Rocky Brands (NASDAQ:RCKY) Stock Price Breaks Above Two Hundred Day Moving Average – Time to Sell?

Rocky Brands, Inc. (NASDAQ:RCKY)’s share price crossed above its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $42.07 and traded as high as $47.19. Rocky Brands shares last traded at $45.81, with a volume of 37,065 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RCKY. BTIG Research reaffirmed a “neutral” rating on shares of Rocky Brands in a research note on Wednesday, July 29th. Weiss Ratings upgraded shares of Rocky Brands from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, August 6th. Robert W. Baird reissued a “neutral” rating and set a $50.00 price objective on shares of Rocky Brands in a research note on Monday, September 14th. Finally, Wall Street Zen raised shares of Rocky Brands from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 9th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Rocky Brands presently has an average rating of “Hold” and an average target price of $50.00.

Rocky Brands Price Performance

The company’s fifty day moving average price is $45.30 and its two-hundred day moving average price is $42.07. The company has a quick ratio of 1.12, a current ratio of 2.97 and a debt-to-equity ratio of 0.43. The company has a market cap of $343.21 million, a price-to-earnings ratio of 11.99 and a beta of 2.40.

Rocky Brands (NASDAQ:RCKY) last issued its quarterly earnings data on Tuesday, July 28th. The textile maker reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $1.55. The business had revenue of $118.37 million for the quarter, compared to analyst estimates of $110.08 million. Rocky Brands had a net margin of 5.72% and a return on equity of 12.28%.

Rocky Brands Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Tuesday, September 1st. Rocky Brands’s dividend payout ratio is 17.80%.

Insider Transactions at Rocky Brands

In other news, insider Curtis A. Loveland sold 3,483 shares of the company’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $50.54, for a total transaction of $176,030.82. Following the completion of the transaction, the insider directly owned 92,610 shares of the company’s stock, valued at $4,680,509.40. This represents a 3.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Tracie A. Winbigler sold 3,000 shares of the company’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $47.45, for a total value of $142,350.00. Following the transaction, the director directly owned 14,246 shares of the company’s stock, valued at $675,972.70. This represents a 17.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 15,483 shares of company stock worth $763,214. Company insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Rocky Brands

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Sei Investments Co. acquired a new position in Rocky Brands during the first quarter worth $1,153,000. BlackRock Inc. bought a new position in Rocky Brands in the second quarter valued at $21,559,000. Empowered Funds LLC bought a new position in Rocky Brands in the second quarter valued at $2,219,000. Bank of New York Mellon Corp acquired a new stake in Rocky Brands in the 2nd quarter valued at $2,856,000. Finally, Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in Rocky Brands in the 2nd quarter valued at $1,315,000. Institutional investors and hedge funds own 75.06% of the company’s stock.

About Rocky Brands

Rocky Brands, Inc is an American footwear and apparel company headquartered in Nelsonville, Ohio. Founded in 1932, the company designs, develops, manufactures and markets footwear and related products for work, outdoor, western, duty and lifestyle applications.

Its portfolio includes Rocky outdoor and work boots, Georgia Boot work and western footwear, Durango western and lifestyle boots, and Lehigh safety footwear. Products are sold through independent retailers, national retailers, e-commerce platforms and the company’s own direct-to-consumer channels.