Share Buyback Plan Authorized by Boot Barn (NYSE:BOOT)

Boot Barn (NYSE:BOOT) announced that its board has approved a share buyback program on Wednesday, May 14th, RTT News reports. The company plans to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Boot Barn Trading Up 16.5%

Boot Barn stock opened at $154.80 on Friday. The firm has a market capitalization of $4.74 billion, a P/E ratio of 27.64, a PEG ratio of 1.17 and a beta of 1.59. The stock has a fifty day moving average price of $105.94 and a 200 day moving average price of $129.83. Boot Barn has a 52 week low of $86.17 and a 52 week high of $176.64.

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

Wall Street Analyst Weigh In

A number of analysts have commented on the company. StockNews.com downgraded Boot Barn from a “hold” rating to a “sell” rating in a research report on Monday, February 17th. Craig Hallum upgraded Boot Barn from a “hold” rating to a “buy” rating and set a $130.00 target price on the stock in a research report on Wednesday, April 23rd. Robert W. Baird upped their price objective on Boot Barn from $140.00 to $180.00 and gave the company an “outperform” rating in a research report on Thursday. KeyCorp reduced their price objective on Boot Barn from $190.00 to $165.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 29th. Finally, Piper Sandler upped their price objective on Boot Barn from $162.00 to $184.00 and gave the company an “overweight” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Boot Barn presently has a consensus rating of “Moderate Buy” and an average price target of $170.46.

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.