Wall Street Zen Downgrades Rocky Brands (NASDAQ:RCKY) to Buy

Rocky Brands (NASDAQ:RCKY) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Saturday.

Other equities research analysts have also recently issued research reports about the stock. Citigroup reiterated a “neutral” rating on shares of Rocky Brands in a report on Wednesday, October 29th. BTIG Research reaffirmed a “neutral” rating on shares of Rocky Brands in a research report on Wednesday, October 29th. Robert W. Baird set a $42.00 target price on Rocky Brands in a research note on Wednesday, October 29th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Rocky Brands in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Rocky Brands has an average rating of “Moderate Buy” and an average target price of $42.00.

Rocky Brands Price Performance

Shares of NASDAQ:RCKY opened at $32.35 on Friday. The business has a fifty day moving average price of $30.15 and a 200-day moving average price of $28.42. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.74 and a quick ratio of 0.88. The company has a market capitalization of $242.30 million, a PE ratio of 11.81 and a beta of 2.67. Rocky Brands has a 1-year low of $11.93 and a 1-year high of $33.53.

Rocky Brands (NASDAQ:RCKY) last announced its quarterly earnings data on Tuesday, October 28th. The textile maker reported $1.03 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 the consensus estimate of $122.92 million. Rocky Brands had a net margin of 4.37% and a return on equity of 11.03%.

Insider Buying and Selling at Rocky Brands

In related news, SVP Byron Wortham sold 6,600 shares of the company’s stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $29.90, for a total transaction of $197,340.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Curtis A. Loveland sold 4,775 shares of the firm’s stock in a transaction dated Thursday, November 6th. The stock was 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. The trade was a 4.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 21,156 shares of company stock worth $643,824 over the last three months. Insiders own 5.10% of the company’s stock.

Hedge Funds Weigh In On Rocky Brands

Several institutional investors have recently made changes to their positions in the business. Aristides Capital LLC grew its position in shares of Rocky Brands by 52.6% during the 2nd quarter. Aristides Capital LLC now owns 29,943 shares of the textile maker’s stock valued at $664,000 after acquiring an additional 10,317 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in Rocky Brands during the third quarter valued at $1,772,000. Russell Investments Group Ltd. grew its holdings in Rocky Brands by 686.0% during the second quarter. Russell Investments Group Ltd. now owns 85,553 shares of the textile maker’s stock valued at $1,898,000 after purchasing an additional 74,668 shares during the period. Los Angeles Capital Management LLC bought a new stake in Rocky Brands during the second quarter valued at about $323,000. Finally, Yarger Wealth Strategies LLC increased its position in Rocky Brands by 9.8% in the second quarter. Yarger Wealth Strategies LLC now owns 12,917 shares of the textile maker’s stock worth $287,000 after buying an additional 1,150 shares in the last quarter. Institutional investors own 75.06% of the company’s stock.

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.