Ross Stores (NASDAQ:ROST) Updates Q3 Earnings Guidance

Ross Stores (NASDAQ:ROST) updated its third quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $1.35-1.41 for the period, compared to the consensus estimate of $1.38. Ross Stores also updated its FY 2024 guidance to 6.000-6.130 EPS.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ROST shares. Guggenheim boosted their target price on Ross Stores from $165.00 to $170.00 and gave the company a buy rating in a research report on Friday, May 24th. Barclays increased their target price on shares of Ross Stores from $163.00 to $165.00 and gave the company an overweight rating in a research note on Friday, May 24th. TD Cowen lifted their price target on shares of Ross Stores from $173.00 to $185.00 and gave the stock a buy rating in a research note on Friday. Evercore ISI increased their price objective on shares of Ross Stores from $155.00 to $165.00 and gave the stock an outperform rating in a research report on Friday, May 24th. Finally, Telsey Advisory Group boosted their target price on Ross Stores from $160.00 to $175.00 and gave the company a market perform rating in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $166.06.

Ross Stores Trading Up 5.5 %

Shares of NASDAQ ROST opened at $160.95 on Friday. The business has a fifty day moving average price of $145.21 and a 200 day moving average price of $142.25. Ross Stores has a 1-year low of $108.35 and a 1-year high of $163.60. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.54 and a quick ratio of 1.03. The stock has a market capitalization of $53.69 billion, a P/E ratio of 25.72, a price-to-earnings-growth ratio of 2.17 and a beta of 1.08.

Ross Stores (NASDAQ:ROST) last released its quarterly earnings results on Thursday, August 22nd. The apparel retailer reported $1.59 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.10. The business had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $5.25 billion. Ross Stores had a net margin of 9.60% and a return on equity of 42.24%. The company’s revenue was up 7.1% compared to the same quarter last year. During the same period last year, the business earned $1.32 EPS. Equities research analysts expect that Ross Stores will post 5.97 EPS for the current fiscal year.

Ross Stores Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 10th will be issued a dividend of $0.3675 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $1.47 annualized dividend and a dividend yield of 0.91%. Ross Stores’s dividend payout ratio is presently 24.79%.

Insider Transactions at Ross Stores

In other news, Director Patricia H. Mueller sold 941 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $138.37, for a total transaction of $130,206.17. Following the sale, the director now owns 973 shares in the company, valued at $134,634.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.10% 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 brand names in the United States. Its stores primarily offer apparel, accessories, footwear, and home fashions. The company's Ross Dress for Less stores sell its products at department and specialty stores to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores for households with moderate income.