Rocky Brands (NASDAQ:RCKY) Price Target Raised to $30.00

Key Points

• Robert W. Baird raised the price target for Rocky Brands (NASDAQ:RCKY) from $20.00 to $30.00, indicating a potential upside of 3.20% from its previous close.
• The stock of Rocky Brands saw a notable increase of 26.5%, trading up to $29.07 during Wednesday's trading session.
• Institutional investors have increased their stakes in Rocky Brands significantly, with GAMMA Investing LLC boosting its stake by 20,076.9% in the first quarter.

Rocky Brands (NASDAQ:RCKY - Get Free Report) had its price target hoisted by equities researchers at Robert W. Baird from $20.00 to $30.00 in a report issued on Wednesday, July 30th, MarketBeat reports. The firm presently has a "neutral" rating on the textile maker's stock. Robert W. Baird's price target would indicate a potential upside of 11.03% from the stock's previous close.

Separately, Wall Street Zen lowered Rocky Brands from a "buy" rating to a "hold" rating in a report on Monday, May 12th.

Rocky Brands Trading Up 4.5%

Rocky Brands stock opened at $27.02 on Wednesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.64 and a quick ratio of 0.85. Rocky Brands has a one year low of $11.93 and a one year high of $33.04. The stock has a market capitalization of $201.57 million, a PE ratio of 10.90 and a beta of 2.35. The business's fifty day moving average is $23.20 and its 200 day moving average is $20.80.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.31. The firm had revenue of $105.65 million during the quarter, compared to analysts' expectations of $102.54 million. Rocky Brands had a net margin of 4.03% and a return on equity of 10.49%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Waterfront Wealth Inc. increased its holdings in shares of Rocky Brands by 73.9% during the 2nd quarter. Waterfront Wealth Inc. now owns 32,646 shares of the textile maker's stock worth $724,000 after buying an additional 13,873 shares during the last quarter. Yarger Wealth Strategies LLC increased its holdings in Rocky Brands by 9.8% in the 2nd quarter. Yarger Wealth Strategies LLC now owns 12,917 shares of the textile maker's stock valued at $287,000 after purchasing an additional 1,150 shares during the last quarter. Voya Investment Management LLC raised its position in Rocky Brands by 46.2% in the first quarter. Voya Investment Management LLC now owns 14,801 shares of the textile maker's stock valued at $257,000 after purchasing an additional 4,676 shares during the period. Strs Ohio acquired a new position in Rocky Brands during the first quarter worth $92,000. Finally, Empowered Funds LLC lifted its stake in Rocky Brands by 6.8% during the first quarter. Empowered Funds LLC now owns 34,672 shares of the textile maker's stock worth $602,000 after purchasing an additional 2,205 shares in the last quarter. Hedge funds and other 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.