Here’s Why Rocky Brands (RCKY) Rose in Q2
Diamond Hill Capital, an investment management company, released its “Small Cap Fund” second-quarter 2024 investor letter. A copy of the same can be downloaded here. Equity markets reported mixed results in the second quarter of 2024. However, the broad market Russell 3000 Index and the large-cap-focused Russell 1000 Index advanced approximately 3%, most other market segments posted negative returns. Diamond Hill Small Cap Fund slightly trailed its benchmark, the Russell 2000 Index, in Q2 and returned -3.42% while the benchmark return was -3.28% during the same period. For more information on the fund’s top picks in 2024, please check its top five holdings.
Diamond Hill Small Cap Fund highlighted stocks like Rocky Brands, Inc. (NASDAQ:RCKY), in the second quarter 2024 investor letter. Rocky Brands, Inc. (NASDAQ:RCKY) designs, manufactures, and markets footwear and apparel. The one-month return of Rocky Brands, Inc. (NASDAQ:RCKY) was -18.81%, and its shares gained 36.56% of their value over the last 52 weeks. On August 7, 2024, Rocky Brands, Inc. (NASDAQ:RCKY) stock closed at $27.53 per share with a market capitalization of $204.958 million.
Diamond Hill Small Cap Fund stated the following regarding Rocky Brands, Inc. (NASDAQ:RCKY) in its Q2 2024 investor letter:
"Other top Q2 contributors included Mama’s Creations, Rocky Brands, Inc. (NASDAQ:RCKY) and Taseko Mines. Shares of footwear and apparel designer and manufacturer Rocky Brands rose amid a combination of rising underlying demand for its products, improved wholesale orders and well-controlled expenses."
A fashion model wearing a complete look featuring the company's apparel.
Rocky Brands, Inc. (NASDAQ:RCKY) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held Rocky Brands, Inc. (NASDAQ:RCKY) at the end of the first quarter which was 7 in the previous quarter. In the second quarter Rocky Brands, Inc. (NASDAQ:RCKY) reported net sales of $98.3 million, down 1.6% compared to Q2 2023. While we acknowledge the potential of Rocky Brands, Inc. (NASDAQ:RCKY) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Rocky Brands, Inc. (NASDAQ:RCKY) and shared Diamond Hill Small Cap Fund's views on the company in Q4 2023. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.