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

Boot Barn (NYSE:BOOT) declared that its board has approved a stock repurchase program on Wednesday, May 14th, RTT News reports. The company plans to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Boot Barn Stock Up 1.3%

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

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. UBS Group boosted their target price on shares of Boot Barn from $156.00 to $210.00 and gave the stock a “buy” rating in a report on Thursday. StockNews.com downgraded shares of Boot Barn from a “hold” rating to a “sell” rating in a report on Monday, February 17th. Stephens assumed coverage on shares of Boot Barn in a report on Wednesday, April 9th. They issued an “overweight” rating and a $100.00 target price on the stock. JPMorgan Chase & Co. lowered their target price on shares of Boot Barn from $209.00 to $196.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, KeyCorp lowered their target price on shares of Boot Barn from $190.00 to $165.00 and set an “overweight” rating on the stock in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $170.62.

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.