Westwood Holdings Group Inc. has significantly increased its investment in Boot Barn Holdings, Inc. by acquiring 228,879 shares during the second quarter of 2023. The purchase, valued at approximately $34,790,000, reflects growing interest from institutional investors in the specialty retail chain, which focuses on western and work-related apparel.
Several other prominent firms have also expanded their stakes in Boot Barn. Notably, Nuveen LLC purchased shares worth $38,387,000 in the first quarter, while Fiera Capital Corp acquired shares valued at around $33,686,000 in the second quarter. Invesco Ltd. increased its position by 24.8%, now holding 903,453 shares valued at $97,058,000, following the purchase of an additional 179,710 shares. Ameriprise Financial Inc. also boosted its holdings by 42.1%, owning 503,619 shares worth $54,110,000.
Market Performance and Analyst Ratings
Boot Barn’s stock has gained attention from analysts, leading to a flurry of revised ratings. On October 30, 2023, Piper Sandler reiterated an “overweight” rating and raised its price target from $218.00 to $220.00. In contrast, Jefferies Financial Group downgraded the stock from “buy” to “hold,” lowering the target price from $187.00 to $175.00. Cowen maintained a “buy” rating while increasing its price objective from $210.00 to $225.00.
As of now, Boot Barn has received a consensus rating of “Moderate Buy” from analysts, with a target price averaging $195.75. Among the analysts, one has given a “strong buy” rating, eleven have opted for “buy,” and four have assigned a “hold” rating.
On the trading floor, Boot Barn’s shares recently opened at $172.88. The stock has seen a 12-month low of $86.17 and a high of $205.31. The company boasts a market capitalization of $5.27 billion and a PE ratio of 25.57.
Recent Earnings and Guidance
Boot Barn released its quarterly earnings report on October 29, 2023, revealing earnings per share of $1.37, exceeding the consensus estimate of $1.26 by $0.11. The company reported a net margin of 10.05% and a return on equity of 18.41%. Revenues reached $505.40 million, surpassing analyst predictions of $493.70 million. This represents an 18.7% year-over-year increase in revenue.
Looking ahead, Boot Barn has set guidance for the third quarter of fiscal year 2026 at earnings per share between $2.470 and $2.590. For the full fiscal year 2026, the company anticipates earnings per share in the range of $6.750 to $7.150. Analysts predict that Boot Barn will post a total of $5.82 earnings per share for the current fiscal year.
Insider trading activity has also been noteworthy. On November 3, 2023, Chairman Peter Starrett sold 6,498 shares at an average price of $190.00, resulting in total proceeds of $1,234,620.00. Following this transaction, Starrett’s ownership in the company decreased by 40.37%, leaving him with 9,599 shares valued at approximately $1,823,810.
Boot Barn Holdings, Inc. operates a chain of specialty retail stores in the United States, providing a diverse range of western and work-related footwear, apparel, and accessories for all ages. The company continues to be a focal point for investors as it navigates a competitive retail landscape while achieving solid revenue growth.
