Key Points
- Insider sale: Curtis Loveland sold 3,483 Rocky Brands shares for approximately $176,031, reducing his direct ownership by 3.62% to 92,610 shares.
- Strong quarterly results: Rocky Brands reported $1.90 in quarterly EPS, exceeding estimates of $0.35, while revenue of $118.37 million surpassed the $110.08 million consensus.
- Mixed outlook: The company increased its quarterly dividend to $0.17 per share, but analysts maintained a consensus “Hold” rating despite a $56 price target; institutional investors own 75.06% of the stock.
Rocky Brands, Inc. (NASDAQ:RCKY - Get Free Report) Director William Jordan sold 989 shares of the company's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $51.87, for a total value of $51,299.43. Following the sale, the director directly owned 20,951 shares in the company, valued at $1,086,728.37. This represents a 4.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.
Rocky Brands Trading Down 1.0%
NASDAQ:RCKY opened at $49.95 on Thursday. Rocky Brands, Inc. has a 12-month low of $25.76 and a 12-month high of $53.01. The firm has a market cap of $376.62 million, a PE ratio of 13.08 and a beta of 2.36. The company has a current ratio of 2.90, a quick ratio of 1.02 and a debt-to-equity ratio of 0.45. The stock has a fifty day moving average price of $41.22 and a 200 day moving average price of $39.14.
Rocky Brands (NASDAQ:RCKY - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The textile maker reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.35 by $1.55. The company had revenue of $118.37 million for the quarter, compared to analyst estimates of $110.08 million. Rocky Brands had a return on equity of 12.44% and a net margin of 5.72%.
Rocky Brands Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were paid a $0.17 dividend. This is an increase from Rocky Brands's previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Monday, June 1st. Rocky Brands's payout ratio is presently 17.80%.
Institutional Inflows and Outflows
Hedge funds have recently modified their holdings of the stock. State of Alaska Department of Revenue purchased a new stake in Rocky Brands in the fourth quarter valued at $35,000. Strs Ohio acquired a new stake in shares of Rocky Brands during the first quarter worth about $92,000. BNP Paribas Financial Markets lifted its holdings in shares of Rocky Brands by 391.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,645 shares of the textile maker's stock valued at $109,000 after purchasing an additional 2,903 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Rocky Brands in the 1st quarter valued at about $149,000. Finally, Deutsche Bank AG grew its stake in Rocky Brands by 10.0% during the 4th quarter. Deutsche Bank AG now owns 5,113 shares of the textile maker's stock worth $150,000 after buying an additional 464 shares during the last quarter. 75.06% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
RCKY has been the topic of a number of recent analyst reports. Robert W. Baird increased their price objective on shares of Rocky Brands from $53.00 to $56.00 and gave the company an "outperform" rating in a research report on Wednesday, July 29th. BTIG Research reiterated a "neutral" rating on shares of Rocky Brands in a research note on Wednesday, July 29th. Wall Street Zen raised Rocky Brands from a "hold" rating to a "buy" rating in a report on Saturday, August 1st. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Rocky Brands in a report on Tuesday, May 26th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Rocky Brands currently has an average rating of "Hold" and an average target price of $56.00.
Get Our Latest Analysis on RCKY
About Rocky Brands
(
Get Free Report)
Rocky Brands, Inc is a designer, manufacturer and marketer of premium footwear, apparel and accessories for a diverse range of end-users. The company serves outdoor enthusiasts, hardworking professionals and military personnel under a family of brands that includes Rocky, Georgia Boot, Durango and Xtratuf. Products span hunting and hiking boots, work and safety footwear, western and lifestyle boots, as well as performance socks and outerwear.
Rocky Brands operates multiple production and distribution facilities in North America, with its corporate headquarters located in Nelsonville, Ohio.
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