Ross Stores (NASDAQ:ROST) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of Ross Stores (NASDAQ:ROST) from a buy rating to a hold rating in a research report report published on Saturday morning,Wall Street Zen reports.

Other equities research analysts have also recently issued reports about the stock. Citigroup increased their target price on shares of Ross Stores from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Friday, August 21st. Morgan Stanley upped their target price on shares of Ross Stores from $231.00 to $234.00 and gave the stock an “equal weight” rating in a research note on Friday, August 21st. Wolfe Research started coverage on Ross Stores in a report on Wednesday, October 21st. They set an “outperform” rating and a $279.00 price objective on the stock. Barclays raised their price target on Ross Stores from $260.00 to $298.00 and gave the stock an “overweight” rating in a report on Friday, August 21st. Finally, Jefferies Financial Group boosted their target price on Ross Stores from $265.00 to $285.00 and gave the company a “buy” rating in a report on Friday, August 21st. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $268.83.

Ross Stores Price Performance

Shares of ROST opened at $234.11 on Friday. The company has a 50 day moving average of $231.73 and a two-hundred day moving average of $221.03. Ross Stores has a twelve month low of $157.39 and a twelve month high of $257.00. The company has a market cap of $74.79 billion, a price-to-earnings ratio of 28.34, a price-to-earnings-growth ratio of 1.93 and a beta of 0.83. The company has a quick ratio of 0.98, a current ratio of 1.61 and a debt-to-equity ratio of 0.12.

Ross Stores (NASDAQ:ROST) last released its quarterly earnings results on Thursday, August 20th. The apparel retailer reported $2.66 EPS for the quarter, beating analysts’ consensus estimates of $1.95 by $0.71. The company had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $6.16 billion. Ross Stores had a return on equity of 39.29% and a net margin of 10.85%. The firm’s revenue was up 13.3% compared to the same quarter last year. During the same period last year, the business posted $1.56 earnings per share. As a group, analysts predict that Ross Stores will post 8.15 earnings per share for the current fiscal year.

Ross Stores Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 8th were issued a dividend of $0.4450 per share. The ex-dividend date of this dividend was Tuesday, September 8th. This represents a $1.78 annualized dividend and a yield of 0.8%. Ross Stores’s payout ratio is currently 21.55%.

Insider Buying and Selling at Ross Stores

In other news, CEO James Conroy sold 49,205 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $229.48, for a total value of $11,291,563.40. Following the completion of the transaction, the chief executive officer owned 134,349 shares in the company, valued at $30,830,408.52. This trade represents a 26.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Stephen Brinkley sold 6,424 shares of the business’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $229.66, for a total transaction of $1,475,335.84. Following the completion of the sale, the insider owned 51,665 shares in the company, valued at $11,865,383.90. This represents a 11.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ross Stores

Several hedge funds have recently modified their holdings of the company. Virtus Advisers LLC acquired a new stake in Ross Stores during the second quarter worth approximately $38,000. Twin Lakes Capital Management LLC acquired a new stake in Ross Stores during the 2nd quarter worth approximately $41,000. Bell Investment Advisors Inc acquired a new position in shares of Ross Stores during the 2nd quarter valued at $43,000. BOK Financial Private Wealth Inc. acquired a new position in shares of Ross Stores during the second quarter worth about $44,000. Finally, Elevation Wealth Partners LLC boosted its holdings in Ross Stores by 402.4% in the 2nd quarter. Elevation Wealth Partners LLC now owns 211 shares of the apparel retailer’s stock worth $45,000 after acquiring an additional 169 shares during the period. 86.86% of the stock is owned by institutional investors and hedge funds.

Ross Stores Company Profile

Ross Stores, Inc is an off-price apparel and home fashion retailer headquartered in Dublin, California. The company operates primarily through its Ross Dress for Less stores, which offer branded and designer apparel, accessories, footwear, and home merchandise at discounts to regular department and specialty store prices.

Ross Stores also operates dd’s DISCOUNTS, a chain focused on value-oriented apparel, accessories, footwear, and home products. Both retail formats generally purchase merchandise opportunistically from manufacturers, department stores, and other suppliers, allowing the company to offer changing assortments and discounted prices.

Founded in 1950, Ross Stores serves customers across the United States through its store network and e-commerce presence.