Rocky Brands (NASDAQ:RCKY) Releases Quarterly Earnings Results, Beats Expectations By $1.55 EPS

Rocky Brands (NASDAQ:RCKY) announced its earnings results on Tuesday. The textile maker reported $1.90 earnings per share for the quarter, beating the consensus estimate of $0.35 by $1.55, FiscalAI reports. Rocky Brands had a return on equity of 8.43% and a net margin of 3.78%.The company had revenue of $118.37 million during the quarter, compared to the consensus estimate of $110.08 million.

Rocky Brands Stock Up 2.9%

Shares of Rocky Brands stock traded up $1.19 during trading on Tuesday, reaching $42.73. The company had a trading volume of 79,059 shares, compared to its average volume of 54,251. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.02 and a current ratio of 2.90. Rocky Brands has a fifty-two week low of $22.61 and a fifty-two week high of $48.70. The firm’s fifty day moving average is $39.46 and its 200-day moving average is $38.27. The company has a market cap of $322.18 million, a price-to-earnings ratio of 17.30 and a beta of 2.37.

Rocky Brands Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a $0.17 dividend. This is a boost from Rocky Brands’s previous quarterly dividend of $0.15. The ex-dividend date was Monday, June 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 currently 27.53%.

Institutional Trading of Rocky Brands

Hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. lifted its holdings in Rocky Brands by 5.4% during the 4th quarter. Invesco Ltd. now owns 15,262 shares of the textile maker’s stock worth $448,000 after buying an additional 781 shares during the last quarter. NewEdge Advisors LLC increased its holdings in shares of Rocky Brands by 5.4% in the 4th quarter. NewEdge Advisors LLC now owns 11,657 shares of the textile maker’s stock valued at $342,000 after acquiring an additional 598 shares during the last quarter. Empowered Funds LLC raised its position in shares of Rocky Brands by 10.5% during the 4th quarter. Empowered Funds LLC now owns 45,628 shares of the textile maker’s stock valued at $1,338,000 after acquiring an additional 4,322 shares in the last quarter. Verdad Advisers LP acquired a new stake in shares of Rocky Brands during the 4th quarter valued at approximately $440,000. Finally, Susquehanna Portfolio Strategies LLC bought a new position in Rocky Brands during the fourth quarter worth $216,000. 75.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

RCKY has been the subject of a number of analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Rocky Brands in a report on Tuesday, May 26th. Wall Street Zen downgraded Rocky Brands from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $42.00.

About Rocky Brands

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.