Ross Stores (NASDAQ:ROST) declared that its board has initiated a stock repurchase program, which permits the company to buyback $200.00 million in shares on Tuesday, March 6th, EventVestor reports. This buyback authorization permits the apparel retailer to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.
Ross Stores (ROST) traded up $0.18 on Wednesday, reaching $77.18. The company’s stock had a trading volume of 2,468,913 shares, compared to its average volume of 2,707,464. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.78 and a current ratio of 1.64. The company has a market capitalization of $29,207.42, a P/E ratio of 21.77, a price-to-earnings-growth ratio of 1.90 and a beta of 1.09. Ross Stores has a twelve month low of $52.85 and a twelve month high of $85.66.
Ross Stores (NASDAQ:ROST) last issued its quarterly earnings results on Tuesday, March 6th. The apparel retailer reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.05. Ross Stores had a return on equity of 44.53% and a net margin of 9.64%. The firm had revenue of $4.07 billion during the quarter, compared to the consensus estimate of $3.95 billion. sell-side analysts predict that Ross Stores will post 4.03 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Monday, March 19th will be given a dividend of $0.225 per share. The ex-dividend date is Friday, March 16th. This is a boost from Ross Stores’s previous quarterly dividend of $0.16. This represents a $0.90 annualized dividend and a dividend yield of 1.17%. Ross Stores’s dividend payout ratio (DPR) is 18.03%.
ROST has been the topic of a number of research reports. BidaskClub cut Ross Stores from a “buy” rating to a “hold” rating in a research report on Thursday, January 11th. BMO Capital Markets restated a “hold” rating and issued a $78.00 price objective on shares of Ross Stores in a research report on Wednesday, March 7th. Morgan Stanley upped their price objective on shares of Ross Stores from $89.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 7th. Buckingham Research restated a “neutral” rating and issued a $86.00 price objective (up from $82.00) on shares of Ross Stores in a research report on Wednesday, March 7th. Finally, Nomura set a $80.00 price objective on shares of Ross Stores and gave the stock a “buy” rating in a research report on Friday, November 17th. Eight research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $81.86.
About Ross Stores
Ross Stores, Inc and its subsidiaries operate two brands of off-price retail apparel and home fashion stores-Ross Dress for Less (Ross) and dd’s DISCOUNTS. The Company is the off-price apparel and home fashion chain in the United States, with 1,340 locations in 36 states, the District of Columbia and Guam, as of January 28, 2017.
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