ValuEngine Lowers Rocky Brands (NASDAQ:RCKY) to Hold

ValuEngine downgraded shares of Rocky Brands (NASDAQ:RCKY) from a buy rating to a hold rating in a research note published on Friday, ValuEngine reports.

Separately, Zacks Investment Research upgraded shares of Rocky Brands from a hold rating to a buy rating and set a $35.00 price objective for the company in a research report on Saturday, July 27th.

NASDAQ:RCKY traded down $0.43 during mid-day trading on Friday, reaching $30.39. The stock had a trading volume of 960 shares, compared to its average volume of 38,434. The stock has a market cap of $227.88 million, a price-to-earnings ratio of 16.16 and a beta of 0.49. Rocky Brands has a twelve month low of $22.44 and a twelve month high of $32.76. The firm’s 50 day moving average price is $28.21.

Rocky Brands (NASDAQ:RCKY) last announced its quarterly earnings data on Wednesday, July 24th. The textile maker reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.06. The firm had revenue of $61.96 million during the quarter, compared to the consensus estimate of $60.40 million. Rocky Brands had a net margin of 5.91% and a return on equity of 9.76%. On average, equities analysts forecast that Rocky Brands will post 2.06 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be issued a $0.14 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.56 dividend on an annualized basis and a yield of 1.84%. Rocky Brands’s dividend payout ratio (DPR) is presently 29.79%.

In other Rocky Brands news, Director James L. Stewart sold 2,500 shares of the stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $30.17, for a total value of $75,425.00. Following the completion of the transaction, the director now directly owns 11,508 shares of the company’s stock, valued at $347,196.36. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 7.80% of the company’s stock.

Institutional investors have recently modified their holdings of the business. BNP Paribas Arbitrage SA increased its holdings in Rocky Brands by 502.5% in the first quarter. BNP Paribas Arbitrage SA now owns 1,422 shares of the textile maker’s stock valued at $34,000 after buying an additional 1,186 shares in the last quarter. SG Americas Securities LLC purchased a new position in Rocky Brands in the first quarter valued at about $105,000. Municipal Employees Retirement System of Michigan purchased a new position in Rocky Brands in the fourth quarter valued at about $349,000. Wedge Capital Management L L P NC increased its holdings in Rocky Brands by 20.0% in the first quarter. Wedge Capital Management L L P NC now owns 15,186 shares of the textile maker’s stock valued at $364,000 after buying an additional 2,536 shares in the last quarter. Finally, Strs Ohio increased its holdings in Rocky Brands by 7.8% in the second quarter. Strs Ohio now owns 13,900 shares of the textile maker’s stock valued at $379,000 after buying an additional 1,000 shares in the last quarter. 71.26% of the stock is owned by institutional investors.

About Rocky Brands

Rocky Brands, Inc designs, manufactures, and markets footwear and apparel under the Rocky, Georgia Boot, Durango, Lehigh, and Michelin brand names in the United States, Canada, and internationally. The company operates through three segments: Wholesale, Retail, and Military. The Wholesale segment offers products in approximately 10,000 retail locations through a range of distribution channels comprising sporting goods stores, outdoor retailers, independent shoe retailers, hardware stores, catalogs, mass merchants, uniform stores, farm store chains, specialty safety stores, and specialty and online retailers.

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