Rocky Brands (NASDAQ:RCKY) Price Target Raised to $52.00

Rocky Brands (NASDAQ:RCKY) had its price target raised by Robert W. Baird from $50.00 to $52.00 in a report released on Wednesday, Marketbeat reports. Robert W. Baird currently has a neutral rating on the textile maker’s stock.

Several other research analysts also recently commented on RCKY. Weiss Ratings upgraded Rocky Brands from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Wall Street Zen upgraded Rocky Brands from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 9th. Finally, BTIG Research reissued 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 two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $52.00.

Rocky Brands Price Performance

Shares of RCKY stock opened at $49.27 on Wednesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.97 and a quick ratio of 1.12. The company has a market capitalization of $369.03 million, a P/E ratio of 10.83 and a beta of 2.40. The company’s 50-day simple moving average is $45.36 and its two-hundred day simple moving average is $41.12. Rocky Brands has a one year low of $27.87 and a one year high of $53.01.

Rocky Brands (NASDAQ:RCKY) last issued its earnings results on Tuesday, October 27th. The textile maker reported $1.76 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.26. Rocky Brands had a net margin of 6.62% and a return on equity of 14.36%. The business had revenue of $138.81 million for the quarter, compared to analyst estimates of $129.84 million.

Rocky Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were issued a dividend of $0.17 per share. The ex-dividend date was Tuesday, September 1st. This represents a $0.68 dividend on an annualized basis and a yield of 1.4%. Rocky Brands’s dividend payout ratio is currently 14.95%.

Insider Buying and Selling at Rocky Brands

In related news, insider Curtis A. Loveland sold 3,483 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $50.54, for a total transaction of $176,030.82. Following the sale, the insider owned 92,610 shares of the company’s stock, valued at $4,680,509.40. This trade represents a 3.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William L. Jordan sold 989 shares of Rocky Brands stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $51.87, for a total value of $51,299.43. Following the completion of the transaction, the director owned 20,951 shares in the company, valued at $1,086,728.37. This trade represents a 4.51% decrease in their position. The disclosure for this sale is available in the SEC filing. 7.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Yarger Wealth Strategies LLC grew its stake in shares of Rocky Brands by 6.0% in the 2nd quarter. Yarger Wealth Strategies LLC now owns 9,387 shares of the textile maker’s stock valued at $377,000 after buying an additional 529 shares during the period. Legal & General Group Plc acquired a new stake in shares of Rocky Brands during the 2nd quarter worth approximately $29,000. Allspring Global Investments Holdings LLC raised its position in shares of Rocky Brands by 2.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 85,463 shares of the textile maker’s stock valued at $3,305,000 after buying an additional 1,811 shares during the period. Hennion & Walsh Asset Management Inc. raised its position in shares of Rocky Brands by 32.9% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 11,774 shares of the textile maker’s stock valued at $486,000 after buying an additional 2,917 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in shares of Rocky Brands during the 1st quarter valued at approximately $149,000. 75.06% of the stock is currently owned by hedge funds and other institutional investors.

About Rocky Brands

Rocky Brands, Inc is an American footwear and apparel company headquartered in Nelsonville, Ohio. Founded in 1932, the company develops, manufactures, and markets work, outdoor, western, hunting, and military footwear, along with related apparel and accessories.

Its brand portfolio includes Rocky, Georgia Boot, Durango, and Lehigh Safety Shoe. Products are designed for applications such as construction, industrial work, farming, law enforcement, outdoor recreation, hunting, and everyday wear.