Westpac Banking Corp raised its stake in shares of Ross Stores, Inc. (NASDAQ:ROST) by 561.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 175,646 shares of the apparel retailer’s stock after purchasing an additional 149,090 shares during the period. Westpac Banking Corp’s holdings in Ross Stores were worth $11,341,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Herndon Capital Management LLC boosted its stake in shares of Ross Stores by 85.6% in the second quarter. Herndon Capital Management LLC now owns 202,917 shares of the apparel retailer’s stock worth $11,715,000 after acquiring an additional 93,559 shares during the period. PGGM Investments boosted its stake in shares of Ross Stores by 47.8% in the third quarter. PGGM Investments now owns 720,055 shares of the apparel retailer’s stock worth $46,494,000 after acquiring an additional 232,899 shares during the period. Mechanics Bank Trust Department boosted its stake in shares of Ross Stores by 0.5% in the second quarter. Mechanics Bank Trust Department now owns 65,450 shares of the apparel retailer’s stock worth $3,778,000 after acquiring an additional 315 shares during the period. Swiss National Bank boosted its stake in shares of Ross Stores by 2.3% in the second quarter. Swiss National Bank now owns 1,667,592 shares of the apparel retailer’s stock worth $96,270,000 after acquiring an additional 36,700 shares during the period. Finally, Marshall Wace North America L.P. boosted its stake in shares of Ross Stores by 21.9% in the second quarter. Marshall Wace North America L.P. now owns 1,463,322 shares of the apparel retailer’s stock worth $84,873,000 after acquiring an additional 262,946 shares during the period. 90.38% of the stock is owned by institutional investors and hedge funds.
In related news, CEO Barbara Rentler sold 15,492 shares of Ross Stores stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $61.00, for a total value of $945,012.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Brian R. Morrow sold 6,157 shares of Ross Stores stock in a transaction dated Wednesday, October 4th. The shares were sold at an average price of $65.30, for a total value of $402,052.10. The disclosure for this sale can be found here. 2.30% of the stock is owned by insiders.
ROST has been the subject of a number of recent analyst reports. Zacks Investment Research raised Ross Stores from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research note on Monday, August 21st. Buckingham Research reaffirmed a “neutral” rating and issued a $71.00 price objective on shares of Ross Stores in a research note on Thursday, October 19th. Instinet reaffirmed a “buy” rating and issued a $74.00 price objective on shares of Ross Stores in a research note on Sunday, August 20th. UBS AG dropped their price objective on Ross Stores from $70.00 to $64.00 and set a “neutral” rating for the company in a research note on Friday, August 18th. Finally, Telsey Advisory Group raised Ross Stores from a “market perform” rating to an “outperform” rating and set a $70.00 price objective for the company in a research note on Friday, July 14th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $70.21.
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Ross Stores (NASDAQ:ROST) last announced its quarterly earnings results on Thursday, August 17th. The apparel retailer reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.05. Ross Stores had a return on equity of 42.95% and a net margin of 8.87%. The firm had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.37 billion. During the same quarter in the previous year, the business earned $0.71 EPS. Ross Stores’s revenue for the quarter was up 7.9% compared to the same quarter last year.
About Ross Stores
Ross Stores, Inc and its subsidiaries operate two brands of off-price retail apparel and home fashion stores-Ross Dress for Less (Ross) and dd’s DISCOUNTS. The Company is the off-price apparel and home fashion chain in the United States, with 1,340 locations in 36 states, the District of Columbia and Guam, as of January 28, 2017.
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