Rocky Brands (NASDAQ:RCKY) Rating Increased to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Rocky Brands (NASDAQ:RCKY) from a buy rating to a strong-buy rating in a research note released on Sunday morning.

Several other research firms also recently commented on RCKY. BTIG Research reiterated a “neutral” rating on shares of Rocky Brands in a report on Wednesday, July 29th. Weiss Ratings raised shares of Rocky Brands from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday. Finally, Robert W. Baird upped their price target on shares of Rocky Brands from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, July 29th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $56.00.

Rocky Brands Stock Performance

RCKY opened at $49.23 on Friday. Rocky Brands has a 12-month low of $25.76 and a 12-month high of $53.01. The stock has a market cap of $368.73 million, a price-to-earnings ratio of 12.89 and a beta of 2.35. The business has a 50 day moving average of $41.65 and a 200-day moving average of $39.38. The company has a quick ratio of 1.12, a current ratio of 2.97 and a debt-to-equity ratio of 0.43.

Rocky Brands (NASDAQ:RCKY) last posted its earnings results on Tuesday, July 28th. The textile maker reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $1.55. Rocky Brands had a return on equity of 12.28% and a net margin of 5.72%.The business had revenue of $118.37 million for the quarter, compared to analyst estimates of $110.08 million.

Rocky Brands Increases Dividend

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

Insider Buying and Selling

In other Rocky Brands news, Director William L. Jordan sold 2,011 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $48.48, for a total transaction of $97,493.28. Following the sale, the director directly owned 21,940 shares in the company, valued at $1,063,651.20. This represents a 8.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Tracie A. Winbigler sold 3,000 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $47.45, for a total transaction of $142,350.00. Following the completion of the transaction, the director directly owned 14,246 shares in the company, valued at approximately $675,972.70. This represents a 17.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 15,483 shares of company stock worth $763,214 in the last ninety days. 7.60% of the stock is owned by company insiders.

Institutional Trading of Rocky Brands

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Raymond James Financial Inc. increased its stake in Rocky Brands by 24.3% in the second quarter. Raymond James Financial Inc. now owns 557,502 shares of the textile maker’s stock valued at $12,371,000 after acquiring an additional 109,012 shares during the last quarter. BlackRock Inc. bought a new stake in Rocky Brands during the second quarter worth $21,559,000. Vanguard Group Inc. boosted its holdings in shares of Rocky Brands by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 421,576 shares of the textile maker’s stock valued at $12,559,000 after purchasing an additional 8,892 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Rocky Brands by 0.8% in the 2nd quarter. Geode Capital Management LLC now owns 170,407 shares of the textile maker’s stock valued at $3,782,000 after purchasing an additional 1,303 shares during the last quarter. Finally, LSV Asset Management increased its stake in shares of Rocky Brands by 160.1% in the 4th quarter. LSV Asset Management now owns 146,365 shares of the textile maker’s stock valued at $4,293,000 after purchasing an additional 90,103 shares during the last quarter. Institutional investors own 75.06% of the company’s stock.

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.