State of Michigan Retirement System Has $7.74 Million Position in Ross Stores, Inc. (NASDAQ:ROST)

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State of Michigan Retirement System lifted its stake in Ross Stores, Inc. (NASDAQ:ROST) by 9.5% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 90,798 shares of the apparel retailer’s stock after acquiring an additional 7,910 shares during the period. State of Michigan Retirement System’s holdings in Ross Stores were worth $7,740,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC increased its holdings in Ross Stores by 1,003.6% in the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 309 shares of the apparel retailer’s stock valued at $27,000 after buying an additional 281 shares during the period. Bartlett & Co. LLC acquired a new position in Ross Stores in the first quarter worth about $39,000. Bainco International Investors acquired a new position in Ross Stores in the first quarter worth about $43,000. Capital Square LLC bought a new position in Ross Stores during the first quarter worth about $46,000. Finally, Front Row Advisors LLC boosted its holdings in Ross Stores by 63.5% during the first quarter. Front Row Advisors LLC now owns 507 shares of the apparel retailer’s stock valued at $46,000 after purchasing an additional 197 shares in the last quarter. 84.83% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ ROST opened at $89.67 on Friday. Ross Stores, Inc. has a 1 year low of $56.30 and a 1 year high of $124.16. The firm’s 50-day moving average is $87.90 and its 200-day moving average is $96.17. The company has a current ratio of 1.75, a quick ratio of 1.08 and a debt-to-equity ratio of 1.75. The firm has a market capitalization of $31.92 billion, a PE ratio of 34.76, a price-to-earnings-growth ratio of 5.34 and a beta of 0.80.

Ross Stores (NASDAQ:ROST) last announced its quarterly earnings data on Thursday, May 21st. The apparel retailer reported ($0.87) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by ($0.86). Ross Stores had a net margin of 6.63% and a return on equity of 35.71%. The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $2.04 billion. During the same quarter in the prior year, the company earned $1.15 earnings per share. The company’s quarterly revenue was down 51.4% on a year-over-year basis. As a group, equities research analysts anticipate that Ross Stores, Inc. will post 1.68 earnings per share for the current fiscal year.

ROST has been the subject of several analyst reports. Citigroup boosted their price target on Ross Stores from $90.00 to $108.00 and gave the company a “buy” rating in a research note on Friday, May 22nd. TheStreet downgraded shares of Ross Stores from a “b-” rating to a “c” rating in a research note on Thursday, May 21st. Nomura Instinet dropped their target price on shares of Ross Stores from $100.00 to $97.00 and set a “neutral” rating for the company in a research report on Friday, May 22nd. Royal Bank of Canada lifted their price target on shares of Ross Stores from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, May 22nd. Finally, Wells Fargo & Co upped their price objective on shares of Ross Stores from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eighteen have issued a buy rating to the company’s stock. Ross Stores presently has an average rating of “Buy” and a consensus target price of $108.85.

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

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