KeyCorp Issues Positive Forecast for Boot Barn (NYSE:BOOT) Stock Price

Key Points

• KeyCorp has raised its price target for Boot Barn (NYSE:BOOT) from $195.00 to $210.00, indicating a potential upside of 22.71% from the current price.
• Boot Barn reported better-than-expected earnings with $1.74 earnings per share, exceeding analysts' estimates of $1.55, alongside a 19.1% increase in quarterly revenue year-over-year.
• The company has initiated a stock buyback program allowing for the repurchase of up to $200.00 million in shares, signifying management's belief that the stock is undervalued.

Boot Barn (NYSE:BOOT - Get Free Report) had its price target raised by research analysts at KeyCorp from $195.00 to $210.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. KeyCorp's target price suggests a potential upside of 22.71% from the stock's current price.

Other equities analysts have also issued reports about the stock. Piper Sandler upped their target price on shares of Boot Barn from $184.00 to $185.00 and gave the stock an "overweight" rating in a research report on Monday. Bank of America increased their price objective on shares of Boot Barn from $160.00 to $173.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Cowen restated a "buy" rating on shares of Boot Barn in a report on Monday. Craig Hallum upgraded shares of Boot Barn from a "hold" rating to a "buy" rating and set a $130.00 price objective on the stock in a report on Wednesday, April 23rd. Finally, UBS Group increased their price objective on shares of Boot Barn from $156.00 to $210.00 and gave the company a "buy" rating in a report on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $180.38.

Boot Barn Trading Down 3.2%

Shares of BOOT stock opened at $171.13 on Friday. Boot Barn has a 1 year low of $86.17 and a 1 year high of $179.89. The firm's 50 day moving average is $164.40 and its 200-day moving average is $137.61. The firm has a market capitalization of $5.23 billion, a price-to-earnings ratio of 29.20, a PEG ratio of 2.07 and a beta of 1.69.

Boot Barn (NYSE:BOOT - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $1.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.55 by $0.19. Boot Barn had a net margin of 9.47% and a return on equity of 16.98%. The company had revenue of $504.07 million for the quarter, compared to analyst estimates of $489.49 million. During the same period in the prior year, the business earned $1.26 earnings per share. Boot Barn's quarterly revenue was up 19.1% on a year-over-year basis. On average, equities research analysts forecast that Boot Barn will post 5.82 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Boot Barn

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. FMR LLC grew its position 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 in the last quarter. Capital Research Global Investors grew its position in shares of Boot Barn by 32.6% in the 4th quarter. Capital Research Global Investors now owns 1,141,821 shares of the company's stock valued at $173,351,000 after acquiring an additional 280,892 shares during the period. Invesco Ltd. grew its position in shares of Boot Barn by 24.8% in the 1st quarter. Invesco Ltd. now owns 903,453 shares of the company's stock valued at $97,058,000 after acquiring an additional 179,710 shares during the period. Artemis Investment Management LLP grew its position in shares of Boot Barn by 206.5% in the 1st quarter. Artemis Investment Management LLP now owns 734,023 shares of the company's stock valued at $78,856,000 after acquiring an additional 494,523 shares during the period. Finally, American Century Companies Inc. grew its position in shares of Boot Barn by 15.3% in the 1st quarter. American Century Companies Inc. now owns 569,390 shares of the company's stock valued at $61,170,000 after acquiring an additional 75,413 shares during the period.

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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