Rocky Brands (NASDAQ:RCKY) Announces Quarterly Earnings Results

Key Points

• Rocky Brands beat quarterly expectations: The company reported $1.76 in earnings per share versus the $1.50 consensus estimate, while revenue of $138.81 million exceeded expectations of $129.84 million.
• Shares declined 2.5% to $44.57 following the results. The stock has a market capitalization of approximately $333.9 million and trades at a P/E ratio of 11.67.
• The company paid a quarterly dividend of $0.17, equivalent to an annualized $0.68 payout and a 1.5% yield. Analysts maintain a consensus “Hold” rating with an average price target of $50.

Rocky Brands (NASDAQ:RCKY - Get Free Report) posted its quarterly earnings results on Tuesday. The textile maker reported $1.76 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.26, FiscalAI reports. Rocky Brands had a net margin of 5.72% and a return on equity of 12.28%. The firm had revenue of $138.81 million during the quarter, compared to the consensus estimate of $129.84 million.

Rocky Brands Stock Down 2.5%

Shares of Rocky Brands stock traded down $1.15 during trading hours on Tuesday, reaching $44.57. The company's stock had a trading volume of 38,539 shares, compared to its average volume of 54,872. Rocky Brands has a one year low of $27.22 and a one year high of $53.01. The company has a market capitalization of $333.92 million, a P/E ratio of 11.67 and a beta of 2.40. The stock's fifty day simple moving average is $45.23 and its two-hundred day simple moving average is $40.76. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.12 and a current ratio of 2.97.

Rocky Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Tuesday, September 1st. Rocky Brands's dividend payout ratio (DPR) is 17.80%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on RCKY shares. BTIG Research reissued a "neutral" rating on shares of Rocky Brands in a research report on Wednesday, July 29th. Weiss Ratings raised Rocky Brands from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Wall Street Zen raised Rocky Brands from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 9th. Finally, Robert W. Baird reiterated a "neutral" rating and issued a $50.00 price target on shares of Rocky Brands in a report on Monday, September 14th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $50.00.

Insider Buying and Selling at Rocky Brands

In related news, Director William L. Jordan sold 2,011 shares of the company's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $48.48, for a total value of $97,493.28. Following the sale, the director owned 21,940 shares in the company, valued at $1,063,651.20. This represents a 8.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Tracie A. Winbigler sold 3,000 shares of the firm's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $47.45, for a total transaction of $142,350.00. Following the completion of the transaction, the director directly owned 14,246 shares in the company, valued at approximately $675,972.70. The trade was a 17.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 15,483 shares of company stock valued at $763,214 over the last three months. Corporate insiders own 7.60% of the company's stock.

Rocky Brands Company Profile

Rocky Brands, Inc is an American footwear and apparel company headquartered in Nelsonville, Ohio. Founded in 1932, the company develops, manufactures, and markets work, outdoor, western, hunting, and military footwear, along with related apparel and accessories.

Its brand portfolio includes Rocky, Georgia Boot, Durango, and Lehigh Safety Shoe. Products are designed for applications such as construction, industrial work, farming, law enforcement, outdoor recreation, hunting, and everyday wear.

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