Rocky Brands (NASDAQ:RCKY) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Rocky Brands (NASDAQ:RCKY) from a hold rating to a buy rating in a research report released on Saturday.

Several other research analysts have also recently weighed in on RCKY. Robert W. Baird upped their price target on shares of Rocky Brands from $53.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday. BTIG Research reissued a “neutral” rating on shares of Rocky Brands in a research note on Wednesday. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Rocky Brands in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $56.00.

Rocky Brands Stock Performance

Rocky Brands stock opened at $48.84 on Friday. The firm’s 50 day simple moving average is $40.41 and its 200 day simple moving average is $38.70. The company has a current ratio of 2.90, a quick ratio of 1.02 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $368.25 million, a PE ratio of 12.79 and a beta of 2.37. Rocky Brands has a 1-year low of $24.67 and a 1-year high of $50.73.

Rocky Brands (NASDAQ:RCKY) last posted its earnings results on Tuesday, July 28th. The textile maker reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $1.55. Rocky Brands had a net margin of 5.72% and a return on equity of 12.44%. The business had revenue of $118.37 million for the quarter, compared to analysts’ expectations of $110.08 million.

Rocky Brands Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Monday, June 1st. This is a positive change from Rocky Brands’s previous quarterly dividend of $0.15. Rocky Brands’s dividend payout ratio is presently 17.80%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RCKY. State of Alaska Department of Revenue purchased a new position in shares of Rocky Brands during the fourth quarter worth approximately $35,000. Strs Ohio purchased a new stake in shares of Rocky Brands in the 1st quarter valued at $92,000. BNP Paribas Financial Markets boosted its stake in shares of Rocky Brands by 391.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,645 shares of the textile maker’s stock valued at $109,000 after purchasing an additional 2,903 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Rocky Brands in the 1st quarter valued at $149,000. Finally, Deutsche Bank AG grew its holdings in shares of Rocky Brands by 10.0% during the 4th quarter. Deutsche Bank AG now owns 5,113 shares of the textile maker’s stock valued at $150,000 after purchasing an additional 464 shares during the last quarter. 75.06% of the stock is currently owned by institutional investors.

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.