Westwood Holdings Group Inc. has made a significant investment in Boot Barn Holdings, Inc. by acquiring 228,879 shares of the company, valued at approximately $34.79 million. This purchase, completed during the second quarter of 2023, marks a notable entry for Westwood into the specialty retail sector focused on western and work-related apparel.
In addition to Westwood’s acquisition, several other institutional investors have made noteworthy adjustments to their holdings in Boot Barn. For instance, Nuveen LLC entered a new position worth $38.39 million in the first quarter. Similarly, Fiera Capital Corp invested around $33.69 million in the second quarter. Invesco Ltd. increased its stake in Boot Barn by 24.8% during the first quarter, bringing its total ownership to 903,453 shares, valued at $97.06 million. Ameriprise Financial Inc. also boosted its holdings by 42.1%, now owning 503,619 shares worth $54.11 million after acquiring an additional 149,115 shares.
Market Analysts Provide Mixed Ratings on Boot Barn
The market response to Boot Barn has been varied. Analysts from Piper Sandler recently reaffirmed an “overweight” rating, updating the price target to $220.00, up from $218.00. In contrast, Jefferies Financial Group downgraded its rating from “buy” to “hold,” lowering the target price from $187.00 to $175.00. Cowen maintained a “buy” rating and increased its price objective from $210.00 to $225.00.
According to MarketBeat, Boot Barn currently holds a consensus rating of “Moderate Buy” with a price target of $195.75. As it stands, one analyst rates the stock as a Strong Buy, eleven as Buy, and four as Hold.
Boot Barn’s stock has seen fluctuations, opening at $172.88 on Friday, down 3.7%. The company’s market cap stands at $5.27 billion, with a 12-month low of $86.17 and a high of $205.31. The firm’s PE ratio is 25.57, with a price-to-earnings-growth ratio of 1.94 and a beta of 1.67.
Strong Earnings Report Reflects Growth
Boot Barn released its quarterly earnings data on October 29, 2023, reporting earnings per share of $1.37, exceeding analysts’ expectations of $1.26 by $0.11. The company achieved a net margin of 10.05% and a return on equity of 18.41%, with revenues reaching $505.4 million—higher than the forecasted $493.7 million. This reflects an 18.7% increase year-over-year, up from $0.95 EPS reported in the previous year.
Looking ahead, Boot Barn has projected its earnings guidance for Q3 2026 to fall between $2.470 and $2.590 EPS, with the full fiscal year 2026 guidance set at $6.750 to $7.150 EPS. Analysts predict that Boot Barn Holdings, Inc. will post earnings of $5.82 per share for the current fiscal year.
In related news, Chairman Peter Starrett sold 6,498 shares of Boot Barn on November 3, 2023, at an average price of $190.00, totaling $1.23 million. Following this transaction, Starrett retains 9,599 shares valued at approximately $1.82 million, reflecting a decrease of 40.37% in his ownership.
Boot Barn Holdings, Inc. is a lifestyle retail chain operating specialty retail stores throughout the United States. The company’s offerings include a wide range of western and work-related footwear, apparel, and accessories designed for men, women, and children.
For those interested in further developments regarding Boot Barn or insights into institutional holdings, updates and detailed reports are available through various financial platforms.
