Rocky Brands (NASDAQ:RCKY) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

Rocky Brands, Inc. (NASDAQ:RCKY)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $40.73 and traded as high as $45.44. Rocky Brands shares last traded at $45.28, with a volume of 41,006 shares.

Analysts Set New Price Targets

RCKY has been the subject of a number of analyst reports. Wall Street Zen raised shares of Rocky Brands from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 9th. BTIG Research reissued a “neutral” rating on shares of Rocky Brands in a research note on Wednesday, July 29th. Robert W. Baird boosted their target price on Rocky Brands from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings raised Rocky Brands from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $56.00.

Rocky Brands Price Performance

The company has a 50-day moving average of $43.87 and a 200-day moving average of $40.76. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.12 and a current ratio of 2.97. The firm has a market capitalization of $341.92 million, a price-to-earnings ratio of 11.95 and a beta of 2.36.

Rocky Brands (NASDAQ:RCKY) last announced its quarterly earnings results on Tuesday, July 28th. The textile maker reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $1.55. The firm had revenue of $118.37 million for the quarter, compared to analyst estimates of $110.08 million. Rocky Brands had a net margin of 5.72% and a return on equity of 12.28%.

Rocky Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.68 dividend on an annualized basis and a yield of 1.5%. Rocky Brands’s dividend payout ratio is presently 17.80%.

Insider Transactions at Rocky Brands

In other news, Director G Courtney Haning sold 3,000 shares of the business’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $49.06, for a total value of $147,180.00. Following the sale, the director directly owned 19,750 shares in the company, valued at $968,935. The trade was a 13.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Tracie A. Winbigler sold 3,000 shares of the company’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $47.45, for a total value of $142,350.00. Following the transaction, the director directly owned 14,246 shares of the company’s stock, valued at $675,972.70. This represents a 17.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 15,483 shares of company stock worth $763,214 in the last 90 days. Company insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Rocky Brands

Several hedge funds have recently made changes to their positions in RCKY. Empowered Funds LLC boosted its holdings in Rocky Brands by 6.8% during the first quarter. Empowered Funds LLC now owns 34,672 shares of the textile maker’s stock worth $602,000 after purchasing an additional 2,205 shares during the last quarter. Strs Ohio bought a new stake in Rocky Brands during the 1st quarter worth about $92,000. Geode Capital Management LLC lifted its position in Rocky Brands by 0.8% during the 2nd quarter. Geode Capital Management LLC now owns 170,407 shares of the textile maker’s stock worth $3,782,000 after buying an additional 1,303 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Rocky Brands during the 2nd quarter worth about $572,000. Finally, First Trust Advisors LP grew its holdings in shares of Rocky Brands by 4.2% in the 2nd quarter. First Trust Advisors LP now owns 24,086 shares of the textile maker’s stock valued at $534,000 after acquiring an additional 963 shares in the last quarter. 75.06% of the stock is owned by institutional investors.

Rocky Brands Company Profile

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.