Short Interest in Rocky Brands, Inc. (NASDAQ:RCKY) Declines By 23.9%

Rocky Brands, Inc. (NASDAQ:RCKY - Get Free Report) saw a significant drop in short interest in August. As of August 15th, there was short interest totaling 113,100 shares, a drop of 23.9% from the July 31st total of 148,600 shares. Currently, 1.6% of the company's stock are sold short. Based on an average trading volume of 64,900 shares, the short-interest ratio is presently 1.7 days. Based on an average trading volume of 64,900 shares, the short-interest ratio is presently 1.7 days. Currently, 1.6% of the company's stock are sold short.

Rocky Brands Price Performance

Shares of RCKY traded down $0.57 during trading hours on Friday, reaching $28.85. 39,796 shares of the stock traded hands, compared to its average volume of 55,730. 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 has a 52-week low of $11.93 and a 52-week high of $33.04. The company's 50-day moving average price is $26.47 and its two-hundred day moving average price is $21.59. The company has a market cap of $215.51 million, a P/E ratio of 11.63 and a beta of 2.41.

Rocky Brands (NASDAQ:RCKY - Get Free Report) last released its earnings results on Tuesday, July 29th. The textile maker reported $0.55 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.31. Rocky Brands had a net margin of 4.03% and a return on equity of 10.41%. The company had revenue of $105.65 million for the quarter, compared to analysts' expectations of $102.54 million.

Rocky Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.155 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.1%. Rocky Brands's payout ratio is 25.00%.

Insider Activity

In other Rocky Brands news, Director G Courtney Haning sold 5,000 shares of Rocky Brands stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $31.00, for a total value of $155,000.00. Following the completion of the sale, the director owned 19,482 shares of the company's stock, valued at approximately $603,942. The trade was a 20.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Tracie A. Winbigler sold 5,000 shares of Rocky Brands stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $29.95, for a total transaction of $149,750.00. Following the completion of the sale, the director directly owned 6,978 shares of the company's stock, valued at approximately $208,991.10. This trade represents a 41.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,000 shares of company stock worth $754,400 over the last three months. 5.10% of the stock is currently owned by insiders.

Institutional Trading of Rocky Brands

Several hedge funds have recently bought and sold shares of the stock. Lazard Asset Management LLC purchased a new stake in Rocky Brands in the 2nd quarter worth $155,000. Raymond James Financial Inc. lifted its stake in Rocky Brands by 24.3% in the 2nd quarter. Raymond James Financial Inc. now owns 557,502 shares of the textile maker's stock worth $12,371,000 after purchasing an additional 109,012 shares in the last quarter. NewEdge Advisors LLC lifted its stake in Rocky Brands by 1,060.4% in the 2nd quarter. NewEdge Advisors LLC now owns 11,407 shares of the textile maker's stock worth $253,000 after purchasing an additional 10,424 shares in the last quarter. Jump Financial LLC bought a new stake in shares of Rocky Brands in the 2nd quarter worth about $208,000. Finally, Marshall Wace LLP raised its position in shares of Rocky Brands by 104.9% during the 2nd quarter. Marshall Wace LLP now owns 53,375 shares of the textile maker's stock valued at $1,184,000 after buying an additional 27,326 shares in the last quarter. Hedge funds and other institutional investors own 75.06% of the company's stock.

Analysts Set New Price Targets

RCKY has been the subject of a number of research analyst reports. Baird R W raised shares of Rocky Brands from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. Robert W. Baird raised shares of Rocky Brands from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $30.00 to $40.00 in a research 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 stock. According to MarketBeat.com, the company currently has an average rating of "Strong Buy" and an average price target of $40.00.

About Rocky Brands

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.