barn announced that its Board of Directors has approved 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 buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

BOOT has been the topic of several recent research reports. BTIG Research lifted their price objective on shares of Boot Barn from $200.00 to $218.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Piper Sandler raised their target price on shares of Boot Barn from $184.00 to $185.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Cowen reiterated a "buy" rating on shares of Boot Barn in a report on Monday, July 28th. KeyCorp raised their target price on shares of Boot Barn from $195.00 to $210.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Robert W. Baird raised their target price on shares of Boot Barn from $140.00 to $180.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. One analyst has rated the stock with a sell rating, two have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Boot Barn currently has a consensus rating of "Moderate Buy" and a consensus price target of $182.54.

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.