31,890 Shares in Rocky Brands, Inc. $RCKY Bought by Diamond Hill Capital Management LLC Investment Advisor

Key Points

• Diamond Hill Capital Management initiated a 31,890-share stake in Rocky Brands during the second quarter, valued at approximately $1.3 million. Institutional investors collectively own 75.06% of the company.
• Rocky Brands reported quarterly EPS of $1.90, well above the $0.35 consensus estimate, while revenue reached $118.37 million versus expectations of $110.08 million.
• Analyst sentiment is moderately positive, with a consensus rating of “Moderate Buy” and a $56 target price; however, insiders sold 15,483 shares worth about $763,214 over the past 90 days.

Diamond Hill Capital Management LLC Investment Advisor bought a new stake in Rocky Brands, Inc. (NASDAQ:RCKY - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 31,890 shares of the textile maker's stock, valued at approximately $1,315,000. Diamond Hill Capital Management LLC Investment Advisor owned about 0.43% of Rocky Brands as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Empowered Funds LLC raised its position in Rocky Brands by 6.8% in the 1st quarter. Empowered Funds LLC now owns 34,672 shares of the textile maker's stock worth $602,000 after purchasing an additional 2,205 shares during the period. Strs Ohio bought a new stake in shares of Rocky Brands in the first quarter worth about $92,000. Geode Capital Management LLC grew its stake in shares of Rocky Brands by 0.8% in the second quarter. Geode Capital Management LLC now owns 170,407 shares of the textile maker's stock worth $3,782,000 after purchasing an additional 1,303 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Rocky Brands during the 2nd quarter valued at about $572,000. Finally, First Trust Advisors LP increased its holdings in Rocky Brands by 4.2% during the 2nd quarter. First Trust Advisors LP now owns 24,086 shares of the textile maker's stock valued at $534,000 after purchasing an additional 963 shares during the period. 75.06% of the stock is owned by hedge funds and other institutional investors.

Rocky Brands Price Performance

Shares of NASDAQ RCKY opened at $46.68 on Tuesday. Rocky Brands, Inc. has a 1 year low of $25.76 and a 1 year high of $53.01. The stock has a market capitalization of $349.63 million, a P/E ratio of 12.22 and a beta of 2.35. The company's 50-day moving average is $42.81 and its 200 day moving average is $39.98. 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 - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The textile maker reported $1.90 EPS for the quarter, topping the consensus estimate of $0.35 by $1.55. The business 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%.

Analysts Set New Price Targets

RCKY has been the subject of several research analyst reports. Weiss Ratings upgraded Rocky Brands from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, August 6th. BTIG Research reissued a "neutral" rating on shares of Rocky Brands in a research note on Wednesday, July 29th. Robert W. Baird upped their target price on Rocky Brands from $53.00 to $56.00 and gave the company an "outperform" rating in a report on Wednesday, July 29th. Finally, Wall Street Zen raised Rocky Brands from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 9th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $56.00.

Insider Transactions at Rocky Brands

In other news, Director William L. Jordan sold 2,011 shares of the firm's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $48.48, for a total value of $97,493.28. Following the completion of the transaction, the director owned 21,940 shares in the company, valued at $1,063,651.20. This trade represents a 8.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Curtis A. Loveland sold 3,483 shares of Rocky Brands stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $50.54, for a total value of $176,030.82. Following the sale, the insider owned 92,610 shares in the company, valued at $4,680,509.40. This represents a 3.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 15,483 shares of company stock worth $763,214 over the last 90 days. 7.60% of the stock is currently owned by insiders.

Rocky Brands Profile

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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