Ross Stores (NASDAQ:ROST) Updates Q3 Earnings Guidance

Ross Stores (NASDAQ:ROST) issued an update on its third quarter earnings guidance on Thursday morning. 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.

Ross Stores Stock Up 1.8 %

Shares of NASDAQ ROST opened at $155.21 on Friday. Ross Stores has a 12-month low of $108.35 and a 12-month high of $163.60. The firm’s 50-day simple moving average is $145.40 and its 200 day simple moving average is $142.33. The company has a quick ratio of 1.03, a current ratio of 1.54 and a debt-to-equity ratio of 0.31. The company has a market cap of $51.77 billion, a price-to-earnings ratio of 26.17, a price-to-earnings-growth ratio of 2.17 and a beta of 1.08.

Ross Stores (NASDAQ:ROST) last announced its earnings results on Thursday, August 22nd. The apparel retailer reported $1.59 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.09. Ross Stores had a net margin of 9.60% and a return on equity of 42.24%. The company had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.25 billion. During the same period in the previous year, the firm posted $1.32 earnings per share. The company’s revenue was up 7.1% on a year-over-year basis. On average, research analysts expect that Ross Stores will post 5.97 earnings per share for the current fiscal year.

Ross Stores Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Tuesday, September 10th will be issued a dividend of $0.3675 per share. This represents a $1.47 annualized dividend and a yield of 0.95%. The ex-dividend date of this dividend is Tuesday, September 10th. Ross Stores’s dividend payout ratio is 24.79%.

Analyst Ratings Changes

A number of equities research 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 stock a buy rating in a research report on Friday, May 24th. TD Cowen boosted their price objective on Ross Stores from $173.00 to $185.00 and gave the stock a buy rating in a report on Friday. Wells Fargo & Company upped their target price on shares of Ross Stores from $160.00 to $175.00 and gave the company an overweight rating in a research report on Friday. Bank of America lifted their price target on shares of Ross Stores from $170.00 to $180.00 and gave the stock a buy rating in a research report on Friday. Finally, Barclays increased their price objective on shares of Ross Stores from $165.00 to $175.00 and gave the company an overweight rating in a report on Friday. Three investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $169.71.

Insider Activity

In related news, Director Patricia H. Mueller sold 941 shares of the stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $138.37, for a total transaction of $130,206.17. Following the completion of the transaction, the director now owns 973 shares in the company, valued at $134,634.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is owned by corporate insiders.

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.