State Treasurer State of Michigan raised its position in Ross Stores, Inc. (NASDAQ:ROST) by 9.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 140,138 shares of the apparel retailer’s stock after acquiring an additional 11,600 shares during the quarter. State Treasurer State of Michigan’s holdings in Ross Stores were worth $11,877,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Lucia Wealth Services LLC bought a new position in shares of Ross Stores in the first quarter worth about $112,000. Well Done LLC bought a new position in shares of Ross Stores in the first quarter worth about $113,000. Ballew Advisors Inc bought a new position in shares of Ross Stores in the first quarter worth about $134,000. Summit Trail Advisors LLC raised its stake in shares of Ross Stores by 8,064.5% in the first quarter. Summit Trail Advisors LLC now owns 139,287 shares of the apparel retailer’s stock worth $139,000 after buying an additional 137,581 shares during the period. Finally, NuWave Investment Management LLC raised its stake in shares of Ross Stores by 168.7% in the second quarter. NuWave Investment Management LLC now owns 1,701 shares of the apparel retailer’s stock worth $145,000 after buying an additional 1,068 shares during the period. 88.76% of the stock is currently owned by institutional investors.
ROST has been the topic of several recent research reports. Deutsche Bank initiated coverage on Ross Stores in a research note on Monday, April 30th. They issued a “buy” rating and a $94.00 price objective on the stock. BidaskClub raised Ross Stores from a “hold” rating to a “buy” rating in a research note on Thursday, April 26th. ValuEngine raised Ross Stores from a “hold” rating to a “buy” rating in a research note on Saturday, June 2nd. Deutsche Bank decreased their price objective on Ross Stores from $94.00 to $91.00 and set a “buy” rating on the stock in a research note on Friday, May 25th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Ross Stores in a research note on Thursday, May 24th. Nine investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $87.50.
Shares of ROST opened at $91.87 on Friday. The company has a market cap of $34.49 billion, a P/E ratio of 27.51, a price-to-earnings-growth ratio of 2.26 and a beta of 1.07. Ross Stores, Inc. has a 12-month low of $57.75 and a 12-month high of $92.97. 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 (NASDAQ:ROST) last issued its earnings results on Thursday, May 24th. The apparel retailer reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.04. The company had revenue of $3.59 billion for 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 firm’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the company earned $0.82 EPS. equities analysts expect that Ross Stores, Inc. will post 4.05 EPS for the current year.
In other Ross Stores news, CEO Barbara Rentler sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, June 8th. The stock was sold at an average price of $85.45, for a total transaction of $2,136,250.00. Following the completion of the transaction, the chief executive officer now owns 475,736 shares in the company, valued at approximately $40,651,641.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Michael Balmuth sold 33,999 shares of the firm’s stock in a transaction that occurred on Thursday, May 31st. The shares were sold at an average price of $79.10, for a total value of $2,689,320.90. Following the transaction, the chairman now 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 have sold a total of 236,268 shares of company stock worth $20,170,488 in the last three months. 2.40% of the stock is owned by corporate insiders.
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 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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