Ross Stores (NASDAQ:ROST) had its price target lifted by Loop Capital from $88.00 to $95.00 in a research note issued to investors on Wednesday morning. They currently have a buy rating on the apparel retailer’s stock.
Other research analysts also recently issued research reports about the company. SunTrust Banks set a $93.00 price target on Ross Stores and gave the stock a buy rating in a research note on Wednesday, March 7th. Susquehanna Bancshares set a $95.00 price target on Ross Stores and gave the stock a buy rating in a research note on Wednesday, March 7th. Deutsche Bank set a $92.00 price target on Ross Stores and gave the stock a buy rating in a research note on Wednesday, March 7th. Wells Fargo & Co reaffirmed a buy rating and set a $86.00 price target (down previously from $91.00) on shares of Ross Stores in a research note on Wednesday, March 7th. Finally, Cowen set a $85.00 price target on Ross Stores and gave the stock a buy rating in a research note on Tuesday, March 6th. Eight investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $85.04.
Shares of Ross Stores opened at $84.75 on Wednesday, according to Marketbeat.com. The firm has a market cap of $32.04 billion, a price-to-earnings ratio of 25.37, a P/E/G ratio of 2.10 and a beta of 1.06. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.74 and a current ratio of 1.64. Ross Stores has a one year low of $52.85 and a one year high of $87.22.
Ross Stores (NASDAQ:ROST) last released its quarterly earnings results on Thursday, May 24th. The apparel retailer reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.04. The business had revenue of $3.59 billion during the quarter, compared to the consensus estimate of $3.54 billion. Ross Stores had a return on equity of 46.48% and a net margin of 10.13%. The business’s revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.82 EPS. analysts forecast that Ross Stores will post 4.05 EPS for the current year.
Ross Stores declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, March 6th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the apparel retailer to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, June 29th. Investors of record on Tuesday, June 12th were paid a $0.225 dividend. This represents a $0.90 annualized dividend and a yield of 1.06%. The ex-dividend date was Monday, June 11th. Ross Stores’s payout ratio is 26.95%.
In related news, CEO Barbara Rentler sold 15,000 shares of the business’s stock in a transaction dated Thursday, April 12th. The shares were sold at an average price of $78.25, for a total value of $1,173,750.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Michael Balmuth sold 33,999 shares of the business’s stock in a transaction dated Thursday, May 31st. The shares were sold at an average price of $79.10, for a total transaction of $2,689,320.90. Following the completion of the transaction, the chairman now directly owns 78,342 shares of the company’s stock, valued at approximately $6,196,852.20. The disclosure for this sale can be found here. Insiders sold a total of 296,169 shares of company stock valued at $24,914,591 in the last three months. 2.30% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in ROST. Tiemann Investment Advisors LLC purchased a new stake in Ross Stores in the 4th quarter valued at about $227,000. Paloma Partners Management Co grew its holdings in Ross Stores by 53.7% in the 4th quarter. Paloma Partners Management Co now owns 10,543 shares of the apparel retailer’s stock valued at $846,000 after buying an additional 3,685 shares during the period. Sands Capital Management LLC grew its holdings in Ross Stores by 574.3% in the 4th quarter. Sands Capital Management LLC now owns 77,121 shares of the apparel retailer’s stock valued at $6,189,000 after buying an additional 65,683 shares during the period. Xact Kapitalforvaltning AB grew its holdings in Ross Stores by 5.9% in the 4th quarter. Xact Kapitalforvaltning AB now owns 82,583 shares of the apparel retailer’s stock valued at $6,627,000 after buying an additional 4,637 shares during the period. Finally, Amundi Pioneer Asset Management Inc. grew its holdings in Ross Stores by 63.4% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 5,456,503 shares of the apparel retailer’s stock valued at $437,885,000 after buying an additional 2,117,771 shares during the period. 88.01% of the stock is owned by hedge funds and other institutional investors.
Ross Stores Company Profile
Ross Stores, Inc, together with its subsidiaries, operates off-price retail apparel and home fashion stores under the Ross Dress for Less and dd's DISCOUNTS brands in the United States. It primarily offers apparel, accessories, footwear, and home fashions. The company's Ross Dress for Less stores sell its products at department and specialty stores primarily to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores regular prices to customers from households with moderate income.
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