Principal Financial Group Inc. Purchases 40,282 Shares of Boot Barn Holdings, Inc. $BOOT

Key Points

• Principal Financial Group raised its stake in Boot Barn by 11.4%, purchasing 40,282 shares to own 393,098 shares (about 1.29% of the company) worth roughly $69.37 million at quarter end.
• Boot Barn reported Q results with EPS $2.79 (in line) and revenue $705.64M (above estimates), with revenue up 16% year‑over‑year, and analysts hold a consensus "Moderate Buy" rating with a $224.25 target.
• Despite the results, the stock opened at $163 (down 5.2%), implying a market capitalization near $4.96 billion and a P/E of 22.89.

Principal Financial Group Inc. increased its position in Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 11.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 393,098 shares of the company's stock after purchasing an additional 40,282 shares during the quarter. Principal Financial Group Inc. owned approximately 1.29% of Boot Barn worth $69,370,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Federated Hermes Inc. bought a new position in shares of Boot Barn during the 3rd quarter worth about $13,407,000. Alliance Wealth Advisors LLC UT bought a new stake in Boot Barn in the third quarter valued at about $607,000. GatePass Capital LLC acquired a new position in Boot Barn in the third quarter worth about $1,662,000. Fieldview Capital Management LLC lifted its stake in Boot Barn by 1,197.6% during the third quarter. Fieldview Capital Management LLC now owns 17,634 shares of the company's stock worth $2,922,000 after purchasing an additional 16,275 shares during the period. Finally, Aberdeen Group plc lifted its stake in Boot Barn by 15.4% during the fourth quarter. Aberdeen Group plc now owns 170,443 shares of the company's stock worth $30,078,000 after purchasing an additional 22,738 shares during the period.

Boot Barn Trading Down 5.2%

NYSE:BOOT opened at $163.00 on Friday. The stock has a market capitalization of $4.96 billion, a P/E ratio of 22.89, a price-to-earnings-growth ratio of 1.05 and a beta of 1.73. Boot Barn Holdings, Inc. has a 1 year low of $111.60 and a 1 year high of $210.25. The firm has a 50 day moving average of $163.73 and a 200-day moving average of $180.72.

Boot Barn (NYSE:BOOT - Get Free Report) last issued its quarterly earnings data on Wednesday, February 4th. The company reported $2.79 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.79. The firm had revenue of $705.64 million during the quarter, compared to the consensus estimate of $700.71 million. Boot Barn had a return on equity of 18.28% and a net margin of 10.10%.The business's revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.43 EPS. As a group, analysts forecast that Boot Barn Holdings, Inc. will post 7.33 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Stephens upgraded Boot Barn from an "equal weight" rating to an "overweight" rating and set a $237.00 price objective on the stock in a research note on Friday, February 6th. UBS Group boosted their price target on Boot Barn from $265.00 to $267.00 and gave the company a "buy" rating in a research note on Thursday, February 5th. Zacks Research cut Boot Barn from a "strong-buy" rating to a "hold" rating in a research report on Thursday, March 12th. Jefferies Financial Group upgraded Boot Barn from a "hold" rating to a "buy" rating and set a $195.00 price objective for the company in a research note on Monday, April 6th. Finally, BTIG Research reissued a "buy" rating and set a $235.00 price objective on shares of Boot Barn in a report on Thursday, February 5th. Twelve equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Boot Barn has a consensus rating of "Moderate Buy" and a consensus target price of $224.25.

Boot Barn Company Profile

Boot Barn, Inc is a leading specialty retailer focused on western and work-related footwear, apparel and accessories. The company operates full-price and outlet retail stores under the Boot Barn and BootBarn.com brands, offering a wide assortment of cowboy boots, work boots, casual and fashion footwear, western and work apparel, hats, belts and related accessories. In addition to its brick-and-mortar network, Boot Barn maintains an e-commerce platform to serve customers seeking ranch-and-rodeo style clothing and rugged workwear from coast to coast.

Founded in 1978 in Southern California, Boot Barn began as a single store catering to ranchers, farmworkers and western enthusiasts.

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