Belpointe Asset Management LLC decreased its holdings in Ross Stores, Inc. (NASDAQ:ROST) by 36.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,012 shares of the apparel retailer’s stock after selling 580 shares during the period. Belpointe Asset Management LLC’s holdings in Ross Stores were worth $125,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. increased its stake in shares of Ross Stores by 1.4% in the 1st quarter. BlackRock Inc. now owns 26,112,741 shares of the apparel retailer’s stock valued at $3,131,178,000 after purchasing an additional 372,935 shares during the last quarter. Primecap Management Co. CA increased its stake in shares of Ross Stores by 6.1% in the 1st quarter. Primecap Management Co. CA now owns 11,642,189 shares of the apparel retailer’s stock valued at $1,396,015,000 after purchasing an additional 672,600 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Ross Stores by 5.4% during the 1st quarter. Franklin Resources Inc. now owns 8,403,648 shares of the apparel retailer’s stock valued at $1,007,681,000 after acquiring an additional 429,987 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Ross Stores by 1.6% during the 1st quarter. Geode Capital Management LLC now owns 5,363,459 shares of the apparel retailer’s stock valued at $641,172,000 after acquiring an additional 82,742 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of Ross Stores by 4.5% during the 2nd quarter. Victory Capital Management Inc. now owns 4,278,980 shares of the apparel retailer’s stock valued at $530,593,000 after acquiring an additional 182,655 shares in the last quarter. Institutional investors own 84.06% of the company’s stock.
Several research firms recently weighed in on ROST. Deutsche Bank Aktiengesellschaft cut their price objective on Ross Stores from $145.00 to $142.00 and set a “buy” rating on the stock in a report on Friday, August 20th. William Blair reaffirmed an “outperform” rating on shares of Ross Stores in a report on Wednesday, August 25th. Royal Bank of Canada lifted their target price on Ross Stores from $130.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday, May 21st. Credit Suisse Group lifted their target price on Ross Stores from $142.00 to $145.00 and gave the stock an “outperform” rating in a report on Friday, August 20th. Finally, Cowen cut their target price on Ross Stores from $147.00 to $144.00 and set an “outperform” rating on the stock in a report on Friday, August 20th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $138.50.
Ross Stores (NASDAQ:ROST) last issued its earnings results on Wednesday, August 18th. The apparel retailer reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.39. Ross Stores had a return on equity of 45.58% and a net margin of 7.73%. The business had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.56 billion. During the same period in the previous year, the company posted $0.06 EPS. On average, sell-side analysts expect that Ross Stores, Inc. will post 4.45 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 30th. Shareholders of record on Tuesday, September 7th will be issued a dividend of $0.285 per share. This represents a $1.14 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date is Friday, September 3rd. Ross Stores’s dividend payout ratio is currently 97.44%.
Ross Stores declared that its board has approved a stock repurchase plan on Thursday, May 20th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the apparel retailer to buy up to 3.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.
Ross Stores Profile
Ross Stores, Inc engages in the operation of off-price retail apparel and home accessories stores. Its products include branded and designer apparel, accessories, footwear, and home fashions through the Dress for Less and dd’s DISCOUNTS brands. The company was founded by Stuart G. Moldaw in 1957 and is headquartered in Dublin, CA.
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