Townsquare Capital LLC Acquires 1,972 Shares of Boot Barn Holdings, Inc. (NYSE:BOOT)

Key Points

• Townsquare Capital LLC increased its stake in Boot Barn Holdings, Inc. by 8.8% during the first quarter, acquiring an additional 1,972 shares, bringing its total ownership to 24,354 shares valued at approximately $2.6 million.
• Boot Barn reported an earnings per share (EPS) of $1.74, exceeding analysts' expectations, with quarterly revenue up 19.1% year-over-year, amounting to $504.07 million.
• The company has initiated a stock buyback program allowing for the repurchase of up to $200 million in shares, indicating management's belief that the stock is currently undervalued.

Townsquare Capital LLC boosted its holdings in shares of Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 8.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,354 shares of the company's stock after acquiring an additional 1,972 shares during the quarter. Townsquare Capital LLC owned 0.08% of Boot Barn worth $2,616,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in BOOT. Opal Wealth Advisors LLC bought a new stake in shares of Boot Barn in the 1st quarter valued at $29,000. Golden State Wealth Management LLC boosted its stake in shares of Boot Barn by 263.6% in the 1st quarter. Golden State Wealth Management LLC now owns 280 shares of the company's stock valued at $30,000 after purchasing an additional 203 shares during the last quarter. Versant Capital Management Inc boosted its stake in shares of Boot Barn by 210.8% in the 1st quarter. Versant Capital Management Inc now owns 317 shares of the company's stock valued at $34,000 after purchasing an additional 215 shares during the last quarter. Bayforest Capital Ltd bought a new stake in shares of Boot Barn in the 1st quarter valued at $48,000. Finally, First Horizon Advisors Inc. lifted its position in shares of Boot Barn by 20.6% during the 1st quarter. First Horizon Advisors Inc. now owns 1,321 shares of the company's stock valued at $142,000 after acquiring an additional 226 shares during the period.

Insider Activity

In other news, insider Laurie Marie Grijalva sold 2,438 shares of the 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 owned 14,593 shares in the company, valued at $2,344,657.31. This represents a 14.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael A. Love sold 4,154 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $155.34, for a total transaction of $645,282.36. Following the transaction, the insider owned 2,112 shares of the company's stock, valued at approximately $328,078.08. The trade was a 66.29% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company's stock.

Boot Barn Price Performance

Shares of BOOT stock traded up $0.54 on Friday, hitting $163.01. The stock had a trading volume of 298,279 shares, compared to its average volume of 897,149. The business has a 50 day moving average of $165.93 and a 200 day moving average of $138.14. The stock has a market cap of $4.98 billion, a price-to-earnings ratio of 25.69, a price-to-earnings-growth ratio of 1.71 and a beta of 1.76. Boot Barn Holdings, Inc. has a 12-month low of $86.17 and a 12-month high of $183.60.

Boot Barn (NYSE:BOOT - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $1.74 EPS for the quarter, beating the consensus estimate of $1.55 by $0.19. The company had revenue of $504.07 million during the quarter, compared to the consensus estimate of $489.49 million. Boot Barn had a net margin of 9.81% and a return on equity of 17.73%. The firm's revenue for the quarter was up 19.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.26 earnings per share. As a group, research analysts expect that Boot Barn Holdings, Inc. will post 5.82 earnings per share for the current fiscal year.

Boot Barn announced that its board has initiated a share repurchase program on Wednesday, May 14th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to reacquire up to 4.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on BOOT shares. JPMorgan Chase & Co. boosted their target price on shares of Boot Barn from $207.00 to $247.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Craig Hallum upgraded shares of Boot Barn from a "hold" rating to a "buy" rating and set a $130.00 target price on the stock in a research report on Wednesday, April 23rd. Jefferies Financial Group downgraded shares of Boot Barn from a "buy" rating to a "hold" rating and dropped their target price for the company from $187.00 to $175.00 in a research report on Wednesday, July 23rd. Citigroup boosted their target price on shares of Boot Barn from $137.00 to $180.00 and gave the company a "buy" rating in a research report on Friday, May 16th. Finally, KeyCorp boosted their target price on shares of Boot Barn from $195.00 to $210.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $182.54.

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.