Rocky Brands Inc. (RCKY) Downgraded by Zacks Investment Research
Rocky Brands Inc. (NASDAQ:RCKY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued 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. “
A number of other equities analysts also recently commented on the stock. Robert W. Baird boosted their target price on shares of Rocky Brands from $10.00 to $11.00 and gave the stock a “neutral” rating in a report on Thursday, August 18th. B. Riley reiterated a “buy” rating and issued a $14.00 target price on shares of Rocky Brands in a report on Wednesday, July 27th.
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Rocky Brands (NASDAQ:RCKY) opened at 10.15 on Wednesday. Rocky Brands has a 12-month low of $9.67 and a 12-month high of $15.15. The company has a 50 day moving average of $10.41 and a 200-day moving average of $11.32. The stock has a market cap of $75.96 million, a P/E ratio of 63.04 and a beta of 0.87.
Rocky Brands (NASDAQ:RCKY) last announced its earnings results on Thursday, July 28th. The company reported ($0.23) EPS for the quarter, missing the Zacks’ consensus estimate of $0.24 by $0.47. The firm earned $62.60 million during the quarter, compared to the consensus estimate of $72.42 million. Rocky Brands had a return on equity of 0.88% and a net margin of 0.48%. Equities analysts forecast that Rocky Brands will post $0.24 earnings per share for the current year.
In related news, insider Curtis A. Loveland acquired 2,500 shares of the business’s stock in a transaction dated Wednesday, August 24th. The shares were purchased at an average price of $10.30 per share, for a total transaction of $25,750.00. Following the completion of the acquisition, the insider now directly owns 80,153 shares in the company, valued at approximately $825,575.90. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Glen E. Corlett acquired 5,000 shares of the business’s stock in a transaction dated Wednesday, August 31st. The shares were bought at an average price of $10.70 per share, for a total transaction of $53,500.00. Following the acquisition, the director now owns 23,692 shares of the company’s stock, valued at $253,504.40. The disclosure for this purchase can be found here. Insiders own 8.90% of the company’s stock.
Several institutional investors have recently bought and sold shares of RCKY. Wedge Capital Management L L P NC increased its position in Rocky Brands by 2,737.8% in the second quarter. Wedge Capital Management L L P NC now owns 454,756 shares of the company’s stock valued at $38,718,000 after buying an additional 438,731 shares during the period. Franklin Resources Inc. increased its position in Rocky Brands by 790.3% in the second quarter. Franklin Resources Inc. now owns 138,000 shares of the company’s stock valued at $1,576,000 after buying an additional 122,500 shares during the period. Numeric Investors LLC increased its position in Rocky Brands by 322.2% in the second quarter. Numeric Investors LLC now owns 63,037 shares of the company’s stock valued at $720,000 after buying an additional 48,107 shares during the period. Dimensional Fund Advisors LP increased its position in Rocky Brands by 3.6% in the second quarter. Dimensional Fund Advisors LP now owns 641,036 shares of the company’s stock valued at $7,321,000 after buying an additional 22,456 shares during the period. Finally, TFS Capital LLC bought a new position in Rocky Brands during the second quarter valued at about $135,000. Hedge funds and other institutional investors own 49.19% of the company’s stock.
About Rocky Brands
Rocky Brands, Inc is a designer, manufacturer and marketer of footwear and apparel marketed under a portfolio of brand names, including Rocky, Georgia Boot, Durango, Lehigh, Creative Recreation and the licensed brand Michelin. The Company operates its business through three segments: wholesale, retail and military.
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