BlackRock Inc. Purchases Shares of 522,760 Rocky Brands, Inc. $RCKY

Key Points

• BlackRock acquired 522,760 Rocky Brands shares during the second quarter, worth approximately $21.6 million and representing a 6.98% stake. Institutional investors and hedge funds collectively own 75.06% of RCKY.
• Rocky Brands reported a strong quarterly performance, with EPS of $1.90 versus the $0.35 consensus estimate and revenue of $118.37 million, exceeding expectations.
• The company announced a quarterly dividend of $0.17 per share, equal to a $0.68 annualized payout and a 1.5% yield. Analysts maintain a “Moderate Buy” consensus rating with a $56 target price, while insiders sold 15,483 shares over the past three months.

BlackRock Inc. purchased a new stake in Rocky Brands, Inc. (NASDAQ:RCKY - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 522,760 shares of the textile maker's stock, valued at approximately $21,559,000. BlackRock Inc. owned approximately 6.98% of Rocky Brands at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of RCKY. Strs Ohio bought a new position in shares of Rocky Brands during the first quarter worth about $92,000. BNP Paribas Financial Markets lifted its stake in Rocky Brands by 391.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,645 shares of the textile maker's stock valued at $109,000 after acquiring an additional 2,903 shares in the last quarter. SG Americas Securities LLC acquired a new position in Rocky Brands during the 1st quarter worth approximately $149,000. Deutsche Bank AG boosted its position in Rocky Brands by 10.0% during the 4th quarter. Deutsche Bank AG now owns 5,113 shares of the textile maker's stock worth $150,000 after acquiring an additional 464 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new position in shares of Rocky Brands during the 2nd quarter worth approximately $155,000. 75.06% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Rocky Brands

In other Rocky Brands news, Director Tracie A. Winbigler sold 3,000 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $47.45, for a total transaction of $142,350.00. Following the transaction, the director owned 14,246 shares in the company, valued at $675,972.70. This trade represents a 17.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Curtis A. Loveland sold 3,483 shares of Rocky Brands stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $50.54, for a total value of $176,030.82. Following the sale, the insider directly owned 92,610 shares of the company's stock, valued at $4,680,509.40. This represents a 3.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 15,483 shares of company stock worth $763,214 over the last three months. Company insiders own 7.60% of the company's stock.

Rocky Brands Stock Performance

NASDAQ RCKY opened at $44.34 on Thursday. The firm has a 50-day moving average of $44.11 and a 200-day moving average of $41.07. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.12 and a current ratio of 2.97. The stock has a market cap of $332.11 million, a PE ratio of 11.61 and a beta of 2.36. Rocky Brands, Inc. has a 52-week low of $26.29 and a 52-week high of $53.01.

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, beating analysts' consensus estimates of $0.35 by $1.55. The business had revenue of $118.37 million for 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%.

Rocky Brands Announces Dividend

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

Wall Street Analysts Forecast Growth

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

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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