Curtis A. Loveland, Assistant Secretary of Rocky Brands , Inc. (NASDAQ:RCKY), a company specializing in footwear, has sold 4,000 shares of common stock at prices ranging from $37 to $37.07, according to a recent SEC filing. The total value of the stock sold amounts to $148,000. This transaction was executed on June 11, 2024, and was disclosed in a Form 4 filing with the Securities and Exchange Commission.
The sale price represents a weighted average of the sale prices, with the shares being sold in a range that topped at $37.07. The filing included a footnote indicating that detailed information about the number of shares sold at each separate price would be provided upon request by the SEC staff, the issuer, or a security holder of the issuer.
In addition to the sale, Loveland also acquired 4,000 shares of common stock on the same day through the exercise of options, with the exercise price set at $29.43 per share. The total amount paid for these shares was $117,720.
Following these transactions, Loveland's direct ownership in Rocky Brands stands at 95,804 shares of common stock. Additionally, the filing disclosed that Loveland indirectly owns 4,781 shares of common stock held in a Keogh account.
Investors often monitor insider transactions for insights into a company's performance and management's view of the company's value. Transactions by company executives can be indicative of their confidence in the company's future prospects.
Rocky Brands, based in Nelsonville, Ohio, is known for its range of quality footwear and apparel. The company has a history dating back to its former name, Rocky Shoes & Boots Inc., and continues to be a significant player in the footwear industry.
In other recent news, Rocky Brands, a footwear company, has seen a strong start to the year with first-quarter revenues and adjusted earnings per share surpassing estimates. This robust performance is attributed to improved inventory management and a return to more standard sales practices. The demand for the company's lifestyle products is reportedly strong, surpassing the performance of their work and outdoor lines. As a result, the company's full-year revenue projections have been adjusted to the higher end of their previous guidance.
Analysts from Baird have adjusted the financial outlook for Rocky Brands, raising the price target for the company's stock to $32.00, up from the previous $28.00. They have also increased their expected EPS for 2024 to $2.90, which includes the anticipated benefits from debt refinancing. These recent developments reflect the company's successful reallocation of cost savings to advertising efforts, double-digit growth in key brands, and a decrease in debt and operational costs.
InvestingPro Insights
Amidst the inside transactions at Rocky Brands, Inc. (NASDAQ:RCKY), the market has been keeping a close watch on the company's financial health and growth trajectory. Recent data from InvestingPro provides a glimpse into the company's valuation and stock performance, which are critical for investors following insider activities.
InvestingPro Data highlights a Market Cap of $272.58 million for Rocky Brands, with a P/E Ratio of 20.78, reflecting the company's current earnings valuation. Notably, the stock has seen significant price volatility, with a 1 Year Price Total Return of 82.58%, showcasing a strong return over the last year.
According to InvestingPro Tips, Rocky Brands is trading at a high P/E ratio relative to near-term earnings growth, which might be a point of consideration for investors looking at the company's future profitability. Additionally, the company has maintained dividend payments for 12 consecutive years, with a current Dividend Yield of 1.67%, indicating a stable return for income-focused investors.
For those seeking deeper insights and additional metrics, InvestingPro offers further analysis and tips for Rocky Brands. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With a total of 9 InvestingPro Tips available, including predictions on profitability and liquidity assessments, investors have a wealth of information to consider when evaluating their position in RCKY.
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