Here’s Why Rocky Brands (RCKY) Stock Surged in Q4

Diamond Hill Capital, an investment management company, released its “Small Cap Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. During Q4 2023, the strategy returned 15.49% compared to 14.03% for the Russell 2000 Index. The relative outperformance in Q4 came from the strong performance of Financials and consumer discretionary holdings while industrials and healthcare holdings detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Diamond Hill Small Cap Fund featured stocks such as Rocky Brands, Inc. (NASDAQ:RCKY) in the fourth quarter 2023 investor letter. Headquartered in Nelsonville, Ohio, Rocky Brands, Inc. (NASDAQ:RCKY) is a footwear and apparel designer and manufacturer. On February 5, 2024, Rocky Brands, Inc. (NASDAQ:RCKY) stock closed at $27.08 per share. One-month return of Rocky Brands, Inc. (NASDAQ:RCKY) was 1.73%, and its shares lost 10.98% of their value over the last 52 weeks. Rocky Brands, Inc. (NASDAQ:RCKY) has a market capitalization of $199.792 million.

Diamond Hill Small Cap Fund stated the following regarding Rocky Brands, Inc. (NASDAQ:RCKY) in its fourth quarter 2023 investor letter:

“Other top contributors included Rocky Brands, Inc. (NASDAQ:RCKY) and Ryman Hospitality Properties. Shares of footwear and apparel designer and manufacturer Rocky Brands rose in the quarter as the company has effectively controlled expenses while wholesale order trends have normalized. We expect the company to continue deleveraging its balance sheet in the period ahead as it right-sizes its inventory.”

A fashion model wearing a complete look featuring the company’s apparel.

Rocky Brands, Inc. (NASDAQ:RCKY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 7 hedge fund portfolios held Rocky Brands, Inc. (NASDAQ:RCKY) at the end of third quarter which was 4 in the previous quarter.

We discussed Rocky Brands, Inc. (NASDAQ:RCKY) in another article and shared the list of highest quality boot brands in the US. In addition, please check out our hedge fund investor letters Q4 2023 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.