Ross Stores (NASDAQ:ROST) issued its earnings results on Thursday. The apparel retailer reported $1.13 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.12 by $0.01, Briefing.com reports. The business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.79 billion. Ross Stores had a net margin of 10.60% and a return on equity of 49.58%. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.11 earnings per share.
ROST stock opened at $94.51 on Friday. The stock has a market capitalization of $34.73 billion, a PE ratio of 22.19, a P/E/G ratio of 2.08 and a beta of 0.89. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.69 and a quick ratio of 0.82. Ross Stores has a 12 month low of $75.91 and a 12 month high of $104.35.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Tuesday, June 11th will be issued a $0.255 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 1.08%. Ross Stores’s dividend payout ratio (DPR) is currently 23.94%.
Ross Stores declared that its board has approved a share repurchase program on Tuesday, March 5th that authorizes the company to repurchase $2.55 billion in shares. This repurchase authorization authorizes the apparel retailer to reacquire up to 7.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
In other news, insider Bernard G. Brautigan sold 19,384 shares of the stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $93.56, for a total value of $1,813,567.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael J. Hartshorn sold 9,924 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $91.48, for a total transaction of $907,847.52. The disclosure for this sale can be found here. Insiders sold 137,054 shares of company stock valued at $12,504,328 in the last three months. Company insiders own 2.30% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Bollard Group LLC acquired a new stake in Ross Stores during the 4th quarter valued at approximately $25,000. CI Investments Inc. acquired a new stake in Ross Stores during the 4th quarter valued at approximately $26,000. First Manhattan Co. acquired a new stake in Ross Stores during the 1st quarter valued at approximately $27,000. Athena Capital Advisors LLC acquired a new stake in Ross Stores during the 4th quarter valued at approximately $29,000. Finally, Berman Capital Advisors LLC acquired a new stake in Ross Stores during the 4th quarter valued at approximately $32,000. Institutional investors and hedge funds own 88.31% of the company’s stock.
A number of equities analysts recently weighed in on the stock. BidaskClub upgraded shares of Ross Stores from a “hold” rating to a “buy” rating in a report on Wednesday. Zacks Investment Research downgraded shares of Ross Stores from a “hold” rating to a “sell” rating in a report on Tuesday, May 7th. Guggenheim restated a “buy” rating and set a $105.00 target price on shares of Ross Stores in a report on Friday. DA Davidson boosted their target price on shares of Ross Stores to $92.00 and gave the stock a “neutral” rating in a report on Thursday, March 7th. Finally, Wells Fargo & Co boosted their target price on shares of Ross Stores from $92.00 to $104.00 and gave the stock an “outperform” rating in a report on Wednesday, March 6th. Ten equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. Ross Stores currently has a consensus rating of “Buy” and an average target price of $97.84.
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 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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