Boot Barn Holdings, Inc. (NYSE:BOOT) Position Reduced by Dale Q Rice Investment Management Ltd

Dale Q Rice Investment Management Ltd lowered its stake in Boot Barn Holdings, Inc. (NYSE:BOOT) by 24.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 7,672 shares of the company’s stock after selling 2,500 shares during the period. Dale Q Rice Investment Management Ltd’s holdings in Boot Barn were worth $824,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Boot Barn by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 3,409,865 shares of the company’s stock worth $517,686,000 after purchasing an additional 73,089 shares during the last quarter. FMR LLC raised its holdings in shares of Boot Barn by 47.3% during the fourth quarter. FMR LLC now owns 2,211,300 shares of the company’s stock worth $335,720,000 after purchasing an additional 709,903 shares during the period. Wellington Management Group LLP lifted its position in shares of Boot Barn by 48.6% in the 4th quarter. Wellington Management Group LLP now owns 2,161,052 shares of the company’s stock worth $328,091,000 after buying an additional 706,518 shares during the last quarter. Capital Research Global Investors boosted its holdings 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 buying an additional 280,892 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in shares of Boot Barn by 13.2% in the 4th quarter. Alliancebernstein L.P. now owns 846,983 shares of the company’s stock valued at $128,589,000 after buying an additional 99,029 shares during the period.

Boot Barn Stock Performance

Shares of NYSE BOOT opened at $164.66 on Friday. Boot Barn Holdings, Inc. has a 1 year low of $86.17 and a 1 year high of $176.64. The stock has a fifty day moving average price of $136.22 and a two-hundred day moving average price of $134.69. The firm has a market cap of $5.04 billion, a P/E ratio of 28.10, a PEG ratio of 1.92 and a beta of 1.73.

Boot Barn (NYSE:BOOT) last issued its quarterly earnings results on Wednesday, May 14th. The company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.24 by ($0.02). Boot Barn had a return on equity of 16.98% and a net margin of 9.47%. The business had revenue of $453.75 million during the quarter, compared to the consensus estimate of $458.56 million. During the same quarter last year, the firm posted $0.96 earnings per share. Boot Barn’s revenue was up 16.8% compared to the same quarter last year. On average, research analysts predict 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 buyback plan 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 stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Piper Sandler raised their price target on Boot Barn from $162.00 to $184.00 and gave the stock an “overweight” rating in a report on Thursday, May 15th. Craig Hallum upgraded Boot Barn from a “hold” rating to a “buy” rating and set a $130.00 target price on the stock in a research note on Wednesday, April 23rd. KeyCorp reduced their price target on shares of Boot Barn from $190.00 to $165.00 and set an “overweight” rating for the company in a report on Tuesday, April 29th. Citigroup increased their price objective on shares of Boot Barn from $137.00 to $180.00 and gave the stock a “buy” rating in a report on Friday, May 16th. Finally, 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 research report on Thursday, May 15th. One analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $173.67.

Insider Buying and Selling

In related news, insider Michael A. Love sold 4,154 shares of Boot Barn 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 transaction, the insider now owns 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Laurie Marie Grijalva sold 2,438 shares of the business’s stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $160.67, for a total value of $391,713.46. Following the sale, the insider now owns 14,593 shares in the company, valued at approximately $2,344,657.31. The trade was a 14.32% decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by 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.