Aristides Capital LLC Boosts Stake in Rocky Brands, Inc. $RCKY

Key Points

• Aristides Capital LLC increased its stake in Rocky Brands by 264.6% in the first quarter, ending with 112,744 shares worth about $4.37 million.
• Rocky Brands shares were down 2.7% to $40.10, while the company’s latest earnings missed expectations with $0.24 EPS versus the $0.27 estimate, though revenue came in slightly above forecasts.
• The company recently raised its quarterly dividend to $0.17 per share from $0.15, and analysts currently rate the stock Hold on average with a $42.00 price target.

Aristides Capital LLC grew its holdings in shares of Rocky Brands, Inc. (NASDAQ:RCKY - Free Report) by 264.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 112,744 shares of the textile maker's stock after acquiring an additional 81,822 shares during the period. Rocky Brands comprises about 0.7% of Aristides Capital LLC's investment portfolio, making the stock its 22nd biggest holding. Aristides Capital LLC owned approximately 1.50% of Rocky Brands worth $4,365,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of RCKY. Sei Investments Co. bought a new position in shares of Rocky Brands during the first quarter worth about $1,153,000. Walleye Capital LLC bought a new stake in Rocky Brands in the first quarter valued at about $516,000. Allspring Global Investments Holdings LLC raised its stake in Rocky Brands by 2.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 85,463 shares of the textile maker's stock valued at $3,305,000 after buying an additional 1,811 shares in the last quarter. Principal Financial Group Inc. acquired a new stake in shares of Rocky Brands during the 1st quarter valued at approximately $233,000. Finally, James Investment Research Inc. bought a new position in Rocky Brands during the first quarter worth $211,000. Institutional investors and hedge funds own 75.06% of the company's stock.

Rocky Brands Trading Down 2.7%

NASDAQ:RCKY opened at $40.10 on Friday. The stock has a market cap of $302.35 million, a price-to-earnings ratio of 16.23 and a beta of 2.37. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.02 and a current ratio of 2.90. Rocky Brands, Inc. has a 1 year low of $22.61 and a 1 year high of $48.70. The business has a fifty day moving average of $39.18 and a 200-day moving average of $38.10.

Rocky Brands (NASDAQ:RCKY - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The textile maker reported $0.24 earnings per share for the quarter, missing analysts' consensus estimates of $0.27 by ($0.03). The company had revenue of $124.40 million for the quarter, compared to the consensus estimate of $122.42 million. Rocky Brands had a net margin of 3.78% and a return on equity of 8.43%.

Rocky Brands Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.17 per share. This is a boost from Rocky Brands's previous quarterly dividend of $0.15. The ex-dividend date was Monday, June 1st. This represents a $0.68 annualized dividend and a dividend yield of 1.7%. Rocky Brands's payout ratio is 27.53%.

Analysts Set New Price Targets

A number of equities analysts have commented on RCKY shares. Wall Street Zen downgraded shares of Rocky Brands from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Weiss Ratings reissued a "hold (c+)" rating on shares of Rocky Brands in a report on Tuesday, May 26th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $42.00.

Rocky Brands Company 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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