Rocky Brands (NASDAQ:RCKY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Rocky Brands, Inc. is a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names including Rocky Outdoor Gear, Georgia Boot, Durango, Lehigh, and the licensed brand, Dickies. “
Several other analysts have also recently issued reports on the company. Robert W. Baird reiterated a “hold” rating and set a $18.00 target price on shares of Rocky Brands in a research report on Wednesday, January 3rd. ValuEngine upgraded Rocky Brands from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st.
NASDAQ RCKY opened at $21.00 on Wednesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.68 and a current ratio of 5.95. Rocky Brands has a 52 week low of $12.20 and a 52 week high of $22.80. The stock has a market capitalization of $166.28, a PE ratio of 18.10 and a beta of 0.33.
Rocky Brands (NASDAQ:RCKY) last posted its quarterly earnings data on Tuesday, April 24th. The textile maker reported $0.44 EPS for the quarter, topping the consensus estimate of $0.25 by $0.19. Rocky Brands had a return on equity of 6.24% and a net margin of 3.79%. equities analysts predict that Rocky Brands will post 1.4 EPS for the current fiscal year.
Rocky Brands announced that its board has initiated a stock repurchase program on Monday, March 5th that allows the company to buyback $7.50 million in shares. This buyback authorization allows the textile maker to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
In related news, Director James L. Stewart sold 2,000 shares of the stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $18.00, for a total transaction of $36,000.00. Following the completion of the sale, the director now owns 27,663 shares in the company, valued at $497,934. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 9.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Municipal Employees Retirement System of Michigan purchased a new position in Rocky Brands during the 4th quarter valued at approximately $401,000. Macquarie Group Ltd. grew its holdings in Rocky Brands by 15.4% during the 4th quarter. Macquarie Group Ltd. now owns 40,653 shares of the textile maker’s stock valued at $768,000 after buying an additional 5,424 shares in the last quarter. Deutsche Bank AG grew its holdings in Rocky Brands by 35.9% during the 4th quarter. Deutsche Bank AG now owns 61,585 shares of the textile maker’s stock valued at $1,163,000 after buying an additional 16,285 shares in the last quarter. Franklin Resources Inc. grew its holdings in Rocky Brands by 9.4% during the 4th quarter. Franklin Resources Inc. now owns 218,720 shares of the textile maker’s stock valued at $4,134,000 after buying an additional 18,720 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Rocky Brands by 26.9% during the 4th quarter. Renaissance Technologies LLC now owns 225,600 shares of the textile maker’s stock valued at $4,264,000 after buying an additional 47,800 shares in the last quarter. Institutional investors and hedge funds own 59.03% of the company’s stock.
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About Rocky Brands
Rocky Brands, Inc designs, manufactures, and markets footwear and apparel under the Rocky, Georgia Boot, Durango, Lehigh, and Michelin brand names in the United States, Canada, and internationally. The company operates through three segments: Wholesale, Retail, and Military. The Wholesale segment offers products in approximately 10,000 retail locations through a range of distribution channels comprising sporting goods stores, outdoor retailers, independent shoe retailers, hardware stores, catalogs, mass merchants, uniform stores, farm store chains, specialty safety stores, and specialty and online retailers.
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