US Bancorp DE lessened its stake in shares of Ross Stores, Inc. (NASDAQ:ROST) by 11.4% during the first quarter, HoldingsChannel.com reports. The fund owned 147,661 shares of the apparel retailer’s stock after selling 18,936 shares during the period. US Bancorp DE’s holdings in Ross Stores were worth $13,746,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Morgan Stanley raised its stake in Ross Stores by 69.0% during the 3rd quarter. Morgan Stanley now owns 2,201,584 shares of the apparel retailer’s stock valued at $218,178,000 after purchasing an additional 898,614 shares during the period. Calamos Advisors LLC raised its stake in Ross Stores by 17.6% during the 4th quarter. Calamos Advisors LLC now owns 83,136 shares of the apparel retailer’s stock valued at $6,917,000 after purchasing an additional 12,447 shares during the period. Fisher Asset Management LLC raised its stake in Ross Stores by 5.3% during the 4th quarter. Fisher Asset Management LLC now owns 112,571 shares of the apparel retailer’s stock valued at $9,366,000 after purchasing an additional 5,627 shares during the period. Sumitomo Mitsui Asset Management Company LTD raised its stake in Ross Stores by 1.4% during the 4th quarter. Sumitomo Mitsui Asset Management Company LTD now owns 27,651 shares of the apparel retailer’s stock valued at $2,300,000 after purchasing an additional 371 shares during the period. Finally, Private Capital Group LLC raised its stake in Ross Stores by 26.3% during the 4th quarter. Private Capital Group LLC now owns 1,053 shares of the apparel retailer’s stock valued at $88,000 after purchasing an additional 219 shares during the period. Institutional investors and hedge funds own 88.31% of the company’s stock.
ROST has been the topic of several recent analyst reports. Guggenheim reissued a “buy” rating and set a $105.00 target price on shares of Ross Stores in a research note on Tuesday, March 5th. Wells Fargo & Co lifted their target price on Ross Stores from $92.00 to $104.00 and gave the company an “outperform” rating in a research note on Wednesday, March 6th. BidaskClub downgraded Ross Stores from a “hold” rating to a “sell” rating in a research note on Wednesday, March 13th. Credit Suisse Group lifted their target price on Ross Stores from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday, March 6th. Finally, DA Davidson lifted their target price on Ross Stores to $92.00 and gave the company a “neutral” rating in a research note on Thursday, March 7th. Ten research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $97.84.
Ross Stores (NASDAQ:ROST) last released its quarterly earnings data on Thursday, May 23rd. The apparel retailer reported $1.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.12 by $0.01. Ross Stores had a return on equity of 49.58% and a net margin of 10.60%. The business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.79 billion. During the same quarter in the previous year, the company posted $1.11 EPS. The company’s revenue was up 5.8% compared to the same quarter last year. As a group, analysts anticipate that Ross Stores, Inc. will post 4.5 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Tuesday, June 11th will be issued a $0.255 dividend. This represents a $1.02 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend is Monday, June 10th. Ross Stores’s dividend payout ratio (DPR) is 23.94%.
Ross Stores declared that its Board of Directors has approved a share buyback program on Tuesday, March 5th that authorizes the company to repurchase $2.55 billion in shares. This repurchase authorization authorizes the apparel retailer to reacquire up to 7.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
In other news, insider Bernard G. Brautigan sold 19,384 shares of Ross Stores stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $93.56, for a total value of $1,813,567.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Michael Balmuth sold 20,057 shares of Ross Stores stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $88.82, for a total value of $1,781,462.74. Following the completion of the transaction, the chairman now owns 134,567 shares of the company’s stock, valued at approximately $11,952,240.94. The disclosure for this sale can be found here. In the last quarter, insiders sold 137,054 shares of company stock valued at $12,504,328. Company insiders own 2.30% of the company’s stock.
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About Ross Stores
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. Its stores 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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