Rocky Brands (NASDAQ:RCKY) Share Price Passes Above Two Hundred Day Moving Average - Should You Sell?

Key Points

• Shares of Rocky Brands (NASDAQ:RCKY) crossed above its 200-day moving average during trading, reaching a high of $29.11 before last trading at $27.97.
• Wall Street analysts have rated Rocky Brands favorably, with one upgrade to a strong-buy and a consensus price target of $40.00.
• The company recently declared a quarterly dividend of $0.155 per share, indicating a yield of 2.2%, supported by a payout ratio of 25%.

Shares of Rocky Brands, Inc. (NASDAQ:RCKY - Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $22.86 and traded as high as $29.11. Rocky Brands shares last traded at $27.97, with a volume of 35,088 shares trading hands.

Wall Street Analysts Forecast Growth

RCKY has been the topic of several analyst reports. Baird R W upgraded Rocky Brands from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. Weiss Ratings reiterated a "hold (c)" rating on shares of Rocky Brands in a report on Saturday, September 27th. Finally, Robert W. Baird upgraded Rocky Brands from a "neutral" rating to an "outperform" rating and increased their price target for the company from $30.00 to $40.00 in a report on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Rocky Brands presently has a consensus rating of "Buy" and a consensus price target of $40.00.

Rocky Brands Stock Down 3.3%

The company has a quick ratio of 0.79, a current ratio of 2.76 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $208.94 million, a P/E ratio of 11.28 and a beta of 2.44. The firm has a 50-day moving average price of $28.50 and a two-hundred day moving average price of $22.86.

Rocky Brands (NASDAQ:RCKY - Get Free Report) last posted 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. Rocky Brands had a return on equity of 10.41% and a net margin of 4.03%.The company had revenue of $105.65 million during the quarter, compared to analysts' expectations of $102.54 million.

Rocky Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd were paid a dividend of $0.155 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $0.62 dividend on an annualized basis and a yield of 2.2%. Rocky Brands's payout ratio is currently 25.00%.

Insider Buying and Selling at Rocky Brands

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in RCKY. GAMMA Investing LLC lifted its holdings in shares of Rocky Brands by 20,076.9% during the first quarter. GAMMA Investing LLC now owns 5,246 shares of the textile maker's stock valued at $91,000 after acquiring an additional 5,220 shares during the period. Strs Ohio bought a new position in shares of Rocky Brands during the first quarter valued at $92,000. Lazard Asset Management LLC bought a new position in shares of Rocky Brands during the second quarter valued at $155,000. Bank of America Corp DE lifted its holdings in shares of Rocky Brands by 51.8% during the fourth quarter. Bank of America Corp DE now owns 8,863 shares of the textile maker's stock valued at $202,000 after acquiring an additional 3,025 shares during the period. Finally, Yarger Wealth Strategies LLC lifted its holdings in shares of Rocky Brands by 8.2% during the first quarter. Yarger Wealth Strategies LLC now owns 11,767 shares of the textile maker's stock valued at $204,000 after acquiring an additional 894 shares during the period. 75.06% of the stock is owned by 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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