Zacks Investment Research upgraded shares of Rocky Brands Inc. (NASDAQ:RCKY) from a strong sell rating to a hold rating in a report issued on Thursday. Zacks Investment Research currently has $12.00 price target on the stock.
According to Zacks, “Rocky Brands, Inc. is a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names including Rocky Outdoor Gear, Georgia Boot, Durango, Lehigh, and the licensed brand, Dickies. “
Several other brokerages also recently weighed in on RCKY. B. Riley reiterated a buy rating and issued a $14.00 price target on shares of Rocky Brands in a report on Wednesday, July 27th. Robert W. Baird increased their price target on shares of Rocky Brands from $10.00 to $11.00 and gave the stock a neutral rating in a report on Thursday, August 18th.
Rocky Brands (NASDAQ:RCKY) opened at 10.49 on Thursday. The company has a market capitalization of $78.51 million, a price-to-earnings ratio of 65.16 and a beta of 0.87. The company has a 50 day moving average of $10.43 and a 200 day moving average of $11.49. Rocky Brands has a 52 week low of $9.67 and a 52 week high of $16.00.
Rocky Brands (NASDAQ:RCKY) last issued its quarterly earnings results on Thursday, July 28th. The company reported ($0.23) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by $0.47. Rocky Brands had a return on equity of 0.88% and a net margin of 0.48%. The business earned $62.60 million during the quarter, compared to analyst estimates of $72.42 million. On average, equities analysts forecast that Rocky Brands will post $0.24 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Friday, August 26th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Wednesday, August 24th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.19%. Rocky Brands’s payout ratio is 275.00%.
In other news, Director Glen E. Corlett acquired 5,000 shares of the company’s stock in a transaction dated Wednesday, August 31st. The shares were acquired at an average price of $10.70 per share, with a total value of $53,500.00. Following the purchase, the director now directly owns 23,692 shares of the company’s stock, valued at $253,504.40. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Curtis A. Loveland acquired 2,500 shares of the company’s stock in a transaction dated Wednesday, August 24th. The shares were purchased at an average cost of $10.30 per share, for a total transaction of $25,750.00. Following the purchase, the insider now directly owns 80,153 shares in the company, valued at $825,575.90. The disclosure for this purchase can be found here. Insiders own 8.90% of the company’s stock.
Large investors have recently modified their holdings of the company. Numeric Investors LLC raised its position in shares of Rocky Brands by 322.2% in the second quarter. Numeric Investors LLC now owns 63,037 shares of the company’s stock worth $720,000 after buying an additional 48,107 shares during the period. Eagle Global Advisors LLC acquired a new position in shares of Rocky Brands during the second quarter worth about $118,000. TFS Capital LLC acquired a new position in shares of Rocky Brands during the second quarter worth about $135,000. Franklin Resources Inc. raised its position in shares of Rocky Brands by 790.3% in the second quarter. Franklin Resources Inc. now owns 138,000 shares of the company’s stock worth $1,576,000 after buying an additional 122,500 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Rocky Brands by 3.6% in the second quarter. Dimensional Fund Advisors LP now owns 641,036 shares of the company’s stock worth $7,321,000 after buying an additional 22,456 shares during the period. 49.19% of the stock is currently owned by institutional investors and hedge funds.
Rocky Brands Company Profile
Rocky Brands, Inc is a designer, manufacturer and marketer of footwear and apparel marketed under a portfolio of brand names, including Rocky, Georgia Boot, Durango, Lehigh, Creative Recreation and the licensed brand Michelin. The Company operates its business through three segments: wholesale, retail and military.
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