Raymond James Financial Inc. Raises Stake in Rocky Brands, Inc. $RCKY

Key Points

• Raymond James Financial Inc. increased its stake in Rocky Brands, Inc. by 6.0%, now owning a total of 448,490 shares worth approximately $7.79 million.
• The company will pay a quarterly dividend of $0.155 per share on September 16th, resulting in an annualized yield of 2.0%.
• Recent analyst reports resulted in varied ratings, with Robert W. Baird upgrading Rocky Brands from "neutral" to "outperform" and setting a target price of $40.00.

Raymond James Financial Inc. increased its stake in shares of Rocky Brands, Inc. (NASDAQ:RCKY - Free Report) by 6.0% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 448,490 shares of the textile maker's stock after purchasing an additional 25,551 shares during the period. Raymond James Financial Inc. owned 6.01% of Rocky Brands worth $7,790,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Wells Fargo & Company MN lifted its holdings in Rocky Brands by 31.2% during the 4th quarter. Wells Fargo & Company MN now owns 4,236 shares of the textile maker's stock worth $97,000 after purchasing an additional 1,007 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Rocky Brands by 20,076.9% during the 1st quarter. GAMMA Investing LLC now owns 5,246 shares of the textile maker's stock worth $91,000 after purchasing an additional 5,220 shares in the last quarter. Bank of America Corp DE lifted its holdings in Rocky Brands by 51.8% during the 4th quarter. Bank of America Corp DE now owns 8,863 shares of the textile maker's stock worth $202,000 after purchasing an additional 3,025 shares in the last quarter. Voya Investment Management LLC raised its holdings in shares of Rocky Brands by 43.9% in the 4th quarter. Voya Investment Management LLC now owns 10,125 shares of the textile maker's stock valued at $231,000 after acquiring an additional 3,091 shares in the last quarter. Finally, Corton Capital Inc. purchased a new stake in shares of Rocky Brands in the 4th quarter valued at about $243,000. Hedge funds and other institutional investors own 75.06% of the company's stock.

Analyst Upgrades and Downgrades

RCKY has been the topic of several recent analyst reports. Robert W. Baird raised Rocky Brands from a "neutral" rating to an "outperform" rating and raised their price target for the company from $30.00 to $40.00 in a report on Tuesday, August 26th. Baird R W raised Rocky Brands from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. Finally, Wall Street Zen cut Rocky Brands from a "buy" rating to a "hold" rating in a report on Monday, May 12th. One research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Strong Buy" and a consensus target price of $40.00.

Rocky Brands Stock Performance

Shares of NASDAQ RCKY opened at $30.43 on Tuesday. The stock has a market cap of $227.31 million, a price-to-earnings ratio of 12.27 and a beta of 2.41. The company has a current ratio of 2.76, a quick ratio of 0.79 and a debt-to-equity ratio of 0.52. Rocky Brands, Inc. has a 1-year low of $11.93 and a 1-year high of $33.04. The stock's 50-day moving average is $25.25 and its 200 day moving average is $21.19.

Rocky Brands (NASDAQ:RCKY - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The textile maker reported $0.55 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.31. The company had revenue of $105.65 million for the quarter, compared to analysts' expectations of $102.54 million. Rocky Brands had a return on equity of 10.41% and a net margin of 4.03%.

Rocky Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. Rocky Brands's dividend payout ratio (DPR) is currently 25.00%.

Insider Buying and Selling at Rocky Brands

In related news, Director G Courtney Haning sold 5,000 shares of the firm's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $31.00, for a total transaction of $155,000.00. Following the transaction, the director directly owned 19,482 shares of the company's stock, valued at approximately $603,942. This trade represents a 20.42% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 5.10% of the company's stock.

Rocky Brands Profile

Rocky Brands, Inc designs, manufactures, and markets footwear and apparel in the United States, Canada, and internationally. It operates through Wholesale, Retail, and Contract Manufacturing segments. The Wholesale segment offers products, which includes sporting goods stores, outdoor retailers, independent shoe retailers, hardware stores, catalogs, mass merchants, uniform stores, farm store chains, specialty safety stores, specialty retailers, and online retailers in retail locations through a range of distribution channels.

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