Rocky Brands (NASDAQ:RCKY) Stock Passes Above Two Hundred Day Moving Average - Here's Why

Key Points

• Rocky Brands shares recently crossed above their 200-day moving average, indicating potential upward momentum, with the stock trading at $29.55 compared to the moving average of $21.77.
• Analysts have upgraded Rocky Brands’ rating from a "hold" to a "strong-buy", with an average price target of $40.00.
• The company announced a quarterly dividend of $0.155 per share, representing an annual yield of 2.1% and a payout ratio of 25.00%.

Rocky Brands, Inc. (NASDAQ:RCKY - Get Free Report)'s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $21.77 and traded as high as $30.63. Rocky Brands shares last traded at $29.55, with a volume of 33,472 shares.

Analyst Ratings Changes

A number of equities analysts have recently commented 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 boosted their price objective for the company 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 and one has issued a Buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Strong Buy" and an average price target of $40.00.

Rocky Brands Stock Down 5.0%

The firm has a market capitalization of $217.23 million, a PE ratio of 11.73 and a beta of 2.41. The company has a fifty day simple moving average of $27.04 and a two-hundred day simple moving average of $21.97. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.79 and a current ratio of 2.76.

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 for the quarter, topping the consensus estimate of $0.24 by $0.31. Rocky Brands had a return on equity of 10.41% and a net margin of 4.03%.The business had revenue of $105.65 million during the quarter, compared to analysts' expectations of $102.54 million.

Rocky Brands Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd were issued a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Tuesday, September 2nd. Rocky Brands's dividend payout ratio is currently 25.00%.

Insider Transactions at Rocky Brands

In other Rocky Brands news, Director William L. Jordan sold 5,000 shares of the company's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $30.10, for a total value of $150,500.00. Following the completion of the sale, the director directly owned 18,683 shares in the company, valued at approximately $562,358.30. This represents a 21.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael L. Finn sold 5,000 shares of the business's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $29.73, for a total value of $148,650.00. Following the completion of the transaction, the director directly owned 31,395 shares of the company's stock, valued at approximately $933,373.35. The trade was a 13.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,000 shares of company stock valued at $754,400 over the last 90 days. 5.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Millennium Management LLC raised its position in shares of Rocky Brands by 185.9% in the 4th quarter. Millennium Management LLC now owns 30,913 shares of the textile maker's stock worth $705,000 after acquiring an additional 20,100 shares in the last quarter. GSA Capital Partners LLP bought a new position in shares of Rocky Brands in the 1st quarter worth $606,000. Raymond James Financial Inc. raised its position in shares of Rocky Brands by 6.0% in the 1st quarter. Raymond James Financial Inc. now owns 448,490 shares of the textile maker's stock worth $7,790,000 after acquiring an additional 25,551 shares in the last quarter. Diamond Hill Capital Management Inc. raised its position in shares of Rocky Brands by 19.8% in the 1st quarter. Diamond Hill Capital Management Inc. now owns 136,554 shares of the textile maker's stock worth $2,372,000 after acquiring an additional 22,596 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. raised its position in shares of Rocky Brands by 125.5% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 29,412 shares of the textile maker's stock worth $671,000 after acquiring an additional 16,371 shares in the last quarter. 75.06% of the stock is owned by institutional investors.

Rocky Brands Company Profile

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.