State of Michigan Retirement System Sells 600 Shares of Ross Stores, Inc. (NASDAQ:ROST)

State of Michigan Retirement System reduced its stake in shares of Ross Stores, Inc. (NASDAQ:ROSTFree Report) by 0.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 92,756 shares of the apparel retailer’s stock after selling 600 shares during the quarter. State of Michigan Retirement System’s holdings in Ross Stores were worth $12,837,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Raymond James & Associates grew its position in shares of Ross Stores by 5.7% during the 4th quarter. Raymond James & Associates now owns 302,277 shares of the apparel retailer’s stock worth $41,832,000 after buying an additional 16,167 shares during the period. NBC Securities Inc. acquired a new position in shares of Ross Stores during the 3rd quarter worth about $503,000. Arrow Investment Advisors LLC acquired a new position in shares of Ross Stores during the 2nd quarter worth about $205,000. California Public Employees Retirement System grew its position in shares of Ross Stores by 4.7% during the 3rd quarter. California Public Employees Retirement System now owns 673,713 shares of the apparel retailer’s stock worth $76,096,000 after buying an additional 30,056 shares during the period. Finally, Itau Unibanco Holding S.A. acquired a new position in shares of Ross Stores during the 3rd quarter worth about $8,322,000. 86.86% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Ross Stores

In other Ross Stores news, Director Patricia H. Mueller sold 2,265 shares of the business’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $145.38, for a total value of $329,285.70. Following the sale, the director now directly owns 1,914 shares in the company, valued at $278,257.32. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CMO Brian R. Morrow sold 10,734 shares of the business’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $146.00, for a total transaction of $1,567,164.00. Following the completion of the transaction, the chief marketing officer now directly owns 62,711 shares in the company, valued at $9,155,806. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Patricia H. Mueller sold 2,265 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $145.38, for a total value of $329,285.70. Following the transaction, the director now owns 1,914 shares of the company’s stock, valued at $278,257.32. The disclosure for this sale can be found here. Insiders have sold a total of 71,097 shares of company stock worth $10,396,178 over the last ninety days. 2.00% of the stock is currently owned by company insiders.

Ross Stores Stock Down 1.0 %

Shares of NASDAQ:ROST opened at $143.68 on Wednesday. The stock has a market cap of $48.38 billion, a price-to-earnings ratio of 25.84, a PEG ratio of 2.06 and a beta of 1.04. The company has a quick ratio of 1.24, a current ratio of 1.77 and a debt-to-equity ratio of 0.45. Ross Stores, Inc. has a 12-month low of $99.00 and a 12-month high of $151.12. The business’s 50 day moving average is $145.31 and its 200 day moving average is $132.45.

Ross Stores (NASDAQ:ROSTGet Free Report) last issued its quarterly earnings results on Tuesday, March 5th. The apparel retailer reported $1.82 EPS for the quarter, topping analysts’ consensus estimates 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%. Ross Stores’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period last year, the company posted $1.31 earnings per share. On average, sell-side analysts forecast that Ross Stores, Inc. will post 5.89 earnings per share for the current fiscal year.

Ross Stores declared that its board has approved a stock buyback program on Tuesday, March 5th that allows the company to buyback $2.10 billion in shares. This buyback authorization allows the apparel retailer to purchase up to 4.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Ross Stores Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.3675 dividend. 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 dividend yield of 1.02%. Ross Stores’s payout ratio is presently 26.44%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Guggenheim boosted their target price on Ross Stores from $140.00 to $165.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. JPMorgan Chase & Co. boosted their price objective on Ross Stores from $150.00 to $163.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. Evercore ISI boosted their price objective on Ross Stores from $155.00 to $165.00 and gave the company an “outperform” rating in a research report on Friday, February 23rd. UBS Group boosted their price objective on Ross Stores from $142.00 to $145.00 and gave the company a “neutral” rating in a research report on Wednesday, March 6th. Finally, Morgan Stanley boosted their price objective on Ross Stores from $155.00 to $161.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. Four research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $155.21.

Get Our Latest Stock Analysis on ROST

Ross Stores Profile

(Free Report)

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 primarily to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores for households with moderate income.

See Also

Institutional Ownership by Quarter for Ross Stores (NASDAQ:ROST)

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