Ross Stores (NASDAQ:ROST) Shares Gap Down to $102.40

Ross Stores, Inc. (NASDAQ:ROST)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $105.20, but opened at $102.40. Ross Stores shares last traded at $100.54, with a volume of 3,641,401 shares trading hands.

Several equities research analysts have recently issued reports on the company. BidaskClub raised Ross Stores from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 22nd. Telsey Advisory Group downgraded Ross Stores from an “outperform” rating to a “market perform” rating and set a $103.00 price target on the stock. in a research report on Monday, June 24th. Goldman Sachs Group downgraded Ross Stores from a “neutral” rating to a “sell” rating and lowered their price target for the company from $102.00 to $91.00 in a research report on Thursday. Zacks Investment Research downgraded Ross Stores from a “hold” rating to a “sell” rating in a research report on Tuesday, May 7th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $105.00 price target on shares of Ross Stores in a research report on Friday, May 24th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $98.64.

The stock has a market capitalization of $36.67 billion, a price-to-earnings ratio of 23.27, a price-to-earnings-growth ratio of 2.14 and a beta of 0.90. The business has a 50-day moving average price of $97.61. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.34 and a quick ratio of 0.64.

Ross Stores (NASDAQ:ROST) last released its earnings results on Thursday, May 23rd. The apparel retailer reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.01. Ross Stores had a return on equity of 48.92% and a net margin of 10.47%. The business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.79 billion. During the same period last year, the business earned $1.11 earnings per share. The firm’s revenue for the quarter was up 5.8% compared to the same quarter last year. Sell-side analysts predict that Ross Stores, Inc. will post 4.51 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Tuesday, June 11th were issued a dividend of $0.255 per share. This represents a $1.02 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend was Monday, June 10th. Ross Stores’s payout ratio is 23.94%.

Ross Stores announced that its board has authorized a share repurchase plan on Tuesday, March 5th that authorizes the company to buyback $2.55 billion in outstanding shares. This buyback authorization authorizes the apparel retailer to purchase up to 7.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

In other news, Chairman Michael Balmuth sold 81,049 shares of Ross Stores stock in a transaction that occurred on Friday, May 31st. The shares were 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 accessible through the SEC website. Also, insider Bernard G. Brautigan sold 19,384 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $93.56, for a total transaction of $1,813,567.04. The disclosure for this sale can be found here. Insiders have sold 200,433 shares of company stock worth $19,509,788 over the last ninety days. Company insiders own 2.30% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC raised its position in Ross Stores by 8.1% in the 4th quarter. Geode Capital Management LLC now owns 6,088,490 shares of the apparel retailer’s stock worth $505,856,000 after purchasing an additional 456,445 shares during the last quarter. Northern Trust Corp grew its holdings in Ross Stores by 2.2% during the 1st quarter. Northern Trust Corp now owns 4,828,660 shares of the apparel retailer’s stock worth $449,548,000 after acquiring an additional 105,658 shares during the period. Norges Bank acquired a new stake in Ross Stores during the 4th quarter worth $298,173,000. Janus Henderson Group PLC grew its holdings in Ross Stores by 17.9% during the 1st quarter. Janus Henderson Group PLC now owns 2,499,921 shares of the apparel retailer’s stock worth $232,744,000 after acquiring an additional 379,598 shares during the period. Finally, California Public Employees Retirement System grew its holdings in Ross Stores by 21.0% during the 1st quarter. California Public Employees Retirement System now owns 2,410,916 shares of the apparel retailer’s stock worth $224,456,000 after acquiring an additional 418,404 shares during the period. Hedge funds and other institutional investors own 89.58% of the company’s stock.

Ross Stores Company Profile (NASDAQ:ROST)

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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