National Asset Management Inc. increased its holdings in Ross Stores, Inc. (NASDAQ:ROST) by 78.6% in the first quarter, HoldingsChannel.com reports. The firm owned 5,993 shares of the apparel retailer’s stock after buying an additional 2,637 shares during the quarter. National Asset Management Inc.’s holdings in Ross Stores were worth $560,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Greenleaf Trust acquired a new position in Ross Stores in the 1st quarter worth about $378,000. Strategy Asset Managers LLC purchased a new stake in Ross Stores during the 1st quarter worth approximately $2,296,000. Griffin Asset Management Inc. increased its stake in Ross Stores by 6.0% during the 1st quarter. Griffin Asset Management Inc. now owns 15,465 shares of the apparel retailer’s stock worth $1,440,000 after buying an additional 875 shares in the last quarter. Royal Bank of Scotland Group PLC increased its stake in Ross Stores by 69.8% during the 1st quarter. Royal Bank of Scotland Group PLC now owns 5,239 shares of the apparel retailer’s stock worth $488,000 after buying an additional 2,154 shares in the last quarter. Finally, TD Asset Management Inc. increased its stake in Ross Stores by 11.9% during the 1st quarter. TD Asset Management Inc. now owns 782,878 shares of the apparel retailer’s stock worth $72,886,000 after buying an additional 83,271 shares in the last quarter. 88.31% of the stock is owned by institutional investors.
Several research firms have commented on ROST. Guggenheim reiterated a “buy” rating and set a $105.00 price objective on shares of Ross Stores in a research note on Friday. BidaskClub upgraded Ross Stores from a “hold” rating to a “buy” rating in a research note on Wednesday. Robert W. Baird began coverage on Ross Stores in a research note on Monday, May 13th. They set an “outperform” rating and a $108.00 price objective for the company. Zacks Investment Research upgraded Ross Stores from a “sell” rating to a “hold” rating in a research note on Monday, May 13th. Finally, DA Davidson boosted their price objective on Ross Stores to $92.00 and gave the stock a “neutral” rating in a research note on Thursday, March 7th. Ten analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. Ross Stores presently has a consensus rating of “Buy” and a consensus price target of $97.84.
In related news, EVP Michael J. Hartshorn sold 9,924 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $91.48, for a total value of $907,847.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Michael Balmuth sold 25,689 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $90.77, for a total value of $2,331,790.53. Following the completion of the transaction, the chairman now owns 51,998 shares of the company’s stock, valued at $4,719,858.46. The disclosure for this sale can be found here. Insiders sold 137,054 shares of company stock valued at $12,504,328 over the last 90 days. Company insiders own 2.30% of the company’s stock.
ROST stock opened at $94.51 on Friday. The company has a quick ratio of 0.82, a current ratio of 1.69 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $34.73 billion, a PE ratio of 22.19, a P/E/G ratio of 2.08 and a beta of 0.89. Ross Stores, Inc. has a 1 year low of $75.91 and a 1 year high of $104.35.
Ross Stores (NASDAQ:ROST) last posted its quarterly earnings results on Thursday, May 23rd. The apparel retailer reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.01. The business had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.79 billion. Ross Stores had a return on equity of 49.58% and a net margin of 10.60%. The business’s revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.11 earnings per share. Equities research analysts predict that Ross Stores, Inc. will post 4.5 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Tuesday, June 11th will be given a $0.255 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 1.08%. Ross Stores’s dividend payout ratio (DPR) is presently 23.94%.
Ross Stores declared that its Board of Directors has authorized a stock repurchase program on Tuesday, March 5th that allows the company to repurchase $2.55 billion in shares. This repurchase authorization allows the apparel retailer to repurchase up to 7.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.
Ross Stores 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. 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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