Loop Capital Raises Ross Stores (ROST) Price Target to $95.00

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Ross Stores (NASDAQ:ROST) had its price target hoisted by analysts at Loop Capital from $88.00 to $95.00 in a report released on Wednesday, The Fly reports. The firm currently has a “buy” rating on the apparel retailer’s stock. Loop Capital’s price objective would suggest a potential upside of 11.94% from the company’s current price.

Several other equities analysts also recently issued reports on the company. Wedbush began coverage on Ross Stores in a research report on Friday, June 22nd. They set a “neutral” rating and a $90.00 price objective for the company. UBS Group began coverage on Ross Stores in a research report on Thursday, June 21st. They set a “neutral” rating and a $90.00 price objective for the company. Susquehanna Bancshares restated a “positive” rating on shares of Ross Stores in a research report on Thursday, June 7th. BidaskClub upgraded Ross Stores from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 5th. Finally, JPMorgan Chase & Co. upped their target price on Ross Stores from $92.00 to $98.00 and gave the stock an “overweight” rating in a research report on Monday, June 4th. Eight research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $85.04.

Shares of NASDAQ ROST traded down $0.55 during midday trading on Wednesday, hitting $84.87. 2,342,678 shares of the company’s stock were exchanged, compared to its average volume of 2,728,692. The company has a current ratio of 1.64, a quick ratio of 0.74 and a debt-to-equity ratio of 0.10. The company has a market cap of $32.10 billion, a PE ratio of 25.41, a P/E/G ratio of 2.11 and a beta of 1.06. Ross Stores has a twelve month low of $52.85 and a twelve month high of $87.22.

Ross Stores (NASDAQ:ROST) last issued its quarterly earnings data on Thursday, May 24th. The apparel retailer reported $1.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.04. The business had revenue of $3.59 billion during the quarter, compared to the consensus estimate of $3.54 billion. Ross Stores had a return on equity of 46.48% and a net margin of 10.13%. The business’s revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.82 earnings per share. sell-side analysts forecast that Ross Stores will post 4.05 earnings per share for the current fiscal year.

Ross Stores announced that its Board of Directors has approved a share repurchase plan on Tuesday, March 6th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the apparel retailer to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

In other news, Director Michael J. Bush sold 1,500 shares of the stock in a transaction on Monday, June 11th. The stock was sold at an average price of $85.73, for a total transaction of $128,595.00. Following the completion of the sale, the director now owns 30,091 shares in the company, valued at approximately $2,579,701.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider James S. Fassio sold 175,769 shares of the stock in a transaction on Thursday, June 21st. The shares were sold at an average price of $86.57, for a total value of $15,216,322.33. Following the sale, the insider now owns 82,899 shares of the company’s stock, valued at approximately $7,176,566.43. The disclosure for this sale can be found here. Insiders have sold a total of 296,169 shares of company stock valued at $24,914,591 in the last quarter. Insiders own 2.40% of the company’s stock.

Several large investors have recently made changes to their positions in ROST. Amundi Pioneer Asset Management Inc. lifted its position in shares of Ross Stores by 63.4% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 5,456,503 shares of the apparel retailer’s stock valued at $437,885,000 after acquiring an additional 2,117,771 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new stake in Ross Stores during the 1st quarter valued at $116,256,000. American Century Companies Inc. raised its stake in Ross Stores by 35.2% during the 1st quarter. American Century Companies Inc. now owns 3,101,330 shares of the apparel retailer’s stock valued at $241,842,000 after purchasing an additional 807,366 shares during the period. Millennium Management LLC raised its stake in Ross Stores by 58.1% during the 4th quarter. Millennium Management LLC now owns 2,005,253 shares of the apparel retailer’s stock valued at $160,922,000 after purchasing an additional 736,599 shares during the period. Finally, Element Capital Management LLC acquired a new stake in Ross Stores during the 4th quarter valued at $49,775,000. Institutional investors own 88.01% of the company’s stock.

About Ross Stores

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 in the United States. It 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.

The Fly

Analyst Recommendations for Ross Stores (NASDAQ:ROST)

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