Rocky Brands (NASDAQ:RCKY) Upgraded at Baird R W

Key Points

• Rocky Brands has been upgraded by analysts at Baird R W from a "hold" rating to a "strong-buy" rating, indicating increased optimism about the stock's future performance.
• The company's target price has been boosted from $30.00 to $40.00, reflecting positive analyst sentiment and a consensus rating of "Strong Buy."
• In its latest earnings report, Rocky Brands reported an EPS of $0.55, significantly surpassing analysts' estimates and achieving revenue of $105.65 million.

Rocky Brands (NASDAQ:RCKY - Get Free Report) was upgraded by research analysts at Baird R W from a "hold" rating to a "strong-buy" rating in a research report issued on Tuesday,Zacks.com reports.

Several other research firms have also weighed in on RCKY. Robert W. Baird raised shares of Rocky Brands from a "neutral" rating to an "outperform" rating and lifted their price objective for the stock from $30.00 to $40.00 in a research note on Tuesday, August 26th. Wall Street Zen lowered shares of Rocky Brands from a "buy" rating to a "hold" rating in a research note on Monday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. According to MarketBeat, Rocky Brands currently has an average rating of "Strong Buy" and a consensus target price of $40.00.

Rocky Brands Trading Down 0.8%

Shares of NASDAQ RCKY traded down $0.24 during mid-day trading on Tuesday, hitting $30.43. The company's stock had a trading volume of 61,783 shares, compared to its average volume of 68,851. The stock has a market cap of $227.25 million, a price-to-earnings ratio of 12.27 and a beta of 2.35. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.76 and a quick ratio of 0.79. Rocky Brands has a one year low of $11.93 and a one year high of $33.04. The company's fifty day simple moving average is $25.08 and its 200-day simple moving average is $21.17.

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, beating the consensus estimate of $0.24 by $0.31. The company had revenue of $105.65 million for the quarter, compared to analyst estimates of $102.54 million. Rocky Brands had a net margin of 4.03% and a return on equity of 10.41%.

Insider Buying and Selling

In other Rocky Brands news, Director G Courtney Haning sold 5,000 shares of the firm's stock in a transaction that occurred 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 directly owned 19,482 shares in the company, valued at approximately $603,942. This trade represents a 20.42% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 5.10% of the company's stock.

Institutional Trading of Rocky Brands

Several hedge funds have recently bought and sold shares of the stock. Two Sigma Investments LP raised its holdings in Rocky Brands by 3.6% during the 4th quarter. Two Sigma Investments LP now owns 13,088 shares of the textile maker's stock worth $298,000 after buying an additional 459 shares during the period. Northern Trust Corp raised its holdings in Rocky Brands by 0.8% during the 4th quarter. Northern Trust Corp now owns 77,994 shares of the textile maker's stock worth $1,778,000 after buying an additional 618 shares during the period. Bridgeway Capital Management LLC raised its holdings in Rocky Brands by 0.9% during the 4th quarter. Bridgeway Capital Management LLC now owns 83,267 shares of the textile maker's stock worth $1,898,000 after buying an additional 773 shares during the period. Prudential Financial Inc. raised its holdings in Rocky Brands by 2.9% during the 2nd quarter. Prudential Financial Inc. now owns 28,445 shares of the textile maker's stock worth $631,000 after buying an additional 800 shares during the period. Finally, Yarger Wealth Strategies LLC raised its holdings in Rocky Brands by 8.2% during the 1st quarter. Yarger Wealth Strategies LLC now owns 11,767 shares of the textile maker's stock worth $204,000 after buying an additional 894 shares during the period. 75.06% of the stock is currently owned by institutional investors and hedge funds.

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.