Kornitzer Capital Management Inc. KS Cuts Position in Boot Barn Holdings, Inc. $BOOT

Kornitzer Capital Management Inc. KS lowered its stake in shares of Boot Barn Holdings, Inc. (NYSE:BOOT) by 23.9% during the third quarter, Holdings Channel reports. The institutional investor owned 42,045 shares of the company’s stock after selling 13,195 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Boot Barn were worth $6,968,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. ORG Partners LLC acquired a new stake in shares of Boot Barn in the 3rd quarter worth approximately $25,000. Bessemer Group Inc. boosted its position in Boot Barn by 134.2% during the second quarter. Bessemer Group Inc. now owns 185 shares of the company’s stock worth $28,000 after purchasing an additional 106 shares in the last quarter. Parkside Financial Bank & Trust grew its holdings in Boot Barn by 164.4% in the third quarter. Parkside Financial Bank & Trust now owns 193 shares of the company’s stock valued at $32,000 after purchasing an additional 120 shares during the last quarter. Salomon & Ludwin LLC purchased a new position in shares of Boot Barn in the third quarter valued at $42,000. Finally, Independence Bank of Kentucky purchased a new position in shares of Boot Barn in the third quarter valued at $46,000.

Insider Activity at Boot Barn

In other Boot Barn news, Director Gene Eddie Burt sold 1,200 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $191.41, for a total transaction of $229,692.00. Following the transaction, the director owned 3,338 shares of the company’s stock, valued at $638,926.58. This trade represents a 26.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Peter Starrett sold 6,498 shares of Boot Barn stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $190.00, for a total transaction of $1,234,620.00. Following the completion of the transaction, the chairman owned 9,599 shares in the company, valued at approximately $1,823,810. This trade represents a 40.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.66% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BOOT. TD Cowen reissued a “buy” rating on shares of Boot Barn in a research note on Thursday, October 30th. Piper Sandler upped their price target on shares of Boot Barn from $220.00 to $229.00 and gave the company an “overweight” rating in a report on Friday, January 16th. BTIG Research raised their price objective on shares of Boot Barn from $226.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, January 12th. JPMorgan Chase & Co. upped their target price on Boot Barn from $276.00 to $282.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Finally, Zacks Research cut Boot Barn from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $206.08.

Boot Barn Trading Down 0.8%

Boot Barn stock opened at $178.70 on Wednesday. The stock has a fifty day moving average price of $191.35 and a 200 day moving average price of $181.88. Boot Barn Holdings, Inc. has a 52 week low of $86.17 and a 52 week high of $210.25. The firm has a market capitalization of $5.45 billion, a P/E ratio of 26.43, a PEG ratio of 1.34 and a beta of 1.61.

Boot Barn (NYSE:BOOT) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $1.37 EPS for the quarter, beating the consensus estimate of $1.26 by $0.11. The company had revenue of $505.40 million during the quarter, compared to analysts’ expectations of $493.70 million. Boot Barn had a return on equity of 18.11% and a net margin of 10.05%.The firm’s revenue was up 18.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.95 EPS. As a group, equities analysts predict that Boot Barn Holdings, Inc. will post 5.82 EPS for the current year.

Boot Barn Company Profile

Boot Barn, Inc is a leading specialty retailer focused on western and work-related footwear, apparel and accessories. The company operates full-price and outlet retail stores under the Boot Barn and BootBarn.com brands, offering a wide assortment of cowboy boots, work boots, casual and fashion footwear, western and work apparel, hats, belts and related accessories. In addition to its brick-and-mortar network, Boot Barn maintains an e-commerce platform to serve customers seeking ranch-and-rodeo style clothing and rugged workwear from coast to coast.

Founded in 1978 in Southern California, Boot Barn began as a single store catering to ranchers, farmworkers and western enthusiasts.