Rocky Brands (NASDAQ:RCKY) Downgraded by Robert W. Baird to "Hold"

Key Points

• Robert W. Baird downgraded Rocky Brands from “strong buy” to “hold,” bringing the consensus rating to “Hold” across analysts, with an average price target of $50.
• Rocky Brands reported a strong quarter, posting $1.90 in EPS versus the $0.35 consensus and revenue of $118.37 million, ahead of the $110.08 million estimate.
• The stock opened at $43.36, with a market capitalization of approximately $324.77 million; insiders sold 15,483 shares worth $763,214 during the latest quarter, while institutional investors own 75.06% of the company.

Rocky Brands (NASDAQ:RCKY - Get Free Report) was downgraded by stock analysts at Robert W. Baird from a "strong-buy" rating to a "hold" rating in a research note issued on Monday, Zacks reports.

RCKY has been the topic of several other reports. Weiss Ratings upgraded Rocky Brands from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, August 6th. Wall Street Zen raised shares of Rocky Brands from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 9th. Finally, BTIG Research reaffirmed a "neutral" rating on shares of Rocky Brands in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Rocky Brands presently has an average rating of "Hold" and an average price target of $50.00.

Rocky Brands Stock Performance

NASDAQ:RCKY opened at $43.36 on Monday. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.97 and a quick ratio of 1.12. The firm has a 50-day moving average of $44.57 and a two-hundred day moving average of $41.65. The stock has a market cap of $324.77 million, a P/E ratio of 11.35 and a beta of 2.36. Rocky Brands has a 1-year low of $26.29 and a 1-year high of $53.01.

Rocky Brands (NASDAQ:RCKY - Get Free Report) last announced its earnings results on Tuesday, July 28th. The textile maker reported $1.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.35 by $1.55. Rocky Brands had a return on equity of 12.28% and a net margin of 5.72%.The business had revenue of $118.37 million for the quarter, compared to analyst estimates of $110.08 million.

Insider Transactions at Rocky Brands

In related news, Director William Jordan sold 989 shares of the firm's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $51.87, for a total transaction of $51,299.43. Following the transaction, the director directly owned 20,951 shares in the company, valued at $1,086,728.37. This trade represents a 4.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director G Haning sold 3,000 shares of Rocky Brands stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $49.06, for a total transaction of $147,180.00. Following the completion of the transaction, the director directly owned 19,750 shares of the company's stock, valued at approximately $968,935. This represents a 13.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 15,483 shares of company stock valued at $763,214. 7.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new position in Rocky Brands in the second quarter valued at approximately $21,559,000. LSV Asset Management raised its position in shares of Rocky Brands by 160.1% during the 4th quarter. LSV Asset Management now owns 146,365 shares of the textile maker's stock worth $4,293,000 after purchasing an additional 90,103 shares during the period. Aristides Capital LLC raised its position 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 purchasing an additional 81,822 shares during the period. Tieton Capital Management LLC bought a new stake in shares of Rocky Brands in the 2nd quarter worth approximately $4,000,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Rocky Brands by 2.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 85,463 shares of the textile maker's stock worth $3,305,000 after purchasing an additional 1,811 shares during the last quarter. 75.06% of the stock is owned by institutional investors and hedge funds.

About Rocky Brands

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.

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