Renaissance Technologies LLC lowered its stake in shares of Ross Stores, Inc. (NASDAQ:ROST) by 60.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 955,028 shares of the apparel retailer’s stock after selling 1,441,500 shares during the quarter. Renaissance Technologies LLC’s holdings in Ross Stores were worth $76,641,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Scotia Capital Inc. boosted its holdings in Ross Stores by 279.1% during the fourth quarter. Scotia Capital Inc. now owns 26,506 shares of the apparel retailer’s stock worth $2,127,000 after buying an additional 19,514 shares during the last quarter. Pitcairn Co. bought a new position in shares of Ross Stores during the 4th quarter valued at about $216,000. Koch Industries Inc. bought a new position in shares of Ross Stores during the 4th quarter valued at about $630,000. ETRADE Capital Management LLC lifted its holdings in shares of Ross Stores by 14.7% during the 4th quarter. ETRADE Capital Management LLC now owns 10,274 shares of the apparel retailer’s stock valued at $825,000 after purchasing an additional 1,320 shares in the last quarter. Finally, Cheviot Value Management LLC bought a new position in shares of Ross Stores during the 4th quarter valued at about $321,000. Hedge funds and other institutional investors own 88.60% of the company’s stock.
Several equities analysts have recently weighed in on the company. BidaskClub upgraded Ross Stores from a “hold” rating to a “buy” rating in a report on Wednesday, January 24th. Nomura reiterated a “buy” rating and set a $90.00 price objective (up previously from $80.00) on shares of Ross Stores in a report on Wednesday, January 17th. Bank of America set a $94.00 price objective on Ross Stores and gave the company a “buy” rating in a report on Tuesday, March 6th. Royal Bank of Canada set a $82.00 price objective on Ross Stores and gave the company a “hold” rating in a report on Tuesday, March 6th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $78.00 price objective on shares of Ross Stores in a report on Wednesday. Nine research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $80.86.
Ross Stores (NASDAQ:ROST) last announced its earnings results on Tuesday, March 6th. The apparel retailer reported $0.98 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.05. Ross Stores had a return on equity of 44.53% and a net margin of 9.64%. The business had revenue of $4.07 billion for the quarter, compared to analyst estimates of $3.95 billion. equities analysts expect that Ross Stores, Inc. will post 4.03 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Monday, March 19th will be given a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date of this dividend is Friday, March 16th. This is a positive change from Ross Stores’s previous quarterly dividend of $0.16. Ross Stores’s dividend payout ratio (DPR) is currently 18.03%.
Ross Stores declared that its board has authorized a stock buyback program on Tuesday, March 6th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the apparel retailer to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
Ross Stores Company Profile
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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