Rocky Brands (NASDAQ:RCKY) Announces Earnings Results

Key Points

• Rocky Brands beat quarterly expectations: The company reported adjusted earnings of $1.90 per share, surpassing the $0.35 consensus estimate, while revenue of $118.37 million exceeded expectations of $110.08 million.
• Shares rose 2.9% to $42.73 following the results. The stock has traded between $22.61 and $48.70 over the past year and carries an average analyst rating of “Hold” with a $42.00 price target.
• The company increased its quarterly dividend to $0.17 per share from $0.15, equating to an annualized dividend of $0.68 and a 1.6% yield; institutional investors own approximately 75% of outstanding shares.

Rocky Brands (NASDAQ:RCKY - Get Free Report) posted its quarterly earnings results on Tuesday. The textile maker reported $1.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.35 by $1.55, FiscalAI reports. Rocky Brands had a net margin of 3.78% and a return on equity of 8.43%. The company had revenue of $118.37 million for the quarter, compared to the consensus estimate of $110.08 million.

Rocky Brands Stock Up 2.9%

NASDAQ RCKY traded up $1.19 during trading hours on Tuesday, hitting $42.73. The company had a trading volume of 79,059 shares, compared to its average volume of 54,251. The firm's 50 day moving average is $39.46 and its 200 day moving average is $38.27. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.90 and a quick ratio of 1.02. Rocky Brands has a fifty-two week low of $22.61 and a fifty-two week high of $48.70. The company has a market capitalization of $322.18 million, a price-to-earnings ratio of 17.30 and a beta of 2.37.

Rocky Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.17 per share. This is a positive change from Rocky Brands's previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.68 dividend on an annualized basis and a yield of 1.6%. Rocky Brands's dividend payout ratio is currently 27.53%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Weiss Ratings reiterated a "hold (c+)" rating on shares of Rocky Brands in a report on Tuesday, May 26th. Wall Street Zen downgraded Rocky Brands from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Rocky Brands has an average rating of "Hold" and a consensus price target of $42.00.

Institutional Investors Weigh In On Rocky Brands

Hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. boosted its holdings 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 acquiring an additional 109,012 shares during the period. Lazard Asset Management LLC purchased a new stake in shares of Rocky Brands during the fourth quarter valued at approximately $1,148,000. Bank of America Corp DE raised its stake in shares of Rocky Brands by 1,153.5% during the third quarter. Bank of America Corp DE now owns 41,803 shares of the textile maker's stock valued at $1,245,000 after purchasing an additional 38,468 shares during the period. Russell Investments Group Ltd. lifted its position in shares of Rocky Brands by 41.6% during the third quarter. Russell Investments Group Ltd. now owns 121,117 shares of the textile maker's stock worth $3,608,000 after purchasing an additional 35,564 shares in the last quarter. Finally, Millennium Management LLC acquired a new position in shares of Rocky Brands during the third quarter worth $1,024,000. 75.06% of the stock is currently owned by hedge funds and other institutional investors.

About Rocky Brands

Rocky Brands, Inc is a designer, manufacturer and marketer of premium footwear, apparel and accessories for a diverse range of end-users. The company serves outdoor enthusiasts, hardworking professionals and military personnel under a family of brands that includes Rocky, Georgia Boot, Durango and Xtratuf. Products span hunting and hiking boots, work and safety footwear, western and lifestyle boots, as well as performance socks and outerwear.

Rocky Brands operates multiple production and distribution facilities in North America, with its corporate headquarters located in Nelsonville, Ohio.

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