SummerHaven Investment Management LLC Buys Shares of 34,808 Rocky Brands, Inc. $RCKY

SummerHaven Investment Management LLC acquired a new stake in shares of Rocky Brands, Inc. (NASDAQ:RCKY) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 34,808 shares of the textile maker’s stock, valued at approximately $1,037,000. Rocky Brands makes up approximately 0.6% of SummerHaven Investment Management LLC’s holdings, making the stock its 29th biggest position. SummerHaven Investment Management LLC owned 0.47% of Rocky Brands at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Strs Ohio bought a new stake in shares of Rocky Brands in the 1st quarter worth approximately $92,000. Lazard Asset Management LLC purchased a new position in Rocky Brands in the 2nd quarter worth $155,000. Jump Financial LLC bought a new stake in Rocky Brands in the second quarter worth $208,000. NewEdge Advisors LLC boosted its position in Rocky Brands by 1,060.4% during the second quarter. NewEdge Advisors LLC now owns 11,407 shares of the textile maker’s stock valued at $253,000 after buying an additional 10,424 shares during the period. Finally, Bailard Inc. bought a new position in shares of Rocky Brands during the second quarter valued at about $260,000. 75.06% of the stock is currently owned by hedge funds and other institutional investors.

Rocky Brands Stock Up 2.5%

Shares of Rocky Brands stock opened at $34.01 on Wednesday. The company’s fifty day simple moving average is $30.60 and its two-hundred day simple moving average is $28.88. Rocky Brands, Inc. has a 12-month low of $11.93 and a 12-month high of $34.36. The company has a current ratio of 2.74, a quick ratio of 0.88 and a debt-to-equity ratio of 0.53. The company has a market cap of $254.73 million, a P/E ratio of 12.41 and a beta of 2.67.

Rocky Brands (NASDAQ:RCKY) last announced its quarterly earnings results on Tuesday, October 28th. The textile maker reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.13. The company had revenue of $122.54 million for the quarter, compared to analysts’ expectations of $122.92 million. Rocky Brands had a net margin of 4.37% and a return on equity of 11.03%.

Rocky Brands Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were issued a dividend of $0.155 per share. The ex-dividend date was Monday, December 1st. This represents a $0.62 annualized dividend and a dividend yield of 1.8%. Rocky Brands’s dividend payout ratio (DPR) is presently 22.63%.

Insider Buying and Selling at Rocky Brands

In other news, SVP Byron Wortham sold 6,600 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $29.90, for a total value of $197,340.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Curtis A. Loveland sold 4,775 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $32.43, for a total value of $154,853.25. Following the completion of the transaction, the insider directly owned 95,454 shares in the company, valued at $3,095,573.22. This trade represents a 4.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 21,156 shares of company stock valued at $643,824 over the last 90 days. Corporate insiders own 5.10% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RCKY. Citigroup reissued a “neutral” rating on shares of Rocky Brands in a research note on Wednesday, October 29th. BTIG Research reiterated a “neutral” rating on shares of Rocky Brands in a research report on Wednesday, October 29th. Weiss Ratings restated a “buy (b-)” rating on shares of Rocky Brands in a report on Monday, December 29th. Robert W. Baird set a $42.00 price target on shares of Rocky Brands in a report on Wednesday, October 29th. Finally, Wall Street Zen raised shares of Rocky Brands from a “buy” rating to a “strong-buy” rating in a report on Sunday. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Rocky Brands presently has a consensus rating of “Moderate Buy” 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.