Boot Barn (NYSE:BOOT) Upgraded to Buy at UBS Group

Boot Barn (NYSE:BOOT) was upgraded by analysts at UBS Group from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday, Marketbeat reports. The brokerage presently has a $210.00 target price on the stock, up from their prior target price of $155.00. UBS Group’s price objective suggests a potential upside of 31.26% from the company’s current price.

A number of other equities analysts have also recently commented on BOOT. Craig Hallum cut shares of Boot Barn from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $154.00 to $162.00 in a research report on Friday, October 25th. Williams Trading reiterated a “buy” rating and issued a $173.00 price target on shares of Boot Barn in a research note on Tuesday, October 29th. JPMorgan Chase & Co. raised their price objective on shares of Boot Barn from $181.00 to $188.00 and gave the stock an “overweight” rating in a research report on Wednesday. BTIG Research boosted their price objective on Boot Barn from $165.00 to $185.00 and gave the stock a “buy” rating in a report on Tuesday, October 29th. Finally, Benchmark reissued a “buy” rating and set a $192.00 price target on shares of Boot Barn in a report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Boot Barn has a consensus rating of “Moderate Buy” and a consensus target price of $170.75.

Boot Barn Price Performance

Shares of BOOT opened at $159.99 on Friday. The company has a market cap of $4.88 billion, a PE ratio of 32.13 and a beta of 2.10. The firm has a 50-day moving average of $143.92 and a 200-day moving average of $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 posted its quarterly earnings results on Monday, October 28th. The company reported $0.95 EPS for the quarter, topping 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 analysts’ expectations of $424.42 million. During the same quarter last year, the company posted $0.91 earnings per share. Boot Barn’s quarterly revenue was up 13.7% on a year-over-year basis. Analysts expect that Boot Barn will post 5.48 earnings per share for the current year.

Insiders Place Their Bets

In other Boot Barn news, CEO John Hazen sold 6,311 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $152.98, for a total transaction of $965,456.78. Following the completion of the sale, the chief executive officer now directly owns 3,937 shares in the company, valued at $602,282.26. This represents a 61.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Boot Barn

Institutional investors have recently modified their holdings of the business. Marshall Wace LLP acquired a new position in Boot Barn during the second quarter worth about $19,532,000. State Street Corp increased its position in Boot Barn by 4.4% during the 3rd quarter. State Street Corp now owns 1,208,345 shares of the company’s stock worth $202,132,000 after purchasing an additional 51,356 shares in the last quarter. JPMorgan Chase & Co. increased its position in Boot Barn by 56.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 141,305 shares of the company’s stock worth $23,638,000 after purchasing an additional 51,032 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Boot Barn in the 3rd quarter valued at approximately $5,931,000. Finally, Sei Investments Co. boosted its position in Boot Barn by 39.3% in the second quarter. Sei Investments Co. now owns 102,933 shares of the company’s stock valued at $13,271,000 after buying an additional 29,049 shares in the last quarter.

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.