Charles Schwab Investment Management Inc. Lowers Holdings in Boot Barn Holdings, Inc. $BOOT

Charles Schwab Investment Management Inc. trimmed its holdings in Boot Barn Holdings, Inc. (NYSE:BOOT) by 3.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 347,790 shares of the company’s stock after selling 10,789 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.14% of Boot Barn worth $37,363,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Barclays PLC boosted its position in Boot Barn by 12.1% during the fourth quarter. Barclays PLC now owns 58,093 shares of the company’s stock worth $8,820,000 after purchasing an additional 6,288 shares in the last quarter. Commerce Bank boosted its position in Boot Barn by 20.9% during the fourth quarter. Commerce Bank now owns 3,852 shares of the company’s stock worth $585,000 after purchasing an additional 667 shares in the last quarter. First Trust Advisors LP boosted its position in Boot Barn by 672.1% during the fourth quarter. First Trust Advisors LP now owns 49,602 shares of the company’s stock worth $7,531,000 after purchasing an additional 43,178 shares in the last quarter. Capital Research Global Investors boosted its position in Boot Barn by 32.6% during the fourth quarter. Capital Research Global Investors now owns 1,141,821 shares of the company’s stock worth $173,351,000 after purchasing an additional 280,892 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its position in Boot Barn by 6.0% during the fourth quarter. MetLife Investment Management LLC now owns 17,826 shares of the company’s stock worth $2,706,000 after purchasing an additional 1,006 shares in the last quarter.

Wall Street Analyst Weigh In

BOOT has been the topic of a number of recent analyst reports. Jefferies Financial Group downgraded Boot Barn from a “buy” rating to a “hold” rating and lowered their price target for the stock from $187.00 to $175.00 in a research report on Wednesday, July 23rd. Craig Hallum upgraded Boot Barn from a “hold” rating to a “buy” rating and set a $130.00 price target on the stock in a research report on Wednesday, April 23rd. KeyCorp increased their price target on Boot Barn from $195.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Bank of America raised their price target on shares of Boot Barn from $160.00 to $173.00 and gave the company a “buy” rating in a research note on Thursday, May 15th. Finally, BTIG Research raised their price target on shares of Boot Barn from $200.00 to $218.00 and gave the company a “buy” rating in a research note on Friday, August 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $182.54.

Boot Barn Price Performance

BOOT opened at $167.58 on Tuesday. The company’s 50 day simple moving average is $165.86 and its two-hundred day simple moving average is $137.60. Boot Barn Holdings, Inc. has a 1-year low of $86.17 and a 1-year high of $183.60. The firm has a market capitalization of $5.12 billion, a price-to-earnings ratio of 26.43, a price-to-earnings-growth ratio of 1.64 and a beta of 1.76.

Boot Barn (NYSE:BOOT) last released its earnings results on Thursday, July 31st. The company reported $1.74 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.19. Boot Barn had a net margin of 9.81% and a return on equity of 17.73%. The business had revenue of $504.07 million for the quarter, compared to analyst estimates of $489.49 million. During the same period last year, the company posted $1.26 EPS. The business’s revenue was up 19.1% on a year-over-year basis. On average, equities analysts anticipate that Boot Barn Holdings, Inc. will post 5.82 earnings per share for the current fiscal year.

Boot Barn announced that its Board of Directors has initiated a share buyback program on Wednesday, May 14th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to reacquire up to 4.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Boot Barn news, insider Laurie Marie Grijalva sold 2,438 shares of the firm’s stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $160.67, for a total value of $391,713.46. Following the transaction, the insider directly owned 14,593 shares of the company’s stock, valued at $2,344,657.31. This trade represents a 14.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael A. Love sold 4,154 shares of the firm’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $155.34, for a total transaction of $645,282.36. Following the sale, the insider owned 2,112 shares of the company’s stock, valued at $328,078.08. This represents a 66.29% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.66% of the company’s stock.

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.