Rocky Brands (NASDAQ:RCKY) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Rocky Brands (NASDAQ:RCKY) from a hold rating to a buy rating in a report released on Wednesday morning.

Separately, B. Riley raised their target price on Rocky Brands from $19.00 to $24.00 and gave the company a neutral rating in a report on Tuesday, February 27th.

Rocky Brands Stock Performance

Shares of NASDAQ:RCKY opened at $26.66 on Wednesday. The company has a market cap of $197.82 million, a P/E ratio of 18.77 and a beta of 1.97. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.24 and a current ratio of 3.61. Rocky Brands has a one year low of $11.77 and a one year high of $32.38. The business’s 50-day simple moving average is $27.13 and its 200 day simple moving average is $25.09.

Rocky Brands (NASDAQ:RCKY) last announced its earnings results on Wednesday, February 28th. The textile maker reported $0.98 EPS for the quarter, beating the consensus estimate of $0.89 by $0.09. The business had revenue of $125.95 million for the quarter, compared to the consensus estimate of $128.90 million. Rocky Brands had a return on equity of 6.70% and a net margin of 2.26%. On average, sell-side analysts forecast that Rocky Brands will post 1.96 earnings per share for the current fiscal year.

Rocky Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 18th. Shareholders of record on Monday, March 4th were issued a dividend of $0.155 per share. The ex-dividend date was Friday, March 1st. This represents a $0.62 annualized dividend and a yield of 2.33%. Rocky Brands’s dividend payout ratio is presently 43.66%.

Institutional Investors Weigh In On Rocky Brands

Several hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC bought a new stake in shares of Rocky Brands in the 4th quarter valued at approximately $118,000. Quadrature Capital Ltd bought a new position in Rocky Brands during the 3rd quarter worth $261,000. Diamond Hill Capital Management Inc. grew its stake in Rocky Brands by 10.8% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 171,203 shares of the textile maker’s stock worth $2,517,000 after buying an additional 16,727 shares during the last quarter. Manatuck Hill Partners LLC bought a new position in Rocky Brands during the 3rd quarter worth $588,000. Finally, Denali Advisors LLC grew its stake in Rocky Brands by 92.0% during the 3rd quarter. Denali Advisors LLC now owns 16,700 shares of the textile maker’s stock worth $245,000 after buying an additional 8,000 shares during the last quarter. 75.06% of the stock is currently 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.