Rocky Brands (NASDAQ:RCKY) Upgraded to Buy by StockNews.com

StockNews.com upgraded shares of Rocky Brands (NASDAQ:RCKY) from a hold rating to a buy rating in a research note published on Wednesday morning.

Separately, B. Riley increased their price target on Rocky Brands from $19.00 to $24.00 and gave the company a neutral rating in a report on Tuesday, February 27th.

Rocky Brands Price Performance

Shares of RCKY opened at $26.61 on Wednesday. Rocky Brands has a twelve month low of $11.77 and a twelve month high of $32.38. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.24 and a current ratio of 3.61. The firm’s 50 day moving average price is $27.19 and its 200 day moving average price is $25.00. The firm has a market cap of $197.45 million, a PE ratio of 18.74 and a beta of 1.97.

Rocky Brands (NASDAQ:RCKY) last announced its quarterly earnings results on Wednesday, February 28th. The textile maker reported $0.98 EPS for the quarter, beating the consensus estimate of $0.89 by $0.09. Rocky Brands had a return on equity of 6.70% and a net margin of 2.26%. The company had revenue of $125.95 million for the quarter, compared to the consensus estimate of $128.90 million. As a group, research analysts expect that Rocky Brands will post 1.96 EPS for the current fiscal year.

Rocky Brands Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 18th. Investors of record on Monday, March 4th were given a $0.155 dividend. The ex-dividend date was Friday, March 1st. This represents a $0.62 annualized dividend and a yield of 2.33%. Rocky Brands’s dividend payout ratio (DPR) is currently 43.66%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RCKY. FMR LLC lifted its position in Rocky Brands by 15.7% in the first quarter. FMR LLC now owns 1,047,631 shares of the textile maker’s stock worth $24,169,000 after purchasing an additional 141,969 shares during the period. Portolan Capital Management LLC bought a new position in shares of Rocky Brands during the first quarter valued at $1,499,000. Manatuck Hill Partners LLC bought a new position in shares of Rocky Brands during the third quarter valued at $588,000. BlackRock Inc. lifted its holdings in shares of Rocky Brands by 6.2% during the second quarter. BlackRock Inc. now owns 463,717 shares of the textile maker’s stock valued at $9,738,000 after acquiring an additional 26,884 shares during the period. Finally, Select Equity Group L.P. lifted its holdings in shares of Rocky Brands by 51.4% during the fourth quarter. Select Equity Group L.P. now owns 63,176 shares of the textile maker’s stock valued at $1,492,000 after acquiring an additional 21,445 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.