Rocky Brands (NASDAQ:RCKY) Stock Crosses Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• Rocky Brands shares moved above their 200-day moving average, reaching $43.73 and closing near $43.36, though the stock remained below its 50-day average of $44.57.
• Analysts have a consensus “Hold” rating and an average price target of $50.00. The company recently exceeded earnings expectations, reporting $1.90 in quarterly EPS versus the $0.35 consensus and revenue of $118.37 million.
• Rocky Brands declared a quarterly dividend of $0.17 per share, implying a 1.6% yield, while insiders sold 15,483 shares worth approximately $763,214 over the past 90 days.

Shares of Rocky Brands, Inc. (NASDAQ:RCKY - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $41.65 and traded as high as $43.73. Rocky Brands shares last traded at $43.36, with a volume of 80,094 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on RCKY shares. Robert W. Baird reaffirmed a "neutral" rating and issued a $50.00 target price on shares of Rocky Brands in a report on Monday. BTIG Research reissued a "neutral" rating on shares of Rocky Brands in a research note on Wednesday, July 29th. Wall Street Zen upgraded Rocky Brands from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 9th. Finally, Weiss Ratings raised Rocky Brands from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, August 6th. 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 data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $50.00.

Rocky Brands Stock Down 1.9%

The firm has a market capitalization of $324.77 million, a PE ratio of 11.35 and a beta of 2.36. The firm's 50-day moving average is $44.57 and its 200 day moving average is $41.65. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.12 and a current ratio of 2.97.

Rocky Brands (NASDAQ:RCKY - Get Free Report) last posted its earnings results 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. The firm had revenue of $118.37 million during the quarter, compared to the consensus estimate of $110.08 million. Rocky Brands had a net margin of 5.72% and a return on equity of 12.28%.

Rocky Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Tuesday, September 1st. Rocky Brands's payout ratio is currently 17.80%.

Insider Buying and Selling

In other Rocky Brands news, Director Tracie Winbigler sold 3,000 shares of the firm's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $47.45, for a total transaction of $142,350.00. Following the completion of the transaction, the director owned 14,246 shares of the company's stock, valued at approximately $675,972.70. This trade represents a 17.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director G Haning sold 3,000 shares of the business's stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $49.06, for a total value of $147,180.00. Following the completion of the transaction, the director directly owned 19,750 shares of the company's stock, valued at approximately $968,935. This trade represents a 13.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 15,483 shares of company stock worth $763,214 in the last 90 days. Corporate insiders own 7.60% of the company's stock.

Institutional Trading of Rocky Brands

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System boosted its stake in shares of Rocky Brands by 968.8% during the 2nd quarter. California State Teachers Retirement System now owns 4,083 shares of the textile maker's stock worth $168,000 after purchasing an additional 3,701 shares during the last quarter. Yarger Wealth Strategies LLC grew its holdings in shares of Rocky Brands by 6.0% during the second quarter. Yarger Wealth Strategies LLC now owns 9,387 shares of the textile maker's stock worth $377,000 after buying an additional 529 shares in the last quarter. Empowered Funds LLC acquired a new position in shares of Rocky Brands in the second quarter valued at approximately $2,219,000. Bank of America Corp DE acquired a new position in shares of Rocky Brands in the second quarter valued at approximately $287,000. Finally, Legal & General Group Plc purchased a new position in shares of Rocky Brands during the second quarter valued at approximately $29,000. Hedge funds and other institutional investors own 75.06% of the company's stock.

About Rocky Brands

Rocky Brands, Inc is an American footwear and apparel company headquartered in Nelsonville, Ohio. The company designs, develops, manufactures, and markets footwear for outdoor, work, western, military, public-safety, and lifestyle uses.

Its portfolio includes Rocky outdoor and work footwear, Georgia Boot work and western products, Durango western and lifestyle boots, and Lehigh Safety Shoe products. The company offers boots and shoes designed for activities and occupations requiring durability, protection, traction, and comfort, along with related apparel and accessories.

Founded in 1932 as the William Brooks Shoe Company, Rocky Brands has expanded from its Ohio manufacturing roots into a multichannel footwear business.

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