Rocky Brands, Inc. (RCKY) Raised to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Rocky Brands, Inc. (NASDAQ:RCKY) from a hold rating to a strong-buy rating in a research note published on Friday. Zacks Investment Research currently has $17.00 target price on the textile maker’s stock.

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 weighed in on RCKY. ValuEngine upgraded Rocky Brands from a hold rating to a buy rating in a report on Wednesday, August 2nd. Robert W. Baird upped their target price on Rocky Brands from $13.00 to $15.00 and gave the company a neutral rating in a report on Wednesday, October 25th. Finally, TheStreet raised Rocky Brands from a c rating to a b- rating in a report on Tuesday, July 25th. Two equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $15.00.

Rocky Brands (NASDAQ RCKY) traded down 2.837% during mid-day trading on Friday, reaching $17.295. The company had a trading volume of 210,882 shares. The firm has a market capitalization of $128.78 million, a P/E ratio of 46.617 and a beta of 0.59. The stock’s 50-day moving average is $14.12 and its 200 day moving average is $13.68. Rocky Brands has a 12 month low of $10.25 and a 12 month high of $20.10.

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In related news, Director Robert Burton Jr. Moore bought 5,000 shares of Rocky Brands stock in a transaction dated Friday, August 25th. The stock was acquired at an average cost of $13.80 per share, with a total value of $69,000.00. Following the completion of the acquisition, the director now directly owns 13,619 shares in the company, valued at approximately $187,942.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 8.50% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Rocky Brands during the second quarter valued at $176,000. Arrowstreet Capital Limited Partnership acquired a new position in Rocky Brands during the second quarter valued at $176,000. Numeric Investors LLC raised its position in Rocky Brands by 139.3% during the second quarter. Numeric Investors LLC now owns 199,040 shares of the textile maker’s stock valued at $2,677,000 after buying an additional 115,868 shares during the period. Hillsdale Investment Management Inc. acquired a new position in Rocky Brands during the second quarter valued at $759,000. Finally, OxFORD Asset Management LLP acquired a new position in Rocky Brands during the second quarter valued at $213,000. 57.14% of the stock is owned by institutional investors and hedge funds.

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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