Insider Selling: Rocky Brands (NASDAQ:RCKY) Insider Sells 3,000 Shares

Key Points

• Insider sale: Rocky Brands insider Curtis Loveland sold 3,000 shares for approximately $148,860, reducing his stake by 3.03% to 96,094 shares.
• Strong quarterly results: The company reported earnings of $1.90 per share, well above the $0.35 consensus estimate, while revenue of $118.37 million also exceeded expectations.
• Stock and outlook: Shares traded near a 52-week high at $50.78, while analysts maintained a consensus “Hold” rating with a $56 price target. Rocky Brands also increased its quarterly dividend to $0.17 per share.

Rocky Brands, Inc. (NASDAQ:RCKY - Get Free Report) insider Curtis Loveland sold 3,000 shares of the firm's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $49.62, for a total value of $148,860.00. Following the completion of the transaction, the insider owned 96,094 shares of the company's stock, valued at approximately $4,768,184.28. This represents a 3.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Rocky Brands Price Performance

RCKY stock traded up $1.94 during mid-day trading on Monday, reaching $50.78. 77,411 shares of the company traded hands, compared to its average volume of 57,061. The company has a fifty day moving average price of $40.41 and a 200-day moving average price of $38.76. Rocky Brands, Inc. has a 52-week low of $25.08 and a 52-week high of $51.41. The company has a market capitalization of $382.88 million, a P/E ratio of 13.29 and a beta of 2.35. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.90 and a quick ratio of 1.02.

Rocky Brands (NASDAQ:RCKY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The textile maker reported $1.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.35 by $1.55. Rocky Brands had a net margin of 5.72% and a return on equity of 12.44%. The firm had revenue of $118.37 million for the quarter, compared to the consensus estimate of $110.08 million.

Rocky Brands Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a $0.17 dividend. The ex-dividend date was Monday, June 1st. This represents a $0.68 annualized dividend and a yield of 1.3%. This is a boost from Rocky Brands's previous quarterly dividend of $0.15. Rocky Brands's dividend payout ratio is currently 17.80%.

Institutional Investors Weigh In On Rocky Brands

A number of institutional investors and hedge funds have recently bought and sold shares of RCKY. State of Alaska Department of Revenue purchased a new position in Rocky Brands in the 4th quarter worth approximately $35,000. Strs Ohio purchased a new stake in shares of Rocky Brands during the 1st quarter valued at $92,000. BNP Paribas Financial Markets lifted its holdings in shares of Rocky Brands by 391.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 3,645 shares of the textile maker's stock worth $109,000 after acquiring an additional 2,903 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Rocky Brands during the 1st quarter worth $149,000. Finally, Deutsche Bank AG grew its position 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. 75.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RCKY. Robert W. Baird boosted their price target 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 reiterated a "neutral" rating on shares of Rocky Brands in a research report on Wednesday, July 29th. Weiss Ratings reissued a "hold (c+)" rating on shares of Rocky Brands in a research note on Tuesday, May 26th. Finally, Wall Street Zen raised Rocky Brands from a "hold" rating to a "buy" rating in a research note on Saturday. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Rocky Brands has a consensus rating of "Hold" and a consensus target price of $56.00.

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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