Rocky Brands (NASDAQ:RCKY) Price Target Raised to $56.00

Rocky Brands (NASDAQ:RCKY) had its price target increased by Robert W. Baird from $53.00 to $56.00 in a research note issued to investors on Wednesday morning, MarketBeat.com reports. They currently have an outperform rating on the textile maker’s stock.

A number of other brokerages have also commented on RCKY. Weiss Ratings restated a “hold (c+)” rating on shares of Rocky Brands in a research report on Tuesday, May 26th. Wall Street Zen cut Rocky Brands from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $56.00.

Rocky Brands Price Performance

RCKY opened at $48.84 on Wednesday. The stock has a fifty day moving average of $40.41 and a 200-day moving average of $38.70. The firm has a market capitalization of $368.25 million, a P/E ratio of 12.79 and a beta of 2.37. Rocky Brands has a 12-month low of $24.67 and a 12-month high of $50.73. The company has a quick ratio of 1.02, a current ratio of 2.90 and a debt-to-equity ratio of 0.45.

Rocky Brands (NASDAQ:RCKY) last issued its quarterly earnings results on Tuesday, July 28th. The textile maker reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $1.55. The business had revenue of $118.37 million for the quarter, compared to the consensus estimate of $110.08 million. Rocky Brands had a return on equity of 12.44% and a net margin of 5.72%.

Rocky Brands Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.17 per share. The ex-dividend date was Monday, June 1st. This represents a $0.68 annualized dividend and a dividend yield of 1.4%. This is an increase from Rocky Brands’s previous quarterly dividend of $0.15. Rocky Brands’s dividend payout ratio is presently 17.80%.

Institutional Trading of Rocky Brands

Several hedge funds and other institutional investors have recently modified their holdings of RCKY. State of Alaska Department of Revenue purchased a new position in Rocky Brands in the fourth quarter valued at about $35,000. Strs Ohio purchased a new stake in shares of Rocky Brands during the 1st quarter worth about $92,000. BNP Paribas Financial Markets increased its holdings in Rocky Brands by 391.2% in the third quarter. BNP Paribas Financial Markets now owns 3,645 shares of the textile maker’s stock worth $109,000 after buying an additional 2,903 shares during the last quarter. SG Americas Securities LLC bought a new position in Rocky Brands during the first quarter valued at approximately $149,000. Finally, Deutsche Bank AG raised its position in Rocky Brands by 10.0% during the fourth quarter. Deutsche Bank AG now owns 5,113 shares of the textile maker’s stock valued at $150,000 after acquiring an additional 464 shares in the last quarter. 75.06% of the stock is currently owned by hedge funds and other institutional investors.

Rocky Brands Company 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.