Boot Barn (NYSE:BOOT) to Repurchase $200.00 million in Stock

Boot Barn (NYSE:BOOT) declared that its board has authorized a stock repurchase plan on Wednesday, May 14th, RTT News reports. The company plans to buyback $200.00 million in shares. This buyback authorization permits the company to repurchase up to 4.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Boot Barn Stock Up 1.3%

Shares of BOOT opened at $156.99 on Friday. Boot Barn has a 52-week low of $86.17 and a 52-week high of $176.64. The firm’s fifty day moving average is $107.05 and its two-hundred day moving average is $130.02. The stock has a market cap of $4.80 billion, a PE ratio of 28.03, a price-to-earnings-growth ratio of 1.17 and a beta of 1.59.

Boot Barn (NYSE:BOOT) last announced its earnings results on Wednesday, May 14th. The company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.24 by ($0.02). Boot Barn had a return on equity of 17.11% and a net margin of 9.36%. The business had revenue of $453.75 million for the quarter, compared to analyst estimates of $458.56 million. As a group, research analysts anticipate that Boot Barn will post 5.82 earnings per share for the current year.

Analyst Ratings Changes

BOOT has been the subject of several recent research reports. Stephens initiated coverage on shares of Boot Barn in a report on Wednesday, April 9th. They set an “overweight” rating and a $100.00 target price for the company. Bank of America lifted their target price on shares of Boot Barn from $160.00 to $173.00 and gave the company a “buy” rating in a report on Thursday. Citigroup lifted their target price on shares of Boot Barn from $137.00 to $180.00 and gave the company a “buy” rating in a report on Friday. KeyCorp cut their target price on shares of Boot Barn from $190.00 to $165.00 and set an “overweight” rating for the company in a report on Tuesday, April 29th. Finally, Piper Sandler lifted their target price on shares of Boot Barn from $162.00 to $184.00 and gave the company an “overweight” rating in a report on Thursday. One analyst has rated the stock with a sell rating, one has given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $170.62.

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.