Bank of New York Mellon Corp Takes $2.86 Million Position in Rocky Brands, Inc. $RCKY

Key Points

• Bank of New York Mellon acquired 69,263 Rocky Brands shares worth approximately $2.86 million, giving it a 0.92% stake. Institutional investors collectively own 75.06% of RCKY.
• Rocky Brands reported quarterly EPS of $1.90, exceeding the $0.35 consensus estimate, while revenue of $118.37 million also surpassed expectations.
• The company declared a quarterly dividend of $0.17 per share, equivalent to a $0.68 annualized payout and a 1.5% yield. Analysts maintain a “Moderate Buy” consensus with a $56 price target.

Bank of New York Mellon Corp acquired a new position in shares of Rocky Brands, Inc. (NASDAQ:RCKY - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 69,263 shares of the textile maker's stock, valued at approximately $2,856,000. Bank of New York Mellon Corp owned about 0.92% of Rocky Brands as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of RCKY. Deutsche Bank AG boosted its holdings in Rocky Brands by 10.0% during the fourth quarter. Deutsche Bank AG now owns 5,113 shares of the textile maker's stock worth $150,000 after buying an additional 464 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of Rocky Brands by 5.4% in the 4th quarter. NewEdge Advisors LLC now owns 11,657 shares of the textile maker's stock worth $342,000 after acquiring an additional 598 shares during the period. First Trust Advisors LP increased its position in shares of Rocky Brands by 2.8% in the fourth quarter. First Trust Advisors LP now owns 23,692 shares of the textile maker's stock valued at $695,000 after buying an additional 655 shares in the last quarter. Invesco Ltd. increased its position in shares of Rocky Brands by 5.4% in the fourth quarter. Invesco Ltd. now owns 15,262 shares of the textile maker's stock valued at $448,000 after buying an additional 781 shares in the last quarter. Finally, Aristides Capital LLC increased its position in shares of Rocky Brands by 3.3% in the fourth quarter. Aristides Capital LLC now owns 30,922 shares of the textile maker's stock valued at $907,000 after buying an additional 979 shares in the last quarter. 75.06% of the stock is currently owned by hedge funds and other institutional investors.

Rocky Brands Stock Performance

Shares of RCKY opened at $44.14 on Monday. Rocky Brands, Inc. has a twelve month low of $26.29 and a twelve month high of $53.01. The firm has a market capitalization of $330.61 million, a P/E ratio of 11.55 and a beta of 2.36. The company has a current ratio of 2.97, a quick ratio of 1.12 and a debt-to-equity ratio of 0.43. The stock's fifty day simple moving average is $44.23 and its 200 day simple moving average is $41.22.

Rocky Brands (NASDAQ:RCKY - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $118.37 million during the quarter, compared to analyst estimates of $110.08 million. Rocky Brands had a return on equity of 12.28% and a net margin of 5.72%.

Rocky Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.68 annualized dividend and a yield of 1.5%. Rocky Brands's payout ratio is 17.80%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RCKY. Wall Street Zen upgraded Rocky Brands from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 9th. Robert W. Baird lifted their price objective on Rocky Brands from $53.00 to $56.00 and gave the company an "outperform" rating in a research report on Wednesday, July 29th. BTIG Research reiterated a "neutral" rating on shares of Rocky Brands in a research note on Wednesday, July 29th. Finally, Weiss Ratings upgraded Rocky Brands from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $56.00.

Insider Buying and Selling

In other news, Director Tracie Winbigler sold 3,000 shares of the business's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $47.45, for a total transaction of $142,350.00. Following the transaction, the director directly owned 14,246 shares of the company's stock, valued at approximately $675,972.70. The trade was a 17.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William Jordan sold 2,011 shares of the firm'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 of the company's stock, valued at $1,063,651.20. This represents a 8.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 15,483 shares of company stock valued at $763,214. Insiders own 7.60% of the company's stock.

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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