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

Boot Barn (NYSE:BOOT) announced that its Board of Directors has approved a stock buyback program 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 stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Boot Barn Stock Performance

Shares of BOOT opened at $154.80 on Friday. The company has a market capitalization of $4.74 billion, a P/E ratio of 27.64, a P/E/G ratio of 1.17 and a beta of 1.59. Boot Barn has a one year low of $86.17 and a one year high of $176.64. The stock has a 50-day moving average price of $105.94 and a 200 day moving average price of $129.83.

Boot Barn (NYSE:BOOT) last issued its quarterly earnings results on Wednesday, May 14th. The company reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.02). The business had revenue of $453.75 million during the quarter, compared to analysts’ expectations 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 research analysts forecast that Boot Barn will post 5.82 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BOOT has been the subject of several research analyst reports. Robert W. Baird upped their price target on Boot Barn from $140.00 to $180.00 and gave the stock an “outperform” rating in a research note on Thursday. StockNews.com lowered Boot Barn from a “hold” rating to a “sell” rating in a research note on Monday, February 17th. Stephens began coverage on Boot Barn in a research note on Wednesday, April 9th. They issued an “overweight” rating and a $100.00 target price for the company. KeyCorp lowered their target price on Boot Barn from $190.00 to $165.00 and set an “overweight” rating for the company in a research note on Tuesday, April 29th. Finally, UBS Group increased their target price on Boot Barn from $156.00 to $210.00 and gave the company a “buy” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Boot Barn presently has a consensus rating of “Moderate Buy” and an average target price 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.