Principal Financial Group Inc. Trims Stock Holdings in Boot Barn Holdings, Inc. (NYSE:BOOT)

Principal Financial Group Inc. lowered its holdings in Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 21.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 181,935 shares of the company's stock after selling 49,998 shares during the period. Principal Financial Group Inc. owned about 0.59% of Boot Barn worth $19,545,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BOOT. FMR LLC boosted its holdings in Boot Barn by 47.3% in the fourth quarter. FMR LLC now owns 2,211,300 shares of the company's stock valued at $335,720,000 after purchasing an additional 709,903 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Boot Barn by 48.6% during the 4th quarter. Wellington Management Group LLP now owns 2,161,052 shares of the company's stock worth $328,091,000 after buying an additional 706,518 shares during the last quarter. Artemis Investment Management LLP lifted its holdings in Boot Barn by 206.5% during the 1st quarter. Artemis Investment Management LLP now owns 734,023 shares of the company's stock worth $78,856,000 after buying an additional 494,523 shares during the last quarter. Capital Research Global Investors lifted its holdings in Boot Barn by 32.6% during the 4th quarter. Capital Research Global Investors now owns 1,141,821 shares of the company's stock worth $173,351,000 after buying an additional 280,892 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in Boot Barn during the 4th quarter worth approximately $42,440,000.

Insider Activity at Boot Barn

In related news, insider Laurie Marie Grijalva sold 2,438 shares of the firm's 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael A. Love sold 4,154 shares of Boot Barn stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $155.34, for a total value of $645,282.36. Following the transaction, the insider owned 2,112 shares in the company, valued at approximately $328,078.08. This trade represents a 66.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

BOOT has been the topic of a number of research analyst reports. Citigroup increased their target price on Boot Barn from $137.00 to $180.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Piper Sandler increased their target price on Boot Barn from $162.00 to $184.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. JPMorgan Chase & Co. increased their target price on Boot Barn from $196.00 to $207.00 and gave the stock an "overweight" rating in a report on Tuesday, May 27th. Stephens initiated coverage on Boot Barn in a report on Wednesday, April 9th. They set an "overweight" rating and a $100.00 target price on the stock. Finally, Bank of America increased their target price on Boot Barn from $160.00 to $173.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $173.67.

Boot Barn Trading Up 3.2%

Shares of Boot Barn stock opened at $173.93 on Friday. Boot Barn Holdings, Inc. has a twelve month low of $86.17 and a twelve month high of $177.10. The stock has a market capitalization of $5.32 billion, a price-to-earnings ratio of 29.68, a PEG ratio of 1.98 and a beta of 1.69. The business's 50 day simple moving average is $153.69 and its 200-day simple moving average is $135.89.

Boot Barn (NYSE:BOOT - Get Free Report) last posted its earnings results on Wednesday, May 14th. The company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.24 by ($0.02). Boot Barn had a net margin of 9.47% and a return on equity of 16.98%. The business had revenue of $453.75 million during the quarter, compared to analyst estimates of $458.56 million. During the same quarter in the prior year, the business earned $0.96 earnings per share. The firm's revenue was up 16.8% compared to the same quarter last year. Sell-side analysts predict that Boot Barn Holdings, Inc. will post 5.82 earnings per share for the current year.

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

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