Short Interest in Rocky Brands, Inc. (NASDAQ:RCKY) Drops By 17.7%

by · The Cerbat Gem

Rocky Brands, Inc. (NASDAQ:RCKY – Get Free Report) was the target of a significant decline in short interest in December. As of December 15th, there was short interest totaling 154,945 shares, a decline of 17.7% from the November 30th total of 188,327 shares. Based on an average daily trading volume, of 47,492 shares, the days-to-cover ratio is presently 3.3 days. Currently, 2.2% of the company’s stock are sold short. Currently, 2.2% of the company’s stock are sold short. Based on an average daily trading volume, of 47,492 shares, the days-to-cover ratio is presently 3.3 days.

Analyst Ratings Changes

RCKY has been the topic of several research reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Rocky Brands in a research note on Monday. Citigroup restated a “neutral” rating on shares of Rocky Brands in a report on Wednesday, October 29th. BTIG Research reaffirmed a “neutral” rating on shares of Rocky Brands in a research note on Wednesday, October 29th. Finally, Robert W. Baird set a $42.00 price objective on Rocky Brands in a research report on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Rocky Brands has an average rating of “Moderate Buy” and an average target price of $42.00.

Get Our Latest Stock Analysis on RCKY

Rocky Brands Stock Down 1.4%

Shares of NASDAQ RCKY traded down $0.42 during mid-day trading on Wednesday, reaching $29.33. 26,198 shares of the company traded hands, compared to its average volume of 61,145. The company’s fifty day moving average is $29.82 and its two-hundred day moving average is $27.64. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.88 and a current ratio of 2.74. Rocky Brands has a fifty-two week low of $11.93 and a fifty-two week high of $33.40. The stock has a market cap of $219.80 million, a PE ratio of 10.70 and a beta of 2.64.

Rocky Brands (NASDAQ:RCKY – Get Free Report) last announced its earnings results on Tuesday, October 28th. The textile maker reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.13. Rocky Brands had a return on equity of 11.03% and a net margin of 4.37%.The firm had revenue of $122.54 million during the quarter, compared to analysts’ expectations of $122.92 million.

Rocky Brands Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were given a dividend of $0.155 per share. The ex-dividend date of this dividend was Monday, December 1st. This represents a $0.62 dividend on an annualized basis and a yield of 2.1%. Rocky Brands’s payout ratio is currently 22.63%.

Insider Buying and Selling at Rocky Brands

In related news, SVP Byron Wortham sold 6,600 shares of the stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $29.90, for a total value of $197,340.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Curtis A. Loveland sold 4,775 shares of the firm’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $32.43, for a total value of $154,853.25. Following the sale, the insider owned 95,454 shares of the company’s stock, valued at $3,095,573.22. The trade was a 4.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 21,156 shares of company stock worth $643,824 over the last three months. 5.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Rocky Brands

Several hedge funds and other institutional investors have recently made changes to their positions in RCKY. Raymond James Financial Inc. increased its stake in shares of Rocky Brands by 24.3% in the second quarter. Raymond James Financial Inc. now owns 557,502 shares of the textile maker’s stock worth $12,371,000 after purchasing an additional 109,012 shares during the period. Russell Investments Group Ltd. grew its holdings in Rocky Brands by 686.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 85,553 shares of the textile maker’s stock valued at $1,898,000 after buying an additional 74,668 shares during the last quarter. Hillsdale Investment Management Inc. increased its position in Rocky Brands by 128.5% in the 2nd quarter. Hillsdale Investment Management Inc. now owns 123,262 shares of the textile maker’s stock worth $2,735,000 after buying an additional 69,313 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of Rocky Brands during the third quarter worth approximately $1,772,000. Finally, Segall Bryant & Hamill LLC acquired a new position in shares of Rocky Brands during the third quarter worth approximately $1,240,000. 75.06% of the stock is owned by institutional investors and hedge funds.

Rocky Brands Company Profile

(Get Free Report)

Rocky Brands, Inc is a designer, manufacturer and marketer of premium footwear, apparel and accessories for a diverse range of end-users. The company serves outdoor enthusiasts, hardworking professionals and military personnel under a family of brands that includes Rocky, Georgia Boot, Durango and Xtratuf. Products span hunting and hiking boots, work and safety footwear, western and lifestyle boots, as well as performance socks and outerwear.

Rocky Brands operates multiple production and distribution facilities in North America, with its corporate headquarters located in Nelsonville, Ohio.

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