Renaissance Technologies LLC increased its holdings in shares of Rocky Brands Inc (NASDAQ:RCKY) by 26.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 225,600 shares of the textile maker’s stock after purchasing an additional 47,800 shares during the quarter. Renaissance Technologies LLC owned approximately 3.05% of Rocky Brands worth $4,264,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the stock. Wells Fargo & Company MN lifted its stake in Rocky Brands by 13.2% during the fourth quarter. Wells Fargo & Company MN now owns 335,234 shares of the textile maker’s stock worth $6,335,000 after purchasing an additional 39,023 shares during the last quarter. Acadian Asset Management LLC lifted its stake in Rocky Brands by 10.4% in the fourth quarter. Acadian Asset Management LLC now owns 263,763 shares of the textile maker’s stock valued at $4,983,000 after buying an additional 24,754 shares during the last quarter. Dalton Greiner Hartman Maher & Co. purchased a new stake in Rocky Brands in the fourth quarter valued at approximately $4,145,000. Bank of New York Mellon Corp lifted its stake in Rocky Brands by 175.7% in the fourth quarter. Bank of New York Mellon Corp now owns 47,133 shares of the textile maker’s stock valued at $891,000 after buying an additional 30,036 shares during the last quarter. Finally, OxFORD Asset Management LLP lifted its stake in Rocky Brands by 160.5% in the third quarter. OxFORD Asset Management LLP now owns 41,220 shares of the textile maker’s stock valued at $552,000 after buying an additional 25,399 shares during the last quarter. Hedge funds and other institutional investors own 58.77% of the company’s stock.
In other Rocky Brands news, Director James L. Stewart sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $18.00, for a total value of $36,000.00. Following the completion of the sale, the director now owns 27,663 shares in the company, valued at $497,934. The sale was disclosed in a document filed with the SEC, which is available through this link. 8.50% of the stock is currently owned by insiders.
Rocky Brands (NASDAQ:RCKY) last issued its quarterly earnings data on Tuesday, February 20th. The textile maker reported $0.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.12. Rocky Brands had a return on equity of 6.24% and a net margin of 3.79%. The company had revenue of $66.99 million during the quarter, compared to analysts’ expectations of $65.90 million. sell-side analysts anticipate that Rocky Brands Inc will post 1.4 earnings per share for the current year.
Rocky Brands announced that its board has approved a stock buyback program on Monday, March 5th that authorizes the company to buyback $7.50 million in shares. This buyback authorization authorizes the textile maker to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
A number of brokerages have weighed in on RCKY. ValuEngine upgraded Rocky Brands from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Zacks Investment Research cut Rocky Brands from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 27th. Finally, Robert W. Baird reiterated a “hold” rating and issued a $19.00 price objective on shares of Rocky Brands in a research note on Friday, February 23rd. Two analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the company’s stock. Rocky Brands presently has a consensus rating of “Buy” and an average target price of $18.33.
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Rocky Brands Profile
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 and the licensed brand Michelin. The Company operates its business through three segments: wholesale, retail and military. In its wholesale segment, the Company distributes its products through a range of distribution channels representing over 10,000 retail store locations in the United States and Canada, as well as in other international markets.
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