WCM Cuts Boot Barn Stake 23%, Principal and Thrivent Increase Holdings
WCM Investment Management LLC cut its Boot Barn stake by 23.0% in Q3, selling 36,753 shares and retaining 123,038 shares valued at $20.41 million. Principal Financial Group upped its position by 132.4% to 352,816 shares worth $58.47 million, while Thrivent Financial lifted holdings by 6.0% to 390,957 shares.
1. Consensus Price Target Climbs Significantly
Analysts have raised Boot Barn’s average price target to $231, representing a 28.5% upside from current levels. This latest estimate compares with a target of $229.80 in the prior quarter and just $212.73 a year ago, underscoring growing confidence in the company’s ability to expand market share in western and work-apparel retailing. The upward revision over the past twelve months reflects strength in both brick-and-mortar expansion and digital sales growth.
2. Earnings Estimates Revised Upward
Following a series of stronger-than-expected quarterly results, consensus estimates for fiscal 2026 earnings per share have been revised upward by an average of 7%. Analysts now anticipate year-over-year revenue growth of approximately 12% in the fiscal fourth quarter, driven by expanding same-store sales and ongoing investments in e-commerce. Despite some reservations about near-term gross margin pressures, the majority of research firms maintain overweight or buy ratings based on the company’s resilient demand and operating leverage.
3. Institutional Investors Adjust Stakes
In the most recent 13F filings, WCM Investment Management reduced its position in Boot Barn by 23%, selling 36,753 shares to hold 123,038 shares at quarter end. By contrast, Principal Financial Group more than doubled its stake, adding 201,026 shares to reach 352,816 shares, while Thrivent Financial for Lutherans increased its holdings by 22,290 shares to 390,957. These shifts leave WCM with roughly 0.40% ownership and Principal and Thrivent representing 1.13% and 1.25%, respectively, of the outstanding share count.
4. Analyst Ratings and Price Objectives Lifted
Research reports over the past three months show broad upward movement in price objectives: Citigroup raised its target from $225 to $230 with a buy rating, Piper Sandler lifted its target from $220 to $229 with an overweight recommendation, and Jefferies moved its objective from $180 to $195 with a hold rating. Overall, eleven analysts rate Boot Barn as a buy or overweight, four issue holds, and none offer sell opinions, resulting in a consensus moderate-buy stance that highlights the stock’s potential for further upside.