Renaissance Technologies LLC Grows Stake in Rocky Brands, Inc. $RCKY

Key Points

• Renaissance Technologies increased its Rocky Brands stake by 39.1% in the first quarter, bringing its ownership to 83,535 shares, or 1.11% of the company. Institutional investors collectively own 75.06% of Rocky Brands.
• Rocky Brands reported a strong quarter, with earnings of $1.90 per share versus the $0.35 consensus estimate and revenue of $118.37 million, ahead of expectations. The company also raised its quarterly dividend to $0.17 per share, yielding approximately 1.4%.
• Analyst sentiment is generally positive: the consensus rating is “Moderate Buy” with an average price target of $56, while Robert W. Baird raised its target to $56. However, insiders sold 15,483 shares worth roughly $763,214 over the past three months.

Renaissance Technologies LLC raised its holdings in shares of Rocky Brands, Inc. (NASDAQ:RCKY - Free Report) by 39.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 83,535 shares of the textile maker's stock after purchasing an additional 23,500 shares during the period. Renaissance Technologies LLC owned 1.11% of Rocky Brands worth $3,234,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. State of Alaska Department of Revenue acquired a new stake in shares of Rocky Brands in the 4th quarter worth $35,000. BNP Paribas Financial Markets raised its stake in Rocky Brands by 391.2% in the third quarter. BNP Paribas Financial Markets now owns 3,645 shares of the textile maker's stock valued at $109,000 after buying an additional 2,903 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Rocky Brands in the first quarter worth about $149,000. Deutsche Bank AG boosted its holdings in Rocky Brands by 10.0% in the fourth quarter. Deutsche Bank AG now owns 5,113 shares of the textile maker's stock worth $150,000 after acquiring an additional 464 shares in the last quarter. Finally, Strs Ohio purchased a new stake in shares of Rocky Brands during the first quarter worth about $92,000. Hedge funds and other institutional investors own 75.06% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Robert W. Baird increased their price objective 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. BTIG Research reissued a "neutral" rating on shares of Rocky Brands in a research report on Wednesday, July 29th. Wall Street Zen upgraded shares of Rocky Brands from a "buy" rating to a "strong-buy" rating in a research note on Sunday. Finally, Weiss Ratings raised shares of Rocky Brands from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $56.00.

Insider Buying and Selling at Rocky Brands

In other Rocky Brands news, Director William L. Jordan sold 2,011 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $48.48, for a total transaction of $97,493.28. Following the sale, the director directly owned 21,940 shares of the company's stock, valued at approximately $1,063,651.20. This trade represents a 8.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director G Courtney Haning sold 3,000 shares of Rocky Brands stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $49.06, for a total value of $147,180.00. Following the transaction, the director owned 19,750 shares of the company's stock, valued at $968,935. The trade was a 13.19% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 15,483 shares of company stock worth $763,214. 7.60% of the stock is currently owned by company insiders.

Rocky Brands Trading Down 1.0%

Shares of NASDAQ:RCKY opened at $49.23 on Friday. The company has a quick ratio of 1.02, a current ratio of 2.97 and a debt-to-equity ratio of 0.43. Rocky Brands, Inc. has a 52-week low of $25.76 and a 52-week high of $53.01. The stock has a market cap of $368.73 million, a price-to-earnings ratio of 12.89 and a beta of 2.36. The business has a 50-day moving average price of $41.65 and a 200-day moving average price of $39.33.

Rocky Brands (NASDAQ:RCKY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The textile maker reported $1.90 earnings per share for the quarter, topping the consensus estimate of $0.35 by $1.55. Rocky Brands had a net margin of 5.72% and a return on equity of 12.28%. The company had revenue of $118.37 million for the quarter, compared to the consensus estimate of $110.08 million.

Rocky Brands Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.4%. This is a boost from Rocky Brands's previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Monday, June 1st. Rocky Brands's dividend payout ratio is 17.80%.

About Rocky Brands

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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