Share Buyback Plan Announced by Rocky Brands (RCKY)
Rocky Brands (NASDAQ:RCKY) announced that its board has approved a share buyback plan, which allows the company to repurchase $7.50 million in outstanding shares on Monday, March 5th, EventVestor reports. This repurchase authorization allows the textile maker to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
A number of equities research analysts have commented on the company. ValuEngine upgraded Rocky Brands from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 1st. Robert W. Baird restated a “hold” rating and issued a $19.00 target price on shares of Rocky Brands in a research report on Friday, February 23rd. Finally, Zacks Investment Research upgraded Rocky Brands from a “hold” rating to a “strong-buy” rating and set a $23.00 target price on the stock in a research report on Thursday, January 4th. Two research analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $18.33.
Shares of Rocky Brands (NASDAQ RCKY) opened at $21.05 on Friday. Rocky Brands has a 1 year low of $10.40 and a 1 year high of $21.70. The company has a quick ratio of 1.95, a current ratio of 4.91 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $152.41, a price-to-earnings ratio of 16.32 and a beta of 0.43.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 9th. Stockholders of record on Tuesday, February 27th were paid a $0.11 dividend. The ex-dividend date of this dividend was Monday, February 26th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.09%. Rocky Brands’s payout ratio is presently 34.11%.
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Rocky Brands Company Profile
Rocky Brands, Inc is a designer, manufacturer and marketer of footwear and apparel marketed under a portfolio of brand names, including Rocky, Georgia Boot, Durango, Lehigh and the licensed brand Michelin. The Company operates its business through three segments: wholesale, retail and military. In its wholesale segment, the Company distributes its products through a range of distribution channels representing over 10,000 retail store locations in the United States and Canada, as well as in other international markets.
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