Public Sector Pension Investment Board Has $10.42 Million Stock Holdings in Boot Barn Holdings, Inc. (NYSE:BOOT)

Key Points

• The Public Sector Pension Investment Board increased its stake in Boot Barn Holdings by 27.6%, owning 96,981 shares worth approximately $10.42 million at the end of the first quarter.
• Boot Barn recently reported earnings of $1.74 per share, exceeding analysts' expectations, with revenue of $504.07 million for the quarter, up 19.1% year-over-year.
• Analyst ratings for Boot Barn show a consensus of 12 buy ratings, with a current price target averaging $182.54.

Public Sector Pension Investment Board increased its holdings in shares of Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 27.6% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 96,981 shares of the company's stock after purchasing an additional 20,953 shares during the quarter. Public Sector Pension Investment Board owned 0.32% of Boot Barn worth $10,419,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of BOOT. Opal Wealth Advisors LLC acquired a new position in Boot Barn during the 1st quarter worth approximately $29,000. Golden State Wealth Management LLC boosted its position in Boot Barn by 263.6% during the 1st quarter. Golden State Wealth Management LLC now owns 280 shares of the company's stock worth $30,000 after acquiring an additional 203 shares during the last quarter. Versant Capital Management Inc boosted its position in Boot Barn by 210.8% during the 1st quarter. Versant Capital Management Inc now owns 317 shares of the company's stock worth $34,000 after acquiring an additional 215 shares during the last quarter. Bayforest Capital Ltd acquired a new position in Boot Barn during the 1st quarter worth approximately $48,000. Finally, First Horizon Advisors Inc. boosted its position in Boot Barn by 20.6% during the 1st quarter. First Horizon Advisors Inc. now owns 1,321 shares of the company's stock worth $142,000 after acquiring an additional 226 shares during the last quarter.

Wall Street Analyst Weigh In

BOOT has been the subject of a number of recent research reports. BTIG Research upped 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. Cowen reissued a "buy" rating on shares of Boot Barn in a report on Monday, July 28th. Piper Sandler increased their price objective on Boot Barn from $184.00 to $185.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Bank of America increased their price objective on Boot Barn from $160.00 to $173.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Finally, JPMorgan Chase & Co. increased their price objective on Boot Barn from $207.00 to $247.00 and gave the company an "overweight" rating in a report on Monday, July 28th. One analyst has rated the stock with a sell rating, two have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $182.54.

Boot Barn Trading Down 0.3%

BOOT stock traded down $0.51 during trading hours on Friday, hitting $161.96. 525,490 shares of the stock were exchanged, compared to its average volume of 722,619. Boot Barn Holdings, Inc. has a 12 month low of $86.17 and a 12 month high of $183.60. The firm has a market capitalization of $4.95 billion, a P/E ratio of 25.55, a P/E/G ratio of 1.64 and a beta of 1.76. The company has a 50-day simple moving average of $165.86 and a two-hundred day simple moving average of $137.81.

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

Boot Barn announced that its board has authorized a stock repurchase plan on Wednesday, May 14th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider Michael A. Love sold 4,154 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $155.34, for a total value of $645,282.36. Following the sale, the insider directly owned 2,112 shares of the company's stock, valued at $328,078.08. This trade represents a 66.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Laurie Marie Grijalva sold 2,438 shares of the firm's 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 completion of 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 ownership of the stock. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by company insiders.

Boot Barn 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.