Vanguard Group Inc. Sells 58,887 Shares of Boot Barn Holdings, Inc. (NYSE:BOOT)

Key Points

• Vanguard Group Inc. reduced its investment in Boot Barn Holdings by 1.7%, selling 58,887 shares and now holding 10.95% of the company valued at $359.996 million.
• Several other investors, including Wells Fargo and Barclays, increased their holdings in Boot Barn during the 4th quarter, indicating strong institutional support for the stock.
• Boot Barn reported a better-than-expected quarterly earnings of $1.74 per share on revenue of $504.07 million, surpassing analysts' expectations and showing a 19.1% revenue increase compared to the previous year.

Vanguard Group Inc. trimmed its holdings in Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 1.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,350,978 shares of the company's stock after selling 58,887 shares during the period. Vanguard Group Inc. owned 10.95% of Boot Barn worth $359,996,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of BOOT. Wells Fargo & Company MN boosted its holdings in shares of Boot Barn by 16.9% during the 4th quarter. Wells Fargo & Company MN now owns 45,934 shares of the company's stock worth $6,974,000 after buying an additional 6,646 shares during the period. Bank of Montreal Can raised its stake in Boot Barn by 1.4% during the 4th quarter. Bank of Montreal Can now owns 5,936 shares of the company's stock valued at $901,000 after purchasing an additional 82 shares during the last quarter. Summit Investment Advisors Inc. raised its stake in Boot Barn by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,096 shares of the company's stock valued at $470,000 after purchasing an additional 98 shares during the last quarter. Barclays PLC raised its stake in Boot Barn by 12.1% during the 4th quarter. Barclays PLC now owns 58,093 shares of the company's stock valued at $8,820,000 after purchasing an additional 6,288 shares during the last quarter. Finally, Farringdon Capital Ltd. acquired a new position in Boot Barn during the 4th quarter valued at $214,000.

Insider Activity at Boot Barn

In other news, insider Michael A. Love sold 4,154 shares of Boot Barn stock in a transaction that occurred 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 owned 2,112 shares in the company, valued at $328,078.08. The trade was a 66.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Laurie Marie Grijalva sold 2,438 shares of Boot Barn stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $160.67, for a total transaction of $391,713.46. Following the sale, the insider owned 14,593 shares of the company's stock, valued at approximately $2,344,657.31. This represents a 14.32% decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Bank of America upped their target price on shares of Boot Barn from $160.00 to $173.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. KeyCorp upped their target price on shares of Boot Barn from $195.00 to $210.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Cowen reiterated a "buy" rating on shares of Boot Barn in a research note on Monday, July 28th. Piper Sandler upped their target price on shares of Boot Barn from $184.00 to $185.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Finally, Robert W. Baird increased their price objective on shares of Boot Barn from $140.00 to $180.00 and gave the company an "outperform" rating in a research note on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $182.54.

Boot Barn Stock Down 0.3%

Shares of Boot Barn stock opened at $161.96 on Friday. The stock has a market capitalization of $4.95 billion, a P/E ratio of 25.55, a price-to-earnings-growth ratio of 1.64 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. The company has a 50-day simple moving average of $165.86 and a 200 day simple moving average of $137.81.

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

Boot Barn declared that its board has authorized a stock repurchase program on Wednesday, May 14th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Boot Barn Company 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.

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