Neuburgh Advisers LLC Sells 896 Shares of Ross Stores, Inc. (NASDAQ:ROST)
Neuburgh Advisers LLC lowered its position in Ross Stores, Inc. (NASDAQ:ROST) by 1.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,808 shares of the apparel retailer’s stock after selling 896 shares during the quarter. Neuburgh Advisers LLC’s holdings in Ross Stores were worth $6,127,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bollard Group LLC bought a new stake in shares of Ross Stores during the 4th quarter worth about $25,000. CI Investments Inc. bought a new stake in shares of Ross Stores during the 4th quarter worth about $26,000. First Manhattan Co. bought a new stake in shares of Ross Stores during the 1st quarter worth about $27,000. Athena Capital Advisors LLC bought a new stake in shares of Ross Stores during the 4th quarter worth about $29,000. Finally, Berman Capital Advisors LLC bought a new stake in shares of Ross Stores during the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 88.96% of the company’s stock.
In other Ross Stores news, Chairman Michael Balmuth sold 81,049 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $92.87, for a total value of $7,527,020.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bernard G. Brautigan sold 12,000 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $91.18, for a total value of $1,094,160.00. Following the completion of the transaction, the insider now directly owns 174,450 shares of the company’s stock, valued at approximately $15,906,351. The disclosure for this sale can be found here. In the last ninety days, insiders sold 192,414 shares of company stock valued at $17,699,558. Insiders own 2.30% of the company’s stock.
Ross Stores (NASDAQ:ROST) last posted its quarterly earnings results on Thursday, May 23rd. The apparel retailer reported $1.13 EPS for the quarter, beating the consensus estimate of $1.12 by $0.01. The firm had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.79 billion. Ross Stores had a return on equity of 48.92% and a net margin of 10.47%. The company’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.11 EPS. On average, analysts expect that Ross Stores, Inc. will post 4.51 earnings per share for the current fiscal year.
Ross Stores declared that its Board of Directors has initiated 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 purchase up to 7.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Tuesday, June 11th will be issued a $0.255 dividend. The ex-dividend date is Monday, June 10th. This represents a $1.02 annualized dividend and a yield of 1.03%. Ross Stores’s dividend payout ratio (DPR) is 23.94%.
Several research firms have recently issued reports on ROST. BidaskClub upgraded Ross Stores from a “hold” rating to a “buy” rating in a research note on Wednesday. Zacks Investment Research upgraded Ross Stores from a “sell” rating to a “hold” rating in a research note on Monday, May 13th. Guggenheim reissued a “buy” rating and set a $105.00 price objective on shares of Ross Stores in a research report on Friday, May 24th. Credit Suisse Group boosted their price objective on Ross Stores from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 6th. Finally, DA Davidson boosted their price objective on Ross Stores to $92.00 and gave the stock a “neutral” rating in a research report on Thursday, March 7th. Ten investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Ross Stores has a consensus rating of “Buy” and an average price target of $98.13.
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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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