Rocky Brands (NASDAQ:RCKY) Shares Cross Above Two Hundred Day Moving Average - Here's Why

Key Points

• Rocky Brands shares crossed above their 200-day moving average, reaching $47.19 before last trading at $45.81, compared with the 200-day average of $42.07.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and a $50 average price target; one analyst rates the stock Buy while three rate it Hold.
• The company reported strong quarterly results, posting $1.90 in EPS versus the $0.35 estimate and revenue of $118.37 million, while maintaining a $0.17 quarterly dividend.

Shares of Rocky Brands, Inc. (NASDAQ:RCKY - Get Free Report) crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $42.07 and traded as high as $47.19. Rocky Brands shares last traded at $45.81, with a volume of 37,065 shares.

Analyst Ratings Changes

RCKY has been the topic of several recent research reports. Robert W. Baird reissued a "neutral" rating and issued a $50.00 price target on shares of Rocky Brands in a research note on Monday, September 14th. Wall Street Zen upgraded Rocky Brands from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 9th. BTIG Research reaffirmed a "neutral" rating on shares of Rocky Brands in a research report on Wednesday, July 29th. Finally, Weiss Ratings upgraded Rocky Brands from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $50.00.

Rocky Brands Trading Down 1.9%

The firm has a market cap of $343.12 million, a P/E ratio of 11.99 and a beta of 2.40. The business's 50-day moving average is $45.30 and its two-hundred day moving average is $42.07. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.97 and a quick ratio of 1.12.

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 (EPS) for the quarter, beating 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 firm had revenue of $118.37 million for the quarter, compared to analyst estimates of $110.08 million.

Rocky Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were issued a $0.17 dividend. 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 dividend payout ratio (DPR) is presently 17.80%.

Insider Buying and Selling

In related news, Director G Haning sold 3,000 shares of the company's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $49.06, for a total transaction of $147,180.00. Following the sale, the director owned 19,750 shares in the company, valued at approximately $968,935. This represents a 13.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Tracie A. Winbigler sold 3,000 shares of the company's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $47.45, for a total value of $142,350.00. Following the sale, the director owned 14,246 shares in the company, valued at $675,972.70. The trade was a 17.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 15,483 shares of company stock worth $763,214 over the last 90 days. 7.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

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

Rocky Brands Company Profile

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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