Spinnaker Trust Sells 300 Shares of Ross Stores, Inc. (NASDAQ:ROST)

Spinnaker Trust lowered its position in Ross Stores, Inc. (NASDAQ:ROST) by 8.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,400 shares of the apparel retailer’s stock after selling 300 shares during the quarter. Spinnaker Trust’s holdings in Ross Stores were worth $471,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ROST. Clearstead Advisors LLC raised its holdings in shares of Ross Stores by 458.0% in the 3rd quarter. Clearstead Advisors LLC now owns 279 shares of the apparel retailer’s stock worth $32,000 after buying an additional 229 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of Ross Stores by 52.9% in the 4th quarter. Geneos Wealth Management Inc. now owns 240 shares of the apparel retailer’s stock worth $33,000 after buying an additional 83 shares in the last quarter. Rock Creek Group LP acquired a new position in shares of Ross Stores in the 3rd quarter worth approximately $35,000. Steward Financial Group LLC raised its holdings in shares of Ross Stores by 164.1% in the 3rd quarter. Steward Financial Group LLC now owns 338 shares of the apparel retailer’s stock worth $38,000 after buying an additional 210 shares in the last quarter. Finally, McGlone Suttner Wealth Management Inc. acquired a new position in shares of Ross Stores in the 4th quarter worth approximately $51,000. Institutional investors own 86.86% of the company’s stock.

Ross Stores Trading Up 1.1 %

Shares of NASDAQ:ROST traded up $1.46 during midday trading on Friday, hitting $133.61. The company had a trading volume of 1,958,373 shares, compared to its average volume of 1,939,351. Ross Stores, Inc. has a 12 month low of $99.00 and a 12 month high of $151.12. The company has a current ratio of 1.77, a quick ratio of 1.24 and a debt-to-equity ratio of 0.45. The stock has a market cap of $44.99 billion, a price-to-earnings ratio of 24.03, a PEG ratio of 1.88 and a beta of 1.04. The firm has a fifty day simple moving average of $142.78 and a 200 day simple moving average of $135.26.

Ross Stores (NASDAQ:ROST) last posted its quarterly earnings results on Tuesday, March 5th. The apparel retailer reported $1.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.19. The business had revenue of $6.02 billion for the quarter, compared to analyst estimates of $5.81 billion. Ross Stores had a return on equity of 41.15% and a net margin of 9.20%. The firm’s revenue was up 15.5% on a year-over-year basis. During the same period last year, the company earned $1.31 EPS. On average, analysts predict that Ross Stores, Inc. will post 5.89 EPS for the current year.

Ross Stores Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a dividend of $0.3675 per share. The ex-dividend date was Thursday, March 14th. This is a positive change from Ross Stores’s previous quarterly dividend of $0.34. This represents a $1.47 annualized dividend and a yield of 1.10%. Ross Stores’s payout ratio is currently 26.44%.

Ross Stores announced that its board has initiated a share repurchase plan on Tuesday, March 5th that authorizes the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization authorizes the apparel retailer to buy up to 4.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ROST. Jefferies Financial Group raised their price target on Ross Stores from $135.00 to $147.00 and gave the company a “hold” rating in a report on Wednesday, March 6th. JPMorgan Chase & Co. raised their price target on Ross Stores from $150.00 to $163.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. BMO Capital Markets raised their price target on Ross Stores from $138.00 to $165.00 and gave the company an “outperform” rating in a report on Wednesday, March 6th. Evercore ISI raised their price target on Ross Stores from $155.00 to $165.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. Finally, Loop Capital raised their price target on Ross Stores from $150.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. Four research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $155.21.

Insiders Place Their Bets

In other Ross Stores news, Director Larree M. Renda sold 4,168 shares of Ross Stores stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $147.89, for a total value of $616,405.52. Following the sale, the director now owns 3,166 shares of the company’s stock, valued at approximately $468,219.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Ross Stores news, Director Larree M. Renda sold 4,168 shares of Ross Stores stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $147.89, for a total value of $616,405.52. Following the sale, the director now owns 3,166 shares of the company’s stock, valued at approximately $468,219.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Brian R. Morrow sold 10,734 shares of Ross Stores stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $146.00, for a total value of $1,567,164.00. Following the completion of the sale, the chief marketing officer now directly owns 62,711 shares in the company, valued at approximately $9,155,806. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 71,097 shares of company stock worth $10,396,178. Corporate insiders own 2.00% of the company’s stock.

Ross Stores Company 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 brand names in the United States. 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 to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores for households with moderate income.