Rocky Brands (NASDAQ:RCKY) Receives "Hold (C)" Rating from Weiss Ratings

Key Points

• Rocky Brands' stock has received a "Hold (C)" rating from Weiss Ratings, while other analysts have upgraded it to "Strong Buy" and "Outperform," raising the target price from $30.00 to $40.00.
• The company reported earnings of $0.55 per share, surpassing estimates, with revenues of $105.65 million for the last quarter.
• Insider trading activity saw directors selling a total of 25,000 shares recently, indicating a significant decrease in their ownership stakes.

Rocky Brands (NASDAQ:RCKY - Get Free Report)'s stock had its "hold (c)" rating reissued by equities researchers at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

Other research analysts have also recently issued reports about the stock. Baird R W raised shares of Rocky Brands from a "hold" rating to a "strong-buy" rating in a 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 report on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Rocky Brands currently has an average rating of "Buy" and a consensus price target of $40.00.

Rocky Brands Trading Up 1.6%

Shares of RCKY opened at $28.43 on Wednesday. Rocky Brands has a 1-year low of $11.93 and a 1-year high of $31.38. The firm has a market capitalization of $212.37 million, a price-to-earnings ratio of 11.46 and a beta of 2.44. The firm's 50-day moving average price is $28.54 and its 200-day moving average price is $22.90. 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 (NASDAQ:RCKY - Get Free Report) last issued its earnings results on Tuesday, July 29th. The textile maker reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.31. The business 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 10.41%.

Insider Activity at Rocky Brands

In other Rocky Brands news, Director William L. Jordan sold 5,000 shares of the company's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $30.10, for a total transaction of $150,500.00. Following the completion of the sale, the director directly owned 18,683 shares of the company's stock, valued at approximately $562,358.30. This represents a 21.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Tracie A. Winbigler sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $29.95, for a total transaction of $149,750.00. Following the sale, the director directly owned 6,978 shares of the company's stock, valued at approximately $208,991.10. This represents a 41.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,000 shares of company stock valued at $754,400 over the last ninety days. Company insiders own 5.10% of the company's stock.

Institutional Trading of Rocky Brands

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Lazard Asset Management LLC purchased a new stake in Rocky Brands during the second quarter valued at approximately $155,000. Raymond James Financial Inc. increased 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 valued at $12,371,000 after buying an additional 109,012 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of Rocky Brands by 1,060.4% in the second 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 purchased a new stake in shares of Rocky Brands in the second quarter worth $208,000. Finally, Marshall Wace LLP increased its stake in shares of Rocky Brands by 104.9% in the second quarter. Marshall Wace LLP now owns 53,375 shares of the textile maker's stock worth $1,184,000 after purchasing an additional 27,326 shares in the last quarter. 75.06% of the stock is owned by hedge funds and other institutional investors.

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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