Rocky Brands Inc (NASDAQ:RCKY) hit a new 52-week high and low during mid-day trading on Tuesday . The company traded as low as $30.15 and last traded at $30.05, with a volume of 2600 shares changing hands. The stock had previously closed at $28.90.
A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Rocky Brands from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 25th. Robert W. Baird upped their price objective on shares of Rocky Brands from $19.00 to $23.00 and gave the company a “neutral” rating in a research note on Wednesday, April 25th. Finally, ValuEngine raised shares of Rocky Brands from a “buy” rating to a “strong-buy” rating in a research note on Thursday, March 1st.
The company has a market cap of $211.84 million, a PE ratio of 24.78 and a beta of 0.36.
Rocky Brands (NASDAQ:RCKY) last announced its quarterly earnings data on Tuesday, April 24th. The textile maker reported $0.44 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.19. Rocky Brands had a net margin of 4.51% and a return on equity of 7.40%. The company had revenue of $61.39 million during the quarter, compared to analysts’ expectations of $61.60 million. analysts anticipate that Rocky Brands Inc will post 1.5 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Thursday, May 31st will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, May 30th. This represents a $0.48 annualized dividend and a yield of 1.69%. This is a boost from Rocky Brands’s previous quarterly dividend of $0.11. Rocky Brands’s dividend payout ratio is presently 41.38%.
Rocky Brands announced that its Board of Directors has authorized a stock buyback plan on Monday, March 5th that permits the company to buyback $7.50 million in shares. This buyback authorization permits the textile maker to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other Rocky Brands news, insider Curtis A. Loveland sold 12,500 shares of the stock in a transaction on Wednesday, May 2nd. The shares were sold at an average price of $25.13, for a total transaction of $314,125.00. Following the completion of the sale, the insider now owns 83,765 shares of the company’s stock, valued at approximately $2,105,014.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Harley E. Rouda, Jr. sold 9,459 shares of the stock in a transaction on Friday, April 27th. The shares were sold at an average price of $24.96, for a total transaction of $236,096.64. Following the sale, the director now directly owns 28,686 shares of the company’s stock, valued at approximately $716,002.56. The disclosure for this sale can be found here. Insiders have sold a total of 60,959 shares of company stock valued at $1,625,662 in the last three months. 9.40% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in RCKY. Millennium Management LLC purchased a new stake in Rocky Brands during the 1st quarter valued at $384,000. Municipal Employees Retirement System of Michigan purchased a new stake in Rocky Brands during the 4th quarter valued at $401,000. Investors Research Corp purchased a new stake in Rocky Brands during the 4th quarter valued at $440,000. Russell Investments Group Ltd. purchased a new stake in Rocky Brands during the 1st quarter valued at $501,000. Finally, Bailard Inc. purchased a new stake in Rocky Brands during the 4th quarter valued at $656,000. 60.78% of the stock is owned by institutional investors and hedge funds.
About Rocky Brands
Rocky Brands, Inc designs, manufactures, and markets footwear and apparel under the Rocky, Georgia Boot, Durango, Lehigh, and Michelin brand names in the United States, Canada, and internationally. The company operates through three segments: Wholesale, Retail, and Military. The Wholesale segment offers products in approximately 10,000 retail locations through a range of distribution channels comprising sporting goods stores, outdoor retailers, independent shoe retailers, hardware stores, catalogs, mass merchants, uniform stores, farm store chains, specialty safety stores, and specialty and online retailers.
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