Rocky Brands (RCKY) Cut to Buy at ValuEngine

ValuEngine downgraded shares of Rocky Brands (NASDAQ:RCKY) from a strong-buy rating to a buy rating in a research report report published on Friday.

A number of other analysts have also recently commented on RCKY. Robert W. Baird reaffirmed a hold rating and set a $13.00 target price on shares of Rocky Brands in a report on Sunday, September 3rd. Zacks Investment Research cut shares of Rocky Brands from a buy rating to a hold rating in a report on Wednesday, September 27th. Two research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Rocky Brands has an average rating of Buy and an average price target of $15.00.

Shares of Rocky Brands (RCKY) traded down $0.10 during mid-day trading on Friday, reaching $17.60. 40,900 shares of the company’s stock were exchanged, compared to its average volume of 33,906. Rocky Brands has a twelve month low of $10.25 and a twelve month high of $20.15. The stock has a market capitalization of $130.14, a PE ratio of 18.14 and a beta of 0.70. The company has a current ratio of 4.91, a quick ratio of 1.95 and a debt-to-equity ratio of 0.08.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Monday, November 27th will be issued a dividend of $0.11 per share. The ex-dividend date is Friday, November 24th. This represents a $0.44 dividend on an annualized basis and a yield of 2.50%. Rocky Brands’s dividend payout ratio is currently 72.13%.

Hedge funds have recently made changes to their positions in the business. Nationwide Fund Advisors increased its holdings in Rocky Brands by 368.4% during the second quarter. Nationwide Fund Advisors now owns 42,308 shares of the textile maker’s stock valued at $569,000 after buying an additional 33,276 shares during the last quarter. Numeric Investors LLC increased its holdings 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 last quarter. ClariVest Asset Management LLC bought a new position in shares of Rocky Brands in the second quarter worth approximately $355,000. JPMorgan Chase & Co. boosted its position in shares of Rocky Brands by 332.3% in the second quarter. JPMorgan Chase & Co. now owns 18,835 shares of the textile maker’s stock worth $253,000 after purchasing an additional 14,478 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Rocky Brands in the second quarter worth approximately $176,000. 55.93% of the stock is owned by institutional investors and hedge funds.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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