Westwood Holdings Group Inc. has acquired a substantial position in Boot Barn Holdings, Inc. (NYSE: BOOT), purchasing 228,879 shares valued at approximately $34.79 million during the second quarter of 2023. This strategic move reflects a growing interest in Boot Barn, a retailer specializing in western and work-related footwear and apparel.
Several other institutional investors have also made significant adjustments to their holdings in Boot Barn. During the first quarter, Nuveen LLC invested $38.39 million in the company, while Fiera Capital Corp acquired shares valued at around $33.69 million in the second quarter. Invesco Ltd. increased its stake by 24.8%, owning 903,453 shares worth approximately $97.06 million after adding 179,710 shares. Similarly, Ameriprise Financial Inc. raised its holdings by 42.1%, totaling 503,619 shares valued at $54.11 million. Jacobs Levy Equity Management Inc. also entered with a new stake worth about $13.54 million.
Analyst Ratings and Market Performance
Boot Barn has attracted attention from various financial analysts. On October 30, 2023, Piper Sandler reaffirmed an “overweight” rating and adjusted its price target to $220.00, up from $218.00. Jefferies Financial Group downgraded its rating from “buy” to “hold,” lowering the target price from $187.00 to $175.00. Meanwhile, TD Cowen raised their price objective from $210.00 to $225.00, maintaining a “buy” rating. Zacks Research also upgraded Boot Barn from a “hold” to a “strong-buy” rating.
Overall, Boot Barn currently holds a consensus rating of “Moderate Buy” with a consensus price target of $195.75, according to MarketBeat.
On November 3, Boot Barn’s stock opened at $172.88, reflecting a 3.7% decrease. The company has experienced significant volatility, with a 12-month low of $86.17 and a high of $205.31. The firm boasts a market capitalization of $5.27 billion and a price-to-earnings (PE) ratio of 25.57.
Quarterly Earnings and Future Guidance
Boot Barn recently reported its quarterly earnings, revealing earnings per share (EPS) of $1.37, surpassing analysts’ expectations of $1.26 by $0.11. The company’s revenue for the quarter reached $505.4 million, exceeding predictions of $493.7 million. This performance marked an 18.7% increase in revenue year-over-year, compared to $0.95 EPS in the same quarter last year.
Looking ahead, Boot Barn has provided guidance for the third quarter of fiscal year 2026, projecting EPS between $2.470 and $2.590, with a full-year guidance of $6.750 to $7.150 EPS. Analysts anticipate that Boot Barn will report an EPS of $5.82 for the current fiscal year.
In related news, Chairman Peter Starrett sold 6,498 shares on November 3, 2023, at an average price of $190.00, totalling $1.23 million. Following this transaction, he retains 9,599 shares, valued at approximately $1.82 million, indicating a 40.37% reduction in his ownership stake.
Corporate insiders hold approximately 0.66% of Boot Barn’s stock, reflecting a broader trend of increasing institutional investment in the company.
Boot Barn Holdings, Inc. operates a lifestyle retail chain specializing in western and work-related products, including footwear, apparel, and accessories for men, women, and children. The company’s diverse offerings encompass boots, clothing, and various accessories tailored to the needs of its customers.
As institutional interest in Boot Barn continues to rise, the company is positioned for potential growth in the competitive retail market. Investors and analysts alike will be closely monitoring its performance in the coming quarters as the firm navigates evolving consumer preferences and market dynamics.
