Rocky Brands (NASDAQ:RCKY) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Key Points

• Robert W. Baird raised Rocky Brands’ price target from $53 to $56 and maintained an “outperform” rating, implying 31.06% upside from the prior close.
• Analyst sentiment remains cautious overall: one analyst rates the stock Buy and three rate it Hold, producing a consensus “Hold” rating and a $56 target.
• Rocky Brands reported quarterly EPS of $1.90, far exceeding the $0.35 estimate, while revenue of $118.37 million also topped expectations of $110.08 million.

Rocky Brands (NASDAQ:RCKY - Get Free Report) had its price objective increased by equities researchers at Robert W. Baird from $53.00 to $56.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the textile maker's stock. Robert W. Baird's target price would suggest a potential upside of 31.06% from the stock's previous close.

A number of other equities analysts have also recently weighed in on RCKY. Wall Street Zen cut shares of Rocky Brands from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Rocky Brands in a research note on Tuesday, May 26th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Rocky Brands has an average rating of "Hold" and a consensus target price of $56.00.

Rocky Brands Stock Performance

Shares of NASDAQ:RCKY opened at $42.73 on Wednesday. The firm's 50 day simple moving average is $39.62 and its 200 day simple moving average is $38.37. 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. 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 (NASDAQ:RCKY - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The textile maker reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.35 by $1.55. Rocky Brands had a net margin of 3.78% and a return on equity of 8.43%. The firm had revenue of $118.37 million during the quarter, compared to analysts' expectations of $110.08 million.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. State of Alaska Department of Revenue bought a new stake in Rocky Brands in the 4th quarter valued at $35,000. Strs Ohio bought a new position in shares of Rocky Brands in the first quarter valued at about $92,000. BNP Paribas Financial Markets boosted its holdings in shares of Rocky Brands by 391.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 3,645 shares of the textile maker's stock worth $109,000 after buying an additional 2,903 shares during the period. SG Americas Securities LLC acquired a new position in Rocky Brands in the 1st quarter valued at about $149,000. Finally, Deutsche Bank AG raised its holdings in Rocky Brands by 10.0% in the 4th quarter. Deutsche Bank AG now owns 5,113 shares of the textile maker's stock valued at $150,000 after acquiring an additional 464 shares during the period. 75.06% of the stock is owned by institutional investors and hedge funds.

Rocky Brands Company Profile

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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