SummerHaven Investment Management LLC Acquires New Holdings in Rocky Brands, Inc. $RCKY

SummerHaven Investment Management LLC bought a new position in Rocky Brands, Inc. (NASDAQ:RCKY) in the third quarter, according to the company in its most recent disclosure with the SEC. The fund bought 34,808 shares of the textile maker’s stock, valued at approximately $1,037,000. Rocky Brands accounts for about 0.6% of SummerHaven Investment Management LLC’s investment portfolio, making the stock its 29th largest position.

Other hedge funds have also added to or reduced their stakes in the company. Strs Ohio purchased a new stake in Rocky Brands during the first quarter valued at $92,000. Lazard Asset Management LLC purchased a new stake in shares of Rocky Brands during the 2nd quarter valued at about $155,000. Jump Financial LLC bought a new position in shares of Rocky Brands in the 2nd quarter worth approximately $208,000. NewEdge Advisors LLC lifted its stake in shares of Rocky Brands by 1,060.4% in the 2nd quarter. NewEdge Advisors LLC now owns 11,407 shares of the textile maker’s stock worth $253,000 after purchasing an additional 10,424 shares during the period. Finally, Bailard Inc. purchased a new position in shares of Rocky Brands in the second quarter worth approximately $260,000. 75.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RCKY has been the subject of a number of research reports. Wall Street Zen raised shares of Rocky Brands from a “buy” rating to a “strong-buy” rating in a report on Sunday. Weiss Ratings restated a “buy (b-)” rating on shares of Rocky Brands in a research note on Monday, December 29th. BTIG Research reiterated a “neutral” rating on shares of Rocky Brands in a research report on Wednesday, October 29th. Citigroup reissued a “neutral” rating on shares of Rocky Brands in a report on Wednesday, October 29th. Finally, Robert W. Baird set a $42.00 price objective on Rocky Brands in a research report on Wednesday, October 29th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.00.

Rocky Brands Trading Up 2.5%

Shares of RCKY stock opened at $34.01 on Wednesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.88 and a current ratio of 2.74. The stock has a fifty day simple moving average of $30.60 and a two-hundred day simple moving average of $28.88. The firm has a market capitalization of $254.73 million, a PE ratio of 12.41 and a beta of 2.67. Rocky Brands, Inc. has a 52-week low of $11.93 and a 52-week high of $34.36.

Rocky Brands (NASDAQ:RCKY) last announced its quarterly earnings data on Tuesday, October 28th. The textile maker reported $1.03 EPS for the quarter, beating the consensus estimate of $0.90 by $0.13. Rocky Brands had a return on equity of 11.03% and a net margin of 4.37%.The business had revenue of $122.54 million for the quarter, compared to the consensus estimate of $122.92 million.

Rocky Brands Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were issued a $0.155 dividend. The ex-dividend date of this dividend was Monday, December 1st. This represents a $0.62 dividend on an annualized basis and a yield of 1.8%. Rocky Brands’s payout ratio is currently 22.63%.

Insider Activity at Rocky Brands

In other Rocky Brands news, SVP Byron Wortham sold 6,600 shares of the stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $29.90, for a total transaction of $197,340.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Curtis A. Loveland sold 4,775 shares of Rocky Brands stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $32.43, for a total transaction of $154,853.25. Following the sale, the insider owned 95,454 shares in the company, valued at approximately $3,095,573.22. The trade was a 4.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 21,156 shares of company stock valued at $643,824 over the last 90 days. 5.10% of the stock is currently owned by corporate insiders.

Rocky Brands Profile

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.