Rocky Brands Inc (NASDAQ:RCKY) was the target of a significant increase in short interest in the month of June. As of June 30th, there was short interest totalling 123,300 shares, an increase of 10.9% from the May 30th total of 111,200 shares. Based on an average daily volume of 35,000 shares, the days-to-cover ratio is presently 3.5 days. Currently, 1.8% of the company’s stock are short sold.
Several analysts recently commented on the stock. ValuEngine upgraded shares of Vale from a “sell” rating to a “hold” rating in a report on Tuesday. Zacks Investment Research lowered shares of Hancock Jaffe Laboratories from a “buy” rating to a “hold” rating in a research report on Wednesday, June 26th.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Rocky Brands by 2.4% in the fourth quarter. BlackRock Inc. now owns 684,537 shares of the textile maker’s stock valued at $17,799,000 after purchasing an additional 16,067 shares during the period. LSV Asset Management raised its position in shares of Rocky Brands by 6.7% in the first quarter. LSV Asset Management now owns 228,324 shares of the textile maker’s stock valued at $5,470,000 after purchasing an additional 14,292 shares during the period. Dalton Greiner Hartman Maher & Co. raised its position in shares of Rocky Brands by 6.1% in the second quarter. Dalton Greiner Hartman Maher & Co. now owns 162,480 shares of the textile maker’s stock valued at $4,432,000 after purchasing an additional 9,346 shares during the period. Geode Capital Management LLC raised its position in shares of Rocky Brands by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 88,799 shares of the textile maker’s stock valued at $2,308,000 after purchasing an additional 4,628 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Rocky Brands by 4.1% in the fourth quarter. Bank of New York Mellon Corp now owns 77,811 shares of the textile maker’s stock valued at $2,023,000 after purchasing an additional 3,069 shares during the period. 71.67% of the stock is currently owned by hedge funds and other institutional investors.
Shares of RCKY opened at $28.69 on Tuesday. The company has a market capitalization of $212.13 million, a price-to-earnings ratio of 15.26 and a beta of 0.46. The company’s 50 day simple moving average is $26.37. Rocky Brands has a twelve month low of $22.44 and a twelve month high of $33.45.
Rocky Brands (NASDAQ:RCKY) last issued its quarterly earnings data on Tuesday, April 23rd. The textile maker reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.06. The firm had revenue of $65.93 million for the quarter, compared to analyst estimates of $62.50 million. Rocky Brands had a net margin of 5.79% and a return on equity of 9.53%. Analysts anticipate that Rocky Brands will post 2 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend was Friday, May 31st. This is a positive change from Rocky Brands’s previous quarterly dividend of $0.12. Rocky Brands’s dividend payout ratio (DPR) is presently 29.79%.
About Rocky Brands
Rocky Brands, Inc designs, manufactures, and markets footwear and apparel under the Rocky, Georgia Boot, Durango, Lehigh, and Michelin brand names in the United States, Canada, and internationally. The company operates through three segments: Wholesale, Retail, and Military. The Wholesale segment offers products in approximately 10,000 retail locations through a range of distribution channels comprising sporting goods stores, outdoor retailers, independent shoe retailers, hardware stores, catalogs, mass merchants, uniform stores, farm store chains, specialty safety stores, and specialty and online retailers.
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