Rocky Brands (NASDAQ:RCKY) Shares Pass Above 200-Day Moving Average on Analyst Downgrade

Rocky Brands, Inc. (NASDAQ:RCKY) crossed above its 200-day moving average during trading on Monday after Wall Street Zen upgraded the stock from a buy rating to a strong-buy rating. The stock has a 200-day moving average of $41.65 and traded as high as $43.73. Rocky Brands shares last traded at $43.36, with a volume of 80,094 shares changing hands.

A number of other research analysts have also recently weighed in on RCKY. BTIG Research reaffirmed 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 research note on Thursday, August 6th. Finally, Robert W. Baird lifted their price target on Rocky Brands from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $50.00.

Insider Activity at Rocky Brands

In other Rocky Brands news, Director G Haning sold 3,000 shares of the stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $49.06, for a total transaction of $147,180.00. Following the transaction, the director directly owned 19,750 shares of the company’s stock, valued at $968,935. This trade represents a 13.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Tracie A. Winbigler sold 3,000 shares of Rocky Brands 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 sale, the director owned 14,246 shares in the company, valued at approximately $675,972.70. This trade represents a 17.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 15,483 shares of company stock worth $763,214 over the last 90 days. 7.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Rocky Brands

A number of hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Rocky Brands in the second quarter valued at $21,559,000. Tieton Capital Management LLC purchased a new position in shares of Rocky Brands during the 2nd quarter worth $4,000,000. LSV Asset Management grew its holdings in shares of Rocky Brands by 160.1% during the 4th quarter. LSV Asset Management now owns 146,365 shares of the textile maker’s stock worth $4,293,000 after purchasing an additional 90,103 shares during the period. Aristides Capital LLC grew its holdings in shares of Rocky Brands by 264.6% during the 1st quarter. Aristides Capital LLC now owns 112,744 shares of the textile maker’s stock worth $4,365,000 after purchasing an additional 81,822 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Rocky Brands during the 2nd quarter worth about $2,856,000. Institutional investors and hedge funds own 75.06% of the company’s stock.

Rocky Brands Stock Up 0.9%

The stock has a market capitalization of $323.27 million, a price-to-earnings ratio of 11.30 and a beta of 2.36. The business has a 50-day moving average of $44.63 and a 200-day moving average of $41.63. 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 announced its earnings results on Tuesday, July 28th. The textile maker reported $1.90 earnings per share for the quarter, topping the consensus estimate of $0.35 by $1.55. Rocky Brands had a net margin of 5.72% and a return on equity of 12.28%. The company had revenue of $118.37 million during the quarter, compared to analyst estimates of $110.08 million.

Rocky Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.6%. Rocky Brands’s dividend payout ratio (DPR) is presently 17.80%.

Rocky Brands Company Profile

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.