Boot Barn (NYSE:BOOT) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Boot Barn (NYSE:BOOT) had its price objective increased by equities researchers at Robert W. Baird from $140.00 to $180.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s target price suggests a potential upside of 14.66% from the company’s current price.

Several other research firms have also recently weighed in on BOOT. StockNews.com cut shares of Boot Barn from a “hold” rating to a “sell” rating in a report on Monday, February 17th. Bank of America upped their price target on shares of Boot Barn from $160.00 to $173.00 and gave the stock a “buy” rating in a report on Thursday. JPMorgan Chase & Co. decreased their price target on shares of Boot Barn from $209.00 to $196.00 and set an “overweight” rating on the stock in a report on Thursday. KeyCorp decreased their price target on shares of Boot Barn from $190.00 to $165.00 and set an “overweight” rating on the stock in a report on Tuesday, April 29th. Finally, Stephens began coverage on shares of Boot Barn in a report on Wednesday, April 9th. They issued an “overweight” rating and a $100.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Boot Barn presently has an average rating of “Moderate Buy” and an average target price of $170.62.

Boot Barn Price Performance

NYSE:BOOT opened at $156.99 on Thursday. The company has a market cap of $4.80 billion, a P/E ratio of 28.03, a P/E/G ratio of 1.17 and a beta of 1.59. The stock’s fifty day moving average price is $107.05 and its two-hundred day moving average price is $130.02. Boot Barn has a 1 year low of $86.17 and a 1 year high of $176.64.

Boot Barn (NYSE:BOOT) last released its quarterly earnings results on Wednesday, May 14th. The company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.24 by ($0.02). The firm had revenue of $453.75 million during the quarter, compared to the consensus estimate of $458.56 million. Boot Barn had a return on equity of 17.11% and a net margin of 9.36%. On average, analysts expect that Boot Barn will post 5.82 earnings per share for the current fiscal year.

Boot Barn declared that its Board of Directors has initiated a share buyback plan on Wednesday, May 14th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 4.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BOOT. Miracle Mile Advisors LLC bought a new position in shares of Boot Barn during the fourth quarter valued at about $322,000. Park Avenue Securities LLC grew its stake in shares of Boot Barn by 26.7% in the fourth quarter. Park Avenue Securities LLC now owns 1,858 shares of the company’s stock worth $282,000 after purchasing an additional 391 shares during the last quarter. Artemis Investment Management LLP bought a new stake in shares of Boot Barn in the fourth quarter worth about $36,361,000. Mitsubishi UFJ Asset Management UK Ltd. grew its stake in shares of Boot Barn by 85.7% in the fourth quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 13,000 shares of the company’s stock worth $1,974,000 after purchasing an additional 6,000 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Boot Barn by 1,430.0% in the fourth quarter. Blue Trust Inc. now owns 153 shares of the company’s stock worth $26,000 after purchasing an additional 143 shares during the last quarter.

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.