Summit Global Investments Has $1.70 Million Stock Position in Ross Stores, Inc. (NASDAQ:ROST)

Summit Global Investments lowered its position in shares of Ross Stores, Inc. (NASDAQ:ROST) by 34.7% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,241 shares of the apparel retailer’s stock after selling 5,961 shares during the quarter. Summit Global Investments’ holdings in Ross Stores were worth $1,700,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. raised its stake in Ross Stores by 8.3% in the third quarter. Principal Financial Group Inc. now owns 1,965,695 shares of the apparel retailer’s stock valued at $295,857,000 after purchasing an additional 151,255 shares in the last quarter. Banque Cantonale Vaudoise acquired a new position in Ross Stores in the third quarter valued at about $59,000. Commerce Bank raised its stake in Ross Stores by 2.0% in the third quarter. Commerce Bank now owns 30,788 shares of the apparel retailer’s stock valued at $4,634,000 after purchasing an additional 616 shares in the last quarter. Intech Investment Management LLC raised its stake in Ross Stores by 63.1% in the third quarter. Intech Investment Management LLC now owns 15,120 shares of the apparel retailer’s stock valued at $2,276,000 after purchasing an additional 5,848 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Ross Stores by 0.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,899,271 shares of the apparel retailer’s stock valued at $285,859,000 after purchasing an additional 12,962 shares in the last quarter. Institutional investors and hedge funds own 86.86% of the company’s stock.

Insider Activity at Ross Stores

In related news, CMO Karen Fleming sold 5,339 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $125.73, for a total value of $671,272.47. Following the sale, the chief marketing officer now directly owns 94,063 shares in the company, valued at $11,826,540.99. This represents a 5.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Barclays set a $150.00 price target on Ross Stores in a research note on Wednesday, March 5th. Loop Capital dropped their price target on Ross Stores from $190.00 to $175.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Wells Fargo & Company reaffirmed a “negative” rating on shares of Ross Stores in a research note on Wednesday, March 5th. UBS Group lowered their target price on Ross Stores from $168.00 to $163.00 and set a “neutral” rating for the company in a research note on Wednesday, March 5th. Finally, Telsey Advisory Group lowered their target price on Ross Stores from $175.00 to $150.00 and set a “market perform” rating for the company in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $161.40.

Ross Stores Stock Performance

NASDAQ:ROST opened at $123.54 on Friday. The stock has a market cap of $40.76 billion, a P/E ratio of 19.46, a price-to-earnings-growth ratio of 2.13 and a beta of 1.15. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.29. The stock’s 50-day moving average is $139.96 and its 200-day moving average is $145.63. Ross Stores, Inc. has a 1-year low of $122.36 and a 1-year high of $163.60.

Ross Stores (NASDAQ:ROST) last released its quarterly earnings results on Tuesday, March 4th. The apparel retailer reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.14. The company had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.95 billion. Ross Stores had a return on equity of 41.83% and a net margin of 9.95%. Equities research analysts anticipate that Ross Stores, Inc. will post 6.17 earnings per share for the current year.

Ross Stores Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 18th will be issued a $0.405 dividend. The ex-dividend date of this dividend is Tuesday, March 18th. This is a boost from Ross Stores’s previous quarterly dividend of $0.37. This represents a $1.62 annualized dividend and a yield of 1.31%. Ross Stores’s dividend payout ratio is presently 25.63%.

Ross Stores 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 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.