Rocky Brands (NASDAQ:RCKY) Downgraded by Robert W. Baird to “Hold”

Robert W. Baird cut shares of Rocky Brands (NASDAQ:RCKY) from a strong-buy rating to a hold rating in a research note released on Monday, Marketbeat.com reports. The firm currently has $50.00 price objective on the textile maker’s stock.

Other equities analysts have also recently issued research reports about the company. Wall Street Zen upgraded Rocky Brands from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 9th. Weiss Ratings raised Rocky Brands from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, August 6th. Finally, BTIG Research reiterated a “neutral” rating on shares of Rocky Brands in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $50.00.

Rocky Brands Stock Down 1.9%

NASDAQ RCKY opened at $43.36 on Monday. The stock has a fifty day moving average of $44.57 and a 200-day moving average of $41.65. The stock has a market capitalization of $324.77 million, a P/E ratio of 11.35 and a beta of 2.36. Rocky Brands has a 52 week low of $26.29 and a 52 week high of $53.01. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.12 and a current ratio of 2.97.

Rocky Brands (NASDAQ:RCKY) last released its 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 the consensus estimate of $110.08 million. Rocky Brands had a net margin of 5.72% and a return on equity of 12.28%.

Rocky Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.68 annualized dividend and a dividend yield of 1.6%. Rocky Brands’s dividend payout ratio is currently 17.80%.

Insider Transactions at Rocky Brands

In related news, Director G Haning sold 3,000 shares of Rocky Brands stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $49.06, for a total value of $147,180.00. Following the sale, the director owned 19,750 shares of the company’s stock, valued at approximately $968,935. This trade represents a 13.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Tracie A. Winbigler sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $47.45, for a total value of $142,350.00. Following the completion of the sale, the director owned 14,246 shares in the company, valued at $675,972.70. The trade was a 17.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 15,483 shares of company stock worth $763,214 in the last 90 days. Company insiders own 7.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in shares of Rocky Brands in the 2nd quarter valued at approximately $1,315,000. BlackRock Inc. acquired a new stake in Rocky Brands in the second quarter valued at $21,559,000. Sei Investments Co. bought a new position in shares of Rocky Brands in the 1st quarter valued at about $1,153,000. Renaissance Technologies LLC increased its stake in shares of Rocky Brands by 39.1% during the 1st quarter. Renaissance Technologies LLC now owns 83,535 shares of the textile maker’s stock worth $3,234,000 after purchasing an additional 23,500 shares during the last quarter. Finally, Aristides Capital LLC raised its holdings in shares of Rocky Brands by 264.6% in the 1st quarter. Aristides Capital LLC now owns 112,744 shares of the textile maker’s stock valued at $4,365,000 after purchasing an additional 81,822 shares during the period. Institutional investors and hedge funds own 75.06% of the company’s stock.

About Rocky Brands

Rocky Brands, Inc is an American footwear and apparel company headquartered in Nelsonville, Ohio. The company designs, develops, manufactures, and markets footwear for outdoor, work, western, military, public-safety, and lifestyle uses.

Its portfolio includes Rocky outdoor and work footwear, Georgia Boot work and western products, Durango western and lifestyle boots, and Lehigh Safety Shoe products. The company offers boots and shoes designed for activities and occupations requiring durability, protection, traction, and comfort, along with related apparel and accessories.

Founded in 1932 as the William Brooks Shoe Company, Rocky Brands has expanded from its Ohio manufacturing roots into a multichannel footwear business.