Rocky Brands (NASDAQ:RCKY) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of Rocky Brands (NASDAQ:RCKY) from a hold rating to a buy rating in a research note released on Wednesday.

Separately, B. Riley boosted their price objective on Rocky Brands from $19.00 to $24.00 and gave the company a neutral rating in a research note on Tuesday, February 27th.

Rocky Brands Stock Performance

Shares of RCKY opened at $26.66 on Wednesday. The stock has a 50 day moving average price of $27.13 and a 200 day moving average price of $25.09. The company has a quick ratio of 1.24, a current ratio of 3.61 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $197.82 million, a price-to-earnings ratio of 18.77 and a beta of 1.97. Rocky Brands has a 52-week low of $11.77 and a 52-week high of $32.38.

Rocky Brands (NASDAQ:RCKY) last announced its quarterly earnings results on Wednesday, February 28th. The textile maker reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.09. The firm had revenue of $125.95 million during the quarter, compared to the consensus estimate of $128.90 million. Rocky Brands had a return on equity of 6.70% and a net margin of 2.26%. Research analysts predict that Rocky Brands will post 1.96 EPS for the current fiscal year.

Rocky Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 18th. Shareholders of record on Monday, March 4th were paid a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date was Friday, March 1st. Rocky Brands’s dividend payout ratio is currently 43.66%.

Institutional Investors Weigh In On Rocky Brands

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC lifted its stake in Rocky Brands by 15.7% in the first quarter. FMR LLC now owns 1,047,631 shares of the textile maker’s stock valued at $24,169,000 after buying an additional 141,969 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Rocky Brands by 3.1% during the first quarter. Dimensional Fund Advisors LP now owns 579,909 shares of the textile maker’s stock worth $13,378,000 after purchasing an additional 17,193 shares during the last quarter. Raymond James & Associates raised its stake in shares of Rocky Brands by 3.3% during the third quarter. Raymond James & Associates now owns 511,398 shares of the textile maker’s stock worth $7,518,000 after purchasing an additional 16,427 shares during the last quarter. BlackRock Inc. raised its stake in shares of Rocky Brands by 6.2% during the second quarter. BlackRock Inc. now owns 463,717 shares of the textile maker’s stock worth $9,738,000 after purchasing an additional 26,884 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Rocky Brands by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 392,245 shares of the textile maker’s stock worth $11,838,000 after purchasing an additional 2,488 shares during the last quarter. Hedge funds and other institutional investors own 75.06% of the company’s stock.

Rocky Brands Company Profile

Rocky Brands, Inc designs, manufactures, and markets footwear and apparel in the United States, Canada, and internationally. It operates through Wholesale, Retail, and Contract Manufacturing segments. The Wholesale segment offers products, which includes sporting goods stores, outdoor retailers, independent shoe retailers, hardware stores, catalogs, mass merchants, uniform stores, farm store chains, specialty safety stores, specialty retailers, and online retailers in retail locations through a range of distribution channels.