Rocky Brands (NASDAQ:RCKY) Shares Cross Above 200-Day Moving Average - Here's What Happened

Key Points

• Rocky Brands shares crossed above their 200-day moving average, reaching $46.04 before closing at $45.42, compared with a 200-day average of $41.80.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $50.00; one analyst rates the stock Buy while three rate it Hold.
• The company reported strong quarterly results, with EPS of $1.90 versus the $0.35 estimate and revenue of $118.37 million, while maintaining a quarterly dividend of $0.17 per share.

Rocky Brands, Inc. (NASDAQ:RCKY - Get Free Report) shares crossed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $41.80 and traded as high as $46.04. Rocky Brands shares last traded at $45.42, with a volume of 23,366 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RCKY. Robert W. Baird reiterated a "neutral" rating and issued a $50.00 price objective on shares of Rocky Brands in a research report on Monday, September 14th. BTIG Research restated a "neutral" rating on shares of Rocky Brands in a report on Wednesday, July 29th. Weiss Ratings raised Rocky Brands from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, August 6th. Finally, Wall Street Zen upgraded shares of Rocky Brands from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 9th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Rocky Brands presently has a consensus rating of "Hold" and an average target price of $50.00.

Rocky Brands Stock Down 1.7%

The company has a quick ratio of 1.12, a current ratio of 2.97 and a debt-to-equity ratio of 0.43. The company's fifty day simple moving average is $45.80 and its 200 day simple moving average is $41.80. The firm has a market capitalization of $340.29 million, a PE ratio of 11.89 and a beta of 2.40.

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

Rocky Brands Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were given a dividend of $0.17 per share. The ex-dividend date was Tuesday, September 1st. This represents a $0.68 annualized dividend and a dividend yield of 1.5%. Rocky Brands's payout ratio is currently 17.80%.

Insider Transactions at Rocky Brands

In related news, Director William Jordan sold 989 shares of the company's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $51.87, for a total value of $51,299.43. Following the sale, the director directly owned 20,951 shares of the company's stock, valued at $1,086,728.37. This represents a 4.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Curtis Loveland sold 3,483 shares of the 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 completion of the transaction, the insider owned 92,610 shares of the company's stock, valued at approximately $4,680,509.40. This trade represents a 3.62% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 15,483 shares of company stock valued at $763,214. Company insiders own 7.60% of the company's stock.

Institutional Trading of Rocky Brands

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Yarger Wealth Strategies LLC increased its stake in shares of Rocky Brands by 6.0% in the 2nd quarter. Yarger Wealth Strategies LLC now owns 9,387 shares of the textile maker's stock worth $377,000 after acquiring an additional 529 shares in the last quarter. Empowered Funds LLC purchased a new stake in Rocky Brands in the second quarter worth about $2,219,000. Bank of America Corp DE bought a new position in shares of Rocky Brands during the second quarter valued at approximately $287,000. Legal & General Group Plc purchased a new position in shares of Rocky Brands during the second quarter valued at approximately $29,000. Finally, Algert Global LLC lifted its holdings in shares of Rocky Brands by 48.5% during the second quarter. Algert Global LLC now owns 52,405 shares of the textile maker's stock valued at $2,161,000 after purchasing an additional 17,111 shares during the last quarter. 75.06% of the stock is owned by hedge funds and other institutional investors.

About Rocky Brands

Rocky Brands, Inc is an American footwear and apparel company headquartered in Nelsonville, Ohio. Founded in 1932, the company designs, develops, manufactures and markets footwear and related products for work, outdoor, western, duty and lifestyle applications.

Its portfolio includes Rocky outdoor and work boots, Georgia Boot work and western footwear, Durango western and lifestyle boots, and Lehigh safety footwear. Products are sold through independent retailers, national retailers, e-commerce platforms and the company's own direct-to-consumer channels.

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