Lazard Asset Management LLC lessened its position in Rocky Brands, Inc. (NASDAQ:RCKY – Free Report) by 37.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,567 shares of the textile maker’s stock after selling 14,582 shares during the period. Lazard Asset Management LLC’s holdings in Rocky Brands were worth $951,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of the company. State of Alaska Department of Revenue acquired a new position in shares of Rocky Brands during the 4th quarter worth about $35,000. Strs Ohio acquired a new stake in Rocky Brands in the 1st quarter valued at about $92,000. BNP Paribas Financial Markets lifted its stake in Rocky Brands by 391.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,645 shares of the textile maker’s stock valued at $109,000 after purchasing an additional 2,903 shares during the last quarter. SG Americas Securities LLC bought a new position in Rocky Brands during the first quarter worth about $149,000. Finally, Deutsche Bank AG grew its holdings in Rocky Brands by 10.0% during the fourth quarter. Deutsche Bank AG now owns 5,113 shares of the textile maker’s stock worth $150,000 after purchasing an additional 464 shares during the period. 75.06% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In other news, Director Tracie A. Winbigler sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $47.45, for a total transaction of $142,350.00. Following the completion of the sale, the director owned 14,246 shares of the company’s stock, valued at approximately $675,972.70. This represents a 17.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William L. Jordan sold 2,011 shares of Rocky Brands stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $48.48, for a total transaction of $97,493.28. Following the completion of the transaction, the director directly owned 21,940 shares in the company, valued at $1,063,651.20. This trade represents a 8.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 15,483 shares of company stock valued at $763,214 over the last quarter. 7.60% of the stock is owned by corporate insiders.
Rocky Brands Trading Down 1.0%
Rocky Brands (NASDAQ:RCKY – Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The textile maker reported $1.90 earnings per share for the quarter, beating the consensus estimate of $0.35 by $1.55. The firm had revenue of $118.37 million during the quarter, compared to analysts’ expectations of $110.08 million. Rocky Brands had a return on equity of 12.44% and a net margin of 5.72%.
Rocky Brands Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a $0.17 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.68 annualized dividend and a yield of 1.4%. This is an increase from Rocky Brands’s previous quarterly dividend of $0.15. Rocky Brands’s payout ratio is 17.80%.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on RCKY shares. Robert W. Baird boosted their price target on Rocky Brands from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 29th. BTIG Research reaffirmed a “neutral” rating on shares of Rocky Brands in a research report on Wednesday, July 29th. Wall Street Zen upgraded Rocky Brands from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Rocky Brands in a report on Tuesday, May 26th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $56.00.
View Our Latest Analysis on Rocky Brands
About Rocky Brands
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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