Rocky Brands (NASDAQ:RCKY) Share Price Passes Above 200 Day Moving Average – Here’s Why

by · The Markets Daily

Rocky Brands, Inc. (NASDAQ:RCKYGet Free Report)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $37.35 and traded as high as $40.69. Rocky Brands shares last traded at $40.16, with a volume of 34,216 shares.

Analysts Set New Price Targets

A number of research analysts have commented on RCKY shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rocky Brands in a report on Tuesday, May 26th. Wall Street Zen downgraded Rocky Brands from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $42.00.

Get Our Latest Report on RCKY

Rocky Brands Stock Performance

The stock’s 50-day simple moving average is $38.19 and its 200-day simple moving average is $37.35. The stock has a market cap of $302.81 million, a price-to-earnings ratio of 16.26 and a beta of 2.37. The company has a current ratio of 2.90, a quick ratio of 1.02 and a debt-to-equity ratio of 0.45.

Rocky Brands (NASDAQ:RCKYGet Free Report) last released its quarterly earnings results on Tuesday, April 28th. The textile maker reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.03). The business had revenue of $124.40 million during the quarter, compared to analyst estimates of $122.42 million. Rocky Brands had a net margin of 3.78% and a return on equity of 8.43%.

Rocky Brands Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.7%. 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 currently 27.53%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. raised its stake in Rocky Brands by 24.3% in the second quarter. Raymond James Financial Inc. now owns 557,502 shares of the textile maker’s stock valued at $12,371,000 after purchasing an additional 109,012 shares in the last quarter. LSV Asset Management raised its position in shares of Rocky Brands by 160.1% in the 4th quarter. LSV Asset Management now owns 146,365 shares of the textile maker’s stock valued at $4,293,000 after buying an additional 90,103 shares in the last quarter. Aristides Capital LLC lifted its holdings in shares of Rocky Brands by 264.6% during the 1st quarter. Aristides Capital LLC now owns 112,744 shares of the textile maker’s stock worth $4,365,000 after acquiring an additional 81,822 shares during the period. Lazard Asset Management LLC bought a new stake in shares of Rocky Brands during the 4th quarter worth approximately $1,148,000. Finally, Bank of America Corp DE boosted its position in shares of Rocky Brands by 1,153.5% during the 3rd quarter. Bank of America Corp DE now owns 41,803 shares of the textile maker’s stock worth $1,245,000 after acquiring an additional 38,468 shares in the last quarter. Institutional investors own 75.06% of the company’s stock.

About Rocky Brands

(Get Free Report)

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.

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