NuWave Investment Management LLC Raises Position in Ross Stores, Inc. (NASDAQ:ROST)

NuWave Investment Management LLC raised its stake in Ross Stores, Inc. (NASDAQ:ROST) by 28,013.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,217 shares of the apparel retailer’s stock after purchasing an additional 4,202 shares during the quarter. NuWave Investment Management LLC’s holdings in Ross Stores were worth $392,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in shares of Ross Stores by 33.8% in the third quarter. JPMorgan Chase & Co. now owns 13,907,770 shares of the apparel retailer’s stock valued at $1,378,259,000 after purchasing an additional 3,512,781 shares during the period. Renaissance Technologies LLC bought a new stake in shares of Ross Stores in the third quarter valued at approximately $26,938,000. Fifth Third Bancorp raised its position in shares of Ross Stores by 65.0% in the third quarter. Fifth Third Bancorp now owns 18,466 shares of the apparel retailer’s stock valued at $1,830,000 after purchasing an additional 7,273 shares during the period. LPL Financial LLC raised its position in shares of Ross Stores by 98.4% in the third quarter. LPL Financial LLC now owns 38,389 shares of the apparel retailer’s stock valued at $3,804,000 after purchasing an additional 19,038 shares during the period. Finally, Capital Bank & Trust Co raised its position in shares of Ross Stores by 210.0% in the third quarter. Capital Bank & Trust Co now owns 1,085 shares of the apparel retailer’s stock valued at $108,000 after purchasing an additional 735 shares during the period. Institutional investors own 91.18% of the company’s stock.

In other news, EVP Michael J. Hartshorn sold 9,924 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $91.48, for a total value of $907,847.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Michael Balmuth sold 25,689 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $90.77, for a total transaction of $2,331,790.53. Following the completion of the sale, the chairman now directly owns 51,998 shares of the company’s stock, valued at approximately $4,719,858.46. The disclosure for this sale can be found here. Insiders sold a total of 137,054 shares of company stock valued at $12,504,328 in the last ninety days. 2.30% of the stock is owned by corporate insiders.

A number of research firms recently weighed in on ROST. Credit Suisse Group upped their target price on shares of Ross Stores from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, March 6th. BidaskClub raised shares of Ross Stores from a “sell” rating to a “hold” rating in a report on Wednesday, April 3rd. Loop Capital upped their target price on shares of Ross Stores to $105.00 and gave the stock a “buy” rating in a report on Thursday, January 24th. DA Davidson upped their target price on shares of Ross Stores to $92.00 and gave the stock a “neutral” rating in a report on Thursday, March 7th. Finally, Wells Fargo & Co upped their target price on shares of Ross Stores from $92.00 to $104.00 and gave the stock an “outperform” rating in a report on Wednesday, March 6th. Eleven equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $97.42.

ROST stock traded up $0.77 during midday trading on Friday, reaching $97.13. The company had a trading volume of 1,311,619 shares, compared to its average volume of 2,244,981. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.69 and a quick ratio of 0.82. Ross Stores, Inc. has a 1 year low of $75.91 and a 1 year high of $104.35. The stock has a market cap of $35.69 billion, a PE ratio of 22.80, a P/E/G ratio of 2.09 and a beta of 0.89.

Ross Stores (NASDAQ:ROST) last released its quarterly earnings results on Tuesday, March 5th. The apparel retailer reported $1.20 EPS for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.07. Ross Stores had a net margin of 10.60% and a return on equity of 49.58%. The business had revenue of $4.11 billion during the quarter, compared to analysts’ expectations of $4.05 billion. On average, research analysts expect that Ross Stores, Inc. will post 4.5 EPS for the current fiscal year.

Ross Stores announced that its Board of Directors has initiated a share buyback plan on Tuesday, March 5th that allows the company to repurchase $2.55 billion in shares. This repurchase authorization allows the apparel retailer to reacquire up to 7.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

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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 brands. Its stores primarily offers apparel, accessories, footwear, and home fashions. The company's Ross Dress for Less stores sell its products at department and specialty stores primarily to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores regular prices to customers from households with moderate income.

Further Reading: Diversification

Institutional Ownership by Quarter for Ross Stores (NASDAQ:ROST)

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