Rocky Brands, Inc. (NASDAQ:RCKY) Sees Significant Drop in Short Interest

Rocky Brands, Inc. (NASDAQ:RCKY - Get Free Report) was the target of a large drop in short interest in the month of August. As of August 15th, there was short interest totaling 113,100 shares, adropof23.9% from the July 31st total of 148,600 shares. Approximately1.6% of the company's shares are short sold. Based on an average daily trading volume, of 64,900 shares, the days-to-cover ratio is presently 1.7 days. Based on an average daily trading volume, of 64,900 shares, the days-to-cover ratio is presently 1.7 days. Approximately1.6% of the company's shares are short sold.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Baird R W upgraded Rocky Brands from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. Robert W. Baird upgraded Rocky Brands from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $30.00 to $40.00 in a report on Tuesday, August 26th. Finally, Wall Street Zen cut Rocky Brands from a "buy" rating to a "hold" rating in a report on Monday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Strong Buy" and an average price target of $40.00.

Rocky Brands Price Performance

Shares of NASDAQ RCKY opened at $29.12 on Monday. The stock has a market capitalization of $217.53 million, a price-to-earnings ratio of 11.74 and a beta of 2.41. The business has a 50-day moving average of $25.87 and a 200-day moving average of $21.35. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.76 and a quick ratio of 0.79. Rocky Brands has a fifty-two week low of $11.93 and a fifty-two week high of $33.04.

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

Rocky Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be issued 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 yield of 2.1%. Rocky Brands's dividend payout ratio (DPR) is presently 25.00%.

Insiders Place Their Bets

In other Rocky Brands news, Director G Courtney Haning sold 5,000 shares of the stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $31.00, for a total transaction of $155,000.00. Following the completion of the transaction, the director owned 19,482 shares in the company, valued at approximately $603,942. This represents a 20.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael L. Finn sold 5,000 shares of the stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $29.73, for a total value of $148,650.00. Following the transaction, the director owned 31,395 shares of the company's stock, valued at approximately $933,373.35. This trade represents a 13.74% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,000 shares of company stock worth $754,400. 5.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rocky Brands

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Raymond James Financial Inc. grew its holdings in Rocky Brands by 24.3% during the second 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 during the period. American Century Companies Inc. grew its holdings in Rocky Brands by 5.1% during the second quarter. American Century Companies Inc. now owns 247,352 shares of the textile maker's stock worth $5,489,000 after purchasing an additional 11,941 shares during the period. North Star Investment Management Corp. grew its holdings in Rocky Brands by 1.9% during the first quarter. North Star Investment Management Corp. now owns 218,625 shares of the textile maker's stock worth $3,798,000 after purchasing an additional 4,000 shares during the period. Geode Capital Management LLC grew its holdings in Rocky Brands by 0.8% during the second quarter. Geode Capital Management LLC now owns 170,407 shares of the textile maker's stock worth $3,782,000 after purchasing an additional 1,303 shares during the period. Finally, Diamond Hill Capital Management Inc. grew its holdings in Rocky Brands by 19.8% during the first quarter. Diamond Hill Capital Management Inc. now owns 136,554 shares of the textile maker's stock worth $2,372,000 after purchasing an additional 22,596 shares during the period. Institutional investors own 75.06% of the company's stock.

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.

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