Arizona State Retirement System reduced its holdings in Ross Stores, Inc. (NASDAQ:ROST) by 12.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 113,369 shares of the apparel retailer’s stock after selling 16,527 shares during the period. Arizona State Retirement System’s holdings in Ross Stores were worth $9,098,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. State of New Jersey Common Pension Fund D bought a new stake in Ross Stores in the 3rd quarter valued at about $646,000. Hendershot Investments Inc. boosted its holdings in Ross Stores by 104.8% in the 3rd quarter. Hendershot Investments Inc. now owns 31,927 shares of the apparel retailer’s stock valued at $2,062,000 after purchasing an additional 16,340 shares during the period. Andra AP fonden lifted its holdings in shares of Ross Stores by 8.5% during the 3rd quarter. Andra AP fonden now owns 105,100 shares of the apparel retailer’s stock worth $6,786,000 after acquiring an additional 8,200 shares during the period. Farmers & Merchants Investments Inc. lifted its holdings in shares of Ross Stores by 11.9% during the 3rd quarter. Farmers & Merchants Investments Inc. now owns 84,767 shares of the apparel retailer’s stock worth $5,473,000 after acquiring an additional 9,048 shares during the period. Finally, Lenox Wealth Management Inc. lifted its holdings in shares of Ross Stores by 1,404.5% during the 3rd quarter. Lenox Wealth Management Inc. now owns 12,487 shares of the apparel retailer’s stock worth $806,000 after acquiring an additional 11,657 shares during the period. Hedge funds and other institutional investors own 89.58% of the company’s stock.
ROST has been the subject of a number of recent analyst reports. Cowen set a $78.00 price target on shares of Ross Stores and gave the stock a “buy” rating in a report on Saturday, November 18th. 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. SunTrust Banks set a $80.00 price target on shares of Ross Stores and gave the company a “buy” rating in a research report on Friday, November 17th. Telsey Advisory Group restated a “buy” rating on shares of Ross Stores in a research report on Friday, November 17th. Finally, BidaskClub raised shares of Ross Stores from a “hold” rating to a “buy” rating in a research note on Wednesday, December 27th. Eight equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $81.86.
Ross Stores (NASDAQ:ROST) last announced its earnings results on Tuesday, March 6th. The apparel retailer reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.05. The business had revenue of $4.07 billion during the quarter, compared to analyst estimates of $3.95 billion. Ross Stores had a net margin of 9.64% and a return on equity of 44.53%. analysts anticipate that Ross Stores, Inc. will post 4.03 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Monday, March 19th will be paid a dividend of $0.225 per share. The ex-dividend date is Friday, March 16th. This is an increase 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%.
Ross Stores declared that its board has approved a stock repurchase program on Tuesday, March 6th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the apparel retailer to purchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
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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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