Pinebridge Investments L.P. lifted its stake in Ross Stores, Inc. (NASDAQ:ROST) by 110.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 130,542 shares of the apparel retailer’s stock after purchasing an additional 68,600 shares during the quarter. Pinebridge Investments L.P.’s holdings in Ross Stores were worth $12,940,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the stock. Accident Compensation Corp acquired a new stake in Ross Stores during the first quarter worth $205,000. Enlightenment Research LLC acquired a new stake in Ross Stores during the second quarter worth $1,100,000. Elkfork Partners LLC increased its stake in Ross Stores by 10.9% during the second quarter. Elkfork Partners LLC now owns 127,736 shares of the apparel retailer’s stock worth $12,662,000 after acquiring an additional 12,572 shares during the last quarter. Hendershot Investments Inc. increased its stake in Ross Stores by 0.7% during the second quarter. Hendershot Investments Inc. now owns 50,555 shares of the apparel retailer’s stock worth $5,011,000 after acquiring an additional 345 shares during the last quarter. Finally, Trellis Advisors LLC acquired a new stake in Ross Stores during the first quarter worth $218,000. 89.08% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have recently weighed in on ROST shares. Morgan Stanley lifted their price objective on Ross Stores from $94.00 to $104.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Robert W. Baird reaffirmed an “outperform” rating and issued a $114.00 price objective (up from $108.00) on shares of Ross Stores in a research note on Friday, August 23rd. Goldman Sachs Group lowered Ross Stores from a “neutral” rating to a “sell” rating and decreased their target price for the company from $102.00 to $91.00 in a report on Thursday, June 27th. Jefferies Financial Group set a $100.00 target price on Ross Stores and gave the company a “hold” rating in a report on Friday, August 23rd. Finally, Guggenheim set a $120.00 target price on Ross Stores and gave the company a “buy” rating in a report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $107.61.
ROST stock traded up $0.25 during trading on Friday, hitting $109.61. The company had a trading volume of 417,852 shares, compared to its average volume of 2,073,869. The firm has a market cap of $39.45 billion, a PE ratio of 25.73, a price-to-earnings-growth ratio of 2.31 and a beta of 0.84. Ross Stores, Inc. has a 1-year low of $75.91 and a 1-year high of $110.88. The firm has a 50-day moving average price of $105.32 and a 200-day moving average price of $99.24. The company has a quick ratio of 0.63, a current ratio of 1.31 and a debt-to-equity ratio of 0.85.
Ross Stores (NASDAQ:ROST) last released its earnings results on Thursday, August 22nd. The apparel retailer reported $1.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.12 by $0.02. Ross Stores had a return on equity of 49.21% and a net margin of 10.46%. The company had revenue of $3.98 billion for the quarter, compared to analysts’ expectations of $3.96 billion. During the same quarter in the previous year, the firm posted $1.04 EPS. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. Sell-side analysts anticipate that Ross Stores, Inc. will post 4.5 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 12th will be given a dividend of $0.255 per share. This represents a $1.02 annualized dividend and a yield of 0.93%. The ex-dividend date is Wednesday, September 11th. Ross Stores’s payout ratio is 23.94%.
In other news, insider James S. Fassio sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 19th. The stock was sold at an average price of $103.38, for a total transaction of $6,202,800.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Barbara Rentler sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $107.06, for a total value of $2,676,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 200,238 shares of company stock worth $20,989,814 in the last quarter. 2.30% of the stock is currently owned by insiders.
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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