Tributary Capital Management LLC Lowers Stake in Boot Barn Holdings, Inc. (NYSE:BOOT)

Tributary Capital Management LLC reduced its stake in Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 21.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 170,876 shares of the company's stock after selling 46,671 shares during the quarter. Boot Barn makes up approximately 1.6% of Tributary Capital Management LLC's investment portfolio, making the stock its 28th biggest position. Tributary Capital Management LLC owned approximately 0.56% of Boot Barn worth $18,357,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the stock. Oppenheimer Asset Management Inc. grew its position in shares of Boot Barn by 29.3% during the first quarter. Oppenheimer Asset Management Inc. now owns 14,731 shares of the company's stock valued at $1,583,000 after purchasing an additional 3,341 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Boot Barn during the first quarter valued at approximately $916,000. KBC Group NV increased its holdings in Boot Barn by 21.8% during the first quarter. KBC Group NV now owns 1,489 shares of the company's stock valued at $160,000 after buying an additional 267 shares during the period. Knights of Columbus Asset Advisors LLC increased its holdings in Boot Barn by 21.7% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 17,724 shares of the company's stock valued at $2,691,000 after buying an additional 3,162 shares during the period. Finally, GAMMA Investing LLC increased its holdings in Boot Barn by 8,368.8% during the first quarter. GAMMA Investing LLC now owns 42,005 shares of the company's stock valued at $4,513,000 after buying an additional 41,509 shares during the period.

Insiders Place Their Bets

In other Boot Barn news, insider Laurie Marie Grijalva sold 2,438 shares of the company's stock in a transaction on Thursday, May 22nd. The shares were 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 of the company's stock, valued at approximately $2,344,657.31. This represents a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael A. Love sold 4,154 shares of the company'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 directly owned 2,112 shares in the company, valued at approximately $328,078.08. The trade was 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 insiders.

Boot Barn Stock Up 1.0%

Shares of BOOT traded up $1.69 during trading hours on Friday, reaching $170.80. 500,589 shares of the company traded hands, compared to its average volume of 812,248. The stock has a market capitalization of $5.22 billion, a P/E ratio of 29.15, a P/E/G ratio of 1.96 and a beta of 1.69. Boot Barn Holdings, Inc. has a 12-month low of $86.17 and a 12-month high of $177.10. The business has a fifty day moving average price of $159.15 and a 200-day moving average price of $136.43.

Boot Barn (NYSE:BOOT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The company reported $1.22 earnings per share for the quarter, missing analysts' consensus estimates of $1.24 by ($0.02). The company had revenue of $453.75 million for the quarter, compared to analysts' expectations of $458.56 million. Boot Barn had a net margin of 9.47% and a return on equity of 16.98%. Boot Barn's quarterly revenue was up 16.8% compared to the same quarter last year. During the same period last year, the firm earned $0.96 earnings per share. As a group, research analysts predict that Boot Barn Holdings, Inc. will post 5.82 EPS for the current fiscal year.

Boot Barn announced that its board has approved 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 repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

BOOT has been the topic of several research reports. Stephens initiated coverage on shares of Boot Barn in a report on Wednesday, April 9th. They set an "overweight" rating and a $100.00 price objective on the stock. KeyCorp cut their price objective on shares of Boot Barn from $190.00 to $165.00 and set an "overweight" rating on the stock in a report on Tuesday, April 29th. Robert W. Baird lifted their price objective on shares of Boot Barn from $140.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, May 15th. Citigroup lifted their price objective on shares of Boot Barn from $137.00 to $180.00 and gave the company a "buy" rating in a report on Friday, May 16th. Finally, Piper Sandler lifted their price objective on shares of Boot Barn from $162.00 to $184.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $173.67.

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.