Allspring Global Investments Holdings LLC Boosts Stake in Rocky Brands, Inc. $RCKY

Key Points

• Allspring Global Investments boosted its stake in Rocky Brands by 42.2%, owning 83,652 shares (a 1.12% stake) valued at about $2.40 million after adding 24,832 shares in Q4.
• Rocky Brands posted a strong quarter, reporting EPS $0.94 vs. $0.48 expected and revenue of $139.72 million vs. $134.05 million est., indicating an earnings beat.
• Analysts have an average rating of "Hold" with a consensus target of $42.00, and the company pays a quarterly dividend that annualizes to $0.62 (a ~1.5% yield).

Allspring Global Investments Holdings LLC lifted its holdings in Rocky Brands, Inc. (NASDAQ:RCKY - Free Report) by 42.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,652 shares of the textile maker's stock after buying an additional 24,832 shares during the quarter. Allspring Global Investments Holdings LLC owned 1.12% of Rocky Brands worth $2,398,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Strs Ohio purchased a new stake in Rocky Brands during the first quarter worth $92,000. BNP Paribas Financial Markets boosted its position in Rocky Brands by 391.2% during the third quarter. BNP Paribas Financial Markets now owns 3,645 shares of the textile maker's stock worth $109,000 after purchasing an additional 2,903 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in Rocky Brands during the second quarter worth $155,000. Jump Financial LLC purchased a new stake in Rocky Brands during the second quarter worth $208,000. Finally, Metis Global Partners LLC purchased a new stake in Rocky Brands during the third quarter worth $208,000. 75.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on RCKY shares. Wall Street Zen downgraded Rocky Brands from a "strong-buy" rating to a "buy" rating in a research report on Saturday, February 28th. Weiss Ratings downgraded Rocky Brands from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, February 26th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $42.00.

Rocky Brands Stock Performance

Rocky Brands stock opened at $41.67 on Thursday. The firm has a market capitalization of $314.19 million, a P/E ratio of 14.08 and a beta of 2.58. The stock has a fifty day moving average price of $38.48 and a 200 day moving average price of $32.90. Rocky Brands, Inc. has a 52 week low of $11.93 and a 52 week high of $48.70. The company has a current ratio of 2.82, a quick ratio of 0.93 and a debt-to-equity ratio of 0.45.

Rocky Brands (NASDAQ:RCKY - Get Free Report) last announced its quarterly earnings results on Tuesday, February 24th. The textile maker reported $0.94 EPS for the quarter, topping the consensus estimate of $0.48 by $0.46. The company had revenue of $139.72 million during the quarter, compared to analyst estimates of $134.05 million. Rocky Brands had a return on equity of 10.08% and a net margin of 4.62%.

Rocky Brands Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were paid a dividend of $0.155 per share. The ex-dividend date was Monday, March 2nd. This represents a $0.62 annualized dividend and a yield of 1.5%. Rocky Brands's dividend payout ratio is currently 20.95%.

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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