Boot Barn (NYSE:BOOT) Earns Buy Rating from Analysts at Bank of America

Bank of America initiated coverage on shares of Boot Barn (NYSE:BOOT) in a research note published on Tuesday. The brokerage issued a buy rating and a $187.00 price target on the stock.

Several other equities research analysts have also commented on the stock. Citigroup reduced their price target on shares of Boot Barn from $194.00 to $178.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Benchmark reaffirmed a “buy” rating and set a $192.00 target price on shares of Boot Barn in a research report on Tuesday, October 29th. Williams Trading reissued a “buy” rating and issued a $173.00 price target on shares of Boot Barn in a research report on Tuesday, October 29th. JPMorgan Chase & Co. lifted their target price on Boot Barn from $160.00 to $181.00 and gave the company an “overweight” rating in a research note on Tuesday, October 29th. Finally, BTIG Research increased their price target on shares of Boot Barn from $165.00 to $185.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $167.00.

Boot Barn Stock Performance

Shares of NYSE:BOOT opened at $159.99 on Tuesday. The firm has a market cap of $4.88 billion, a PE ratio of 32.13 and a beta of 2.10. The firm’s 50 day simple moving average is $143.92 and its 200-day simple moving average is $142.67. Boot Barn has a one year low of $69.35 and a one year high of $169.83.

Boot Barn (NYSE:BOOT) last issued its earnings results on Monday, October 28th. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.02. Boot Barn had a return on equity of 15.89% and a net margin of 8.73%. The business had revenue of $425.80 million during the quarter, compared to analyst estimates of $424.42 million. During the same period in the previous year, the company posted $0.91 EPS. Boot Barn’s revenue was up 13.7% on a year-over-year basis. Equities research analysts predict that Boot Barn will post 5.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO John Hazen sold 6,311 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $152.98, for a total transaction of $965,456.78. Following the sale, the chief executive officer now directly owns 3,937 shares in the company, valued at $602,282.26. This trade represents a 61.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is currently owned by insiders.

Institutional Trading of Boot Barn

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Rhumbline Advisers increased its stake in shares of Boot Barn by 0.6% during the second quarter. Rhumbline Advisers now owns 84,556 shares of the company’s stock worth $10,902,000 after purchasing an additional 543 shares in the last quarter. Arizona State Retirement System increased its position in shares of Boot Barn by 1.9% during the second quarter. Arizona State Retirement System now owns 8,483 shares of the company’s stock worth $1,094,000 after purchasing an additional 160 shares in the last quarter. Choreo LLC acquired a new position in Boot Barn in the 2nd quarter valued at $213,000. Texas Permanent School Fund Corp grew its holdings in shares of Boot Barn by 0.6% during the second quarter. Texas Permanent School Fund Corp now owns 26,677 shares of the company’s stock worth $3,439,000 after buying an additional 158 shares in the last quarter. Finally, Thoroughbred Financial Services LLC acquired a new stake in shares of Boot Barn in the second quarter valued at about $263,000.

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.