Rocky Brands (NASDAQ:RCKY) Share Price Crosses Above Two Hundred Day Moving Average After Analyst Downgrade

Rocky Brands, Inc. (NASDAQ:RCKY)’s stock price passed above its two hundred day moving average during trading on Monday after Wall Street Zen upgraded the stock from a buy rating to a strong-buy rating. The stock has a two hundred day moving average of $41.65 and traded as high as $43.73. Rocky Brands shares last traded at $43.36, with a volume of 80,094 shares changing hands.

Other equities research analysts have also recently issued reports about the stock. Robert W. Baird upped their price target on shares of Rocky Brands from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, July 29th. BTIG Research reissued a “neutral” rating on shares of Rocky Brands in a research report on Wednesday, July 29th. Finally, Weiss Ratings upgraded Rocky Brands from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, August 6th. 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, the company has a consensus rating of “Hold” and a consensus target price of $50.00.

Insider Activity at Rocky Brands

In other news, Director William Jordan sold 989 shares of the business’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $51.87, for a total transaction of $51,299.43. Following the transaction, the director owned 20,951 shares in the company, valued at approximately $1,086,728.37. The trade was a 4.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director G Haning sold 3,000 shares of the company’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $49.06, for a total transaction of $147,180.00. Following the transaction, the director directly owned 19,750 shares of the company’s stock, valued at $968,935. This represents a 13.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 15,483 shares of company stock valued at $763,214. Company insiders own 7.60% of the company’s stock.

Institutional Trading of Rocky Brands

A number of hedge funds have recently modified their holdings of the company. Legal & General Group Plc bought a new stake in Rocky Brands in the 2nd quarter valued at $29,000. SG Americas Securities LLC bought a new position in shares of Rocky Brands during the 1st quarter worth about $149,000. James Investment Research Inc. bought a new position in shares of Rocky Brands during the 1st quarter worth about $211,000. Principal Financial Group Inc. acquired a new stake in shares of Rocky Brands during the 1st quarter valued at about $233,000. Finally, Deutsche Bank AG acquired a new stake in shares of Rocky Brands during the 2nd quarter valued at about $278,000. Institutional investors own 75.06% of the company’s stock.

Rocky Brands Stock Performance

The firm has a market cap of $323.95 million, a P/E ratio of 11.29 and a beta of 2.36. The stock’s 50 day moving average is $44.63 and its two-hundred day moving average is $41.63. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.97 and a quick ratio of 1.12.

Rocky Brands (NASDAQ:RCKY) last posted its quarterly 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. The firm had revenue of $118.37 million during 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 was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were issued a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.6%. Rocky Brands’s dividend payout ratio is presently 17.80%.

Rocky Brands Company Profile

Rocky Brands, Inc is an American footwear and apparel company headquartered in Nelsonville, Ohio. The company designs, develops, manufactures, and markets footwear for outdoor, work, western, military, public-safety, and lifestyle uses.

Its portfolio includes Rocky outdoor and work footwear, Georgia Boot work and western products, Durango western and lifestyle boots, and Lehigh Safety Shoe products. The company offers boots and shoes designed for activities and occupations requiring durability, protection, traction, and comfort, along with related apparel and accessories.

Founded in 1932 as the William Brooks Shoe Company, Rocky Brands has expanded from its Ohio manufacturing roots into a multichannel footwear business.