KeyCorp Upgrades Boot Barn (NYSE:BOOT) to “Overweight”

KeyCorp upgraded shares of Boot Barn (NYSE:BOOT) from a sector weight rating to an overweight rating in a report published on Thursday morning, MarketBeat reports. They currently have $190.00 target price on the stock.

BOOT has been the subject of a number of other research reports. BTIG Research raised their price objective on Boot Barn from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Baird R W upgraded Boot Barn from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Benchmark reaffirmed a “buy” rating and issued a $192.00 price objective on shares of Boot Barn in a research report on Tuesday, October 29th. Citigroup dropped their target price on shares of Boot Barn from $194.00 to $178.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. raised their price target on shares of Boot Barn from $181.00 to $188.00 and gave the stock an “overweight” rating in a report on Wednesday, January 8th. One research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $173.00.

Boot Barn Price Performance

BOOT opened at $168.24 on Thursday. The firm has a market capitalization of $5.13 billion, a PE ratio of 33.78, a price-to-earnings-growth ratio of 1.47 and a beta of 2.10. The business’s 50-day moving average is $149.18 and its two-hundred day moving average is $144.71. Boot Barn has a 1 year low of $71.54 and a 1 year high of $169.83.

Boot Barn (NYSE:BOOT) last posted its quarterly earnings data on Monday, October 28th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.93 by $0.02. The firm had revenue of $425.80 million during the quarter, compared to analyst estimates of $424.42 million. Boot Barn had a net margin of 8.73% and a return on equity of 15.89%. Boot Barn’s revenue was up 13.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.91 EPS. As a group, sell-side analysts expect that Boot Barn will post 5.8 EPS for the current year.

Insider Activity

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

Institutional Trading of Boot Barn

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GHP Investment Advisors Inc. purchased a new stake in shares of Boot Barn during the 3rd quarter worth about $25,000. Blue Trust Inc. raised its holdings in Boot Barn by 1,430.0% in the 4th quarter. Blue Trust Inc. now owns 153 shares of the company’s stock worth $26,000 after purchasing an additional 143 shares during the period. Canada Pension Plan Investment Board purchased a new position in Boot Barn during the second quarter worth approximately $64,000. GAMMA Investing LLC grew its holdings in Boot Barn by 100.8% in the third quarter. GAMMA Investing LLC now owns 534 shares of the company’s stock valued at $89,000 after purchasing an additional 268 shares during the period. Finally, USA Financial Formulas purchased a new stake in shares of Boot Barn in the third quarter valued at approximately $92,000.

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.