Russell Investments Group Ltd. Sells 26,064 Shares of Rocky Brands, Inc. $RCKY

Key Points

• Russell Investments Group Ltd. reduced its stake in Rocky Brands, Inc. by 70.5%, selling 26,064 shares and now holding only 10,885 shares worth approximately $189,000.
• Rocky Brands announced a quarterly dividend of $0.155 per share, representing an annualized dividend of $0.62 and a yield of 2.1%, payable on September 16th.
• Recent research reports show analysts have shifted ratings on Rocky Brands, with one analyst upgrading it to a "strong-buy" and raising the price target from $30.00 to $40.00.

Russell Investments Group Ltd. reduced its stake in shares of Rocky Brands, Inc. (NASDAQ:RCKY - Free Report) by 70.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,885 shares of the textile maker's stock after selling 26,064 shares during the quarter. Russell Investments Group Ltd. owned about 0.15% of Rocky Brands worth $189,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of RCKY. GAMMA Investing LLC grew its stake in shares of Rocky Brands by 20,076.9% during the first quarter. GAMMA Investing LLC now owns 5,246 shares of the textile maker's stock valued at $91,000 after purchasing an additional 5,220 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Rocky Brands by 31.2% during the fourth quarter. Wells Fargo & Company MN now owns 4,236 shares of the textile maker's stock valued at $97,000 after purchasing an additional 1,007 shares during the last quarter. Bank of America Corp DE boosted its stake in Rocky Brands by 51.8% in the fourth quarter. Bank of America Corp DE now owns 8,863 shares of the textile maker's stock valued at $202,000 after acquiring an additional 3,025 shares during the last quarter. Yarger Wealth Strategies LLC boosted its stake in Rocky Brands by 8.2% in the first quarter. Yarger Wealth Strategies LLC now owns 11,767 shares of the textile maker's stock valued at $204,000 after acquiring an additional 894 shares during the last quarter. Finally, Voya Investment Management LLC boosted its stake in Rocky Brands by 43.9% in the fourth 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 during the last quarter. 75.06% of the stock is owned by institutional investors.

Rocky Brands Price Performance

Shares of NASDAQ:RCKY opened at $30.00 on Wednesday. The firm has a 50 day moving average of $25.42 and a 200-day moving average of $21.25. The stock has a market capitalization of $224.10 million, a PE ratio of 12.10 and a beta of 2.41. Rocky Brands, Inc. has a 12 month low of $11.93 and a 12 month high of $33.04. 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 (NASDAQ:RCKY - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The textile maker reported $0.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.31. The business had revenue of $105.65 million during the quarter, compared to analysts' expectations of $102.54 million. Rocky Brands had a net margin of 4.03% and a return on equity of 10.41%.

Rocky Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders 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 2.1%. The ex-dividend date is Tuesday, September 2nd. Rocky Brands's payout ratio is 25.00%.

Insiders Place Their Bets

In other news, Director William L. Jordan sold 5,000 shares of the company's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $30.10, for a total value of $150,500.00. Following the sale, the director directly owned 18,683 shares of the company's stock, valued at approximately $562,358.30. This represents a 21.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director G Courtney Haning sold 5,000 shares of the company's stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $31.00, for a total transaction of $155,000.00. Following the completion of the sale, the director directly owned 19,482 shares in the company, valued at approximately $603,942. This represents a 20.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,000 shares of company stock worth $456,000. 5.10% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

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

Rocky Brands Company 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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