Rocky Brands Inc. (NASDAQ:RCKY) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “Rocky Brands, Inc. is a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names including Rocky Outdoor Gear, Georgia Boot, Durango, Lehigh, and the licensed brand, Dickies. “
Other analysts have also recently issued research reports about the company. B. Riley reaffirmed a “buy” rating and issued a $12.00 target price on shares of Rocky Brands in a research report on Monday, August 1st. Robert W. Baird raised their target price on Rocky Brands from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Thursday, August 18th.
Shares of Rocky Brands (NASDAQ:RCKY) opened at 10.24 on Thursday. The firm has a market cap of $76.64 million, a price-to-earnings ratio of 63.60 and a beta of 0.96. The stock has a 50 day moving average price of $10.44 and a 200-day moving average price of $11.57. Rocky Brands has a 1-year low of $9.67 and a 1-year high of $16.00.
Rocky Brands (NASDAQ:RCKY) last issued its earnings results on Thursday, July 28th. The company reported ($0.23) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by $0.47. The business earned $62.60 million during the quarter, compared to analyst estimates of $72.42 million. Rocky Brands had a return on equity of 0.88% and a net margin of 0.48%. On average, equities research analysts expect that Rocky Brands will post $0.24 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Friday, August 26th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Wednesday, August 24th. This represents a $0.44 dividend on an annualized basis and a yield of 4.30%. Rocky Brands’s payout ratio is 275.00%.
In other news, insider Curtis A. Loveland acquired 2,500 shares of Rocky Brands stock in a transaction that occurred on Wednesday, August 24th. The stock was purchased at an average price of $10.30 per share, with a total value of $25,750.00. Following the completion of the transaction, the insider now owns 80,153 shares in the company, valued at $825,575.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Glen E. Corlett acquired 5,000 shares of Rocky Brands stock in a transaction that occurred on Wednesday, August 31st. The shares were purchased at an average cost of $10.70 per share, with a total value of $53,500.00. Following the transaction, the director now owns 23,692 shares of the company’s stock, valued at approximately $253,504.40. The disclosure for this purchase can be found here. Corporate insiders own 8.90% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP boosted its stake in Rocky Brands by 0.4% in the second quarter. GSA Capital Partners LLP now owns 58,352 shares of the company’s stock worth $666,000 after buying an additional 229 shares during the last quarter. North Star Investment Management Corp. raised its position in Rocky Brands by 1.8% in the second quarter. North Star Investment Management Corp. now owns 275,599 shares of the company’s stock valued at $3,147,000 after buying an additional 5,000 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in Rocky Brands by 2.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 228,157 shares of the company’s stock valued at $2,907,000 after buying an additional 5,041 shares during the period. Nationwide Fund Advisors raised its position in Rocky Brands by 377.8% in the second quarter. Nationwide Fund Advisors now owns 9,232 shares of the company’s stock valued at $105,000 after buying an additional 7,300 shares during the period. Finally, Eagle Global Advisors LLC bought a new position in Rocky Brands during the second quarter valued at $118,000. 49.19% of the stock is owned by hedge funds and other institutional investors.
Rocky Brands Company Profile
Rocky Brands, Inc is a designer, manufacturer and marketer of footwear and apparel marketed under a portfolio of brand names, including Rocky, Georgia Boot, Durango, Lehigh, Creative Recreation and the licensed brand Michelin. The Company operates its business through three segments: wholesale, retail and military.
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