Palisade Asset Management LLC reduced its position in shares of Ross Stores, Inc. (NASDAQ:ROST) by 0.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,250 shares of the apparel retailer’s stock after selling 160 shares during the period. Palisade Asset Management LLC’s holdings in Ross Stores were worth $2,444,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bollard Group LLC purchased a new stake in Ross Stores in the 4th quarter valued at approximately $25,000. CI Investments Inc. purchased a new stake in Ross Stores in the 4th quarter valued at approximately $26,000. First Manhattan Co. purchased a new stake in Ross Stores in the 1st quarter valued at approximately $27,000. Athena Capital Advisors LLC purchased a new stake in Ross Stores in the 4th quarter valued at approximately $29,000. Finally, Moody National Bank Trust Division purchased a new stake in Ross Stores in the 4th quarter valued at approximately $30,000. Institutional investors and hedge funds own 91.26% of the company’s stock.
In other news, Chairman Michael Balmuth sold 25,689 shares of the stock in a transaction dated 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 transaction, the chairman now owns 51,998 shares of the company’s stock, valued at $4,719,858.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bernard G. Brautigan sold 12,000 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $91.18, for a total transaction of $1,094,160.00. Following the transaction, the insider now directly owns 174,450 shares in the company, valued at approximately $15,906,351. The disclosure for this sale can be found here. Insiders have sold 137,054 shares of company stock worth $12,504,328 in the last ninety days. Corporate insiders own 2.30% of the company’s stock.
NASDAQ:ROST opened at $95.76 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.69 and a quick ratio of 0.82. The stock has a market capitalization of $35.43 billion, a price-to-earnings ratio of 22.48, a PEG ratio of 2.08 and a beta of 0.89. Ross Stores, Inc. has a 1-year low of $75.91 and a 1-year high of $104.35.
Ross Stores (NASDAQ:ROST) last posted its quarterly earnings data on Tuesday, March 5th. The apparel retailer reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.07. Ross Stores had a net margin of 10.60% and a return on equity of 49.58%. The company had revenue of $4.11 billion during the quarter, compared to analysts’ expectations of $4.05 billion. As a group, sell-side analysts expect that Ross Stores, Inc. will post 4.5 earnings per share for the current fiscal year.
Ross Stores announced that its Board of Directors has approved a stock repurchase plan on Tuesday, March 5th that permits the company to repurchase $2.55 billion in outstanding shares. This repurchase authorization permits the apparel retailer to reacquire up to 7.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management 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.
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