Rocky Brands (NASDAQ:RCKY) Upgraded to Outperform at Robert W. Baird

Robert W. Baird upgraded shares of Rocky Brands (NASDAQ:RCKY) from a neutral rating to an outperform rating in a report published on Tuesday morning, Marketbeat Ratings reports. Robert W. Baird currently has $40.00 target price on the textile maker’s stock, up from their prior target price of $30.00.

Separately, Wall Street Zen downgraded Rocky Brands from a “buy” rating to a “hold” rating in a report on Monday, May 12th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Strong Buy” and a consensus target price of $40.00.

Rocky Brands Price Performance

Shares of NASDAQ:RCKY opened at $30.67 on Tuesday. Rocky Brands has a 1-year low of $11.93 and a 1-year high of $33.04. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.76 and a quick ratio of 0.79. The business has a fifty day moving average price of $24.89 and a 200-day moving average price of $21.14. The company has a market capitalization of $229.10 million, a PE ratio of 12.37 and a beta of 2.35.

Rocky Brands (NASDAQ:RCKY) last released its quarterly earnings data on Tuesday, July 29th. The textile maker reported $0.55 EPS for the quarter, topping the consensus estimate of $0.24 by $0.31. Rocky Brands had a return on equity of 10.41% and a net margin of 4.03%.The company had revenue of $105.65 million during the quarter, compared to the consensus estimate of $102.54 million.

Rocky Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd will be given a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. Rocky Brands’s dividend payout ratio (DPR) is presently 25.00%.

Insider Transactions at Rocky Brands

In other Rocky Brands news, Director G Courtney Haning sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $31.00, for a total value of $155,000.00. Following the transaction, the director directly owned 19,482 shares of the company’s stock, valued at approximately $603,942. This trade represents a 20.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 5.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC boosted its position in Rocky Brands by 20,076.9% in the first quarter. GAMMA Investing LLC now owns 5,246 shares of the textile maker’s stock worth $91,000 after purchasing an additional 5,220 shares during the last quarter. Strs Ohio purchased a new position in Rocky Brands in the first quarter worth about $92,000. Wells Fargo & Company MN boosted its position in Rocky Brands by 31.2% in the fourth quarter. Wells Fargo & Company MN now owns 4,236 shares of the textile maker’s stock worth $97,000 after purchasing an additional 1,007 shares during the last quarter. Lazard Asset Management LLC purchased a new position in Rocky Brands in the second quarter worth about $155,000. Finally, Bank of America Corp DE boosted its position in Rocky Brands by 51.8% in the fourth quarter. Bank of America Corp DE now owns 8,863 shares of the textile maker’s stock worth $202,000 after purchasing an additional 3,025 shares during the last quarter. 75.06% of the stock is owned by hedge funds and other institutional investors.

Rocky Brands Company Profile

Rocky Brands, Inc designs, manufactures, and markets footwear and apparel in the United States, Canada, and internationally. It operates through Wholesale, Retail, and Contract Manufacturing segments. The Wholesale segment offers products, which includes sporting goods stores, outdoor retailers, independent shoe retailers, hardware stores, catalogs, mass merchants, uniform stores, farm store chains, specialty safety stores, specialty retailers, and online retailers in retail locations through a range of distribution channels.