CIBC World Markets Inc. lessened its holdings in Ross Stores, Inc. (NASDAQ:ROST) by 25.8% during the first quarter, HoldingsChannel reports. The fund owned 21,276 shares of the apparel retailer’s stock after selling 7,396 shares during the quarter. CIBC World Markets Inc.’s holdings in Ross Stores were worth $2,551,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. State of Wisconsin Investment Board increased its stake in Ross Stores by 22.6% in the 4th quarter. State of Wisconsin Investment Board now owns 431,034 shares of the apparel retailer’s stock valued at $52,935,000 after buying an additional 79,490 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in Ross Stores by 12.2% in the 4th quarter. Daiwa Securities Group Inc. now owns 26,203 shares of the apparel retailer’s stock valued at $3,218,000 after buying an additional 2,847 shares during the last quarter. Maryland State Retirement & Pension System purchased a new stake in Ross Stores in the 4th quarter valued at about $629,000. Boston Partners increased its stake in Ross Stores by 23.3% in the 4th quarter. Boston Partners now owns 1,158,413 shares of the apparel retailer’s stock valued at $142,265,000 after buying an additional 218,740 shares during the last quarter. Finally, Regentatlantic Capital LLC grew its position in shares of Ross Stores by 4.0% during the 4th quarter. Regentatlantic Capital LLC now owns 2,494 shares of the apparel retailer’s stock valued at $306,000 after acquiring an additional 95 shares during the period. Institutional investors own 83.98% of the company’s stock.
A number of research firms have recently weighed in on ROST. OTR Global raised shares of Ross Stores from a “mixed” rating to a “positive” rating in a research report on Monday, May 3rd. Wedbush reaffirmed a “neutral” rating on shares of Ross Stores in a report on Tuesday, May 18th. Loop Capital raised their price objective on shares of Ross Stores from $130.00 to $145.00 and gave the stock a “buy” rating in a report on Thursday, April 15th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Ross Stores from $133.00 to $141.00 and gave the stock a “buy” rating in a report on Friday, May 21st. Finally, Telsey Advisory Group raised their price objective on shares of Ross Stores from $130.00 to $145.00 and gave the stock an “outperform” rating in a report on Monday, May 17th. Two investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $131.43.
Ross Stores (NASDAQ:ROST) last announced its quarterly earnings results on Wednesday, May 19th. The apparel retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.44. The business had revenue of $4.52 billion for the quarter, compared to analyst estimates of $3.80 billion. Ross Stores had a net margin of 5.71% and a return on equity of 32.44%. The company’s revenue was up 145.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.29) EPS. On average, equities research analysts predict that Ross Stores, Inc. will post 4.3 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 30th. Shareholders of record on Tuesday, June 8th will be issued a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date of this dividend is Monday, June 7th. Ross Stores’s dividend payout ratio (DPR) is presently 97.44%.
Ross Stores announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 20th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the apparel retailer to reacquire up to 3.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.
In other Ross Stores news, insider Michael Balmuth sold 49,377 shares of the firm’s stock in a transaction on Friday, May 28th. The shares were sold at an average price of $126.03, for a total value of $6,222,983.31. Following the sale, the insider now owns 49,145 shares of the company’s stock, valued at approximately $6,193,744.35. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Barbara Rentler sold 45,623 shares of Ross Stores stock in a transaction dated Monday, March 15th. The shares were sold at an average price of $123.73, for a total transaction of $5,644,933.79. Following the sale, the chief executive officer now directly owns 311,526 shares in the company, valued at approximately $38,545,111.98. The disclosure for this sale can be found here. In the last three months, insiders sold 197,741 shares of company stock worth $24,497,649. Insiders own 2.00% of the company’s stock.
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 offer 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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