Raymond James & Associates Lowers Holdings in Ross Stores, Inc. (ROST)

Raymond James & Associates lowered its holdings in shares of Ross Stores, Inc. (NASDAQ:ROST) by 4.1% in the 1st quarter, Holdings Channel reports. The firm owned 307,393 shares of the apparel retailer’s stock after selling 13,069 shares during the quarter. Raymond James & Associates’ holdings in Ross Stores were worth $28,618,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Advisor Group Inc. lifted its position in Ross Stores by 11.7% during the fourth quarter. Advisor Group Inc. now owns 35,082 shares of the apparel retailer’s stock valued at $2,921,000 after purchasing an additional 3,663 shares during the last quarter. Cetera Advisor Networks LLC lifted its position in Ross Stores by 440.8% during the fourth quarter. Cetera Advisor Networks LLC now owns 13,027 shares of the apparel retailer’s stock valued at $1,083,000 after purchasing an additional 10,618 shares during the last quarter. State of Alaska Department of Revenue lifted its position in Ross Stores by 1.3% during the first quarter. State of Alaska Department of Revenue now owns 180,979 shares of the apparel retailer’s stock valued at $16,848,000 after purchasing an additional 2,324 shares during the last quarter. Legacy Advisors LLC bought a new position in Ross Stores during the first quarter valued at $67,000. Finally, Comerica Securities Inc. lifted its position in Ross Stores by 20.4% during the fourth quarter. Comerica Securities Inc. now owns 4,218 shares of the apparel retailer’s stock valued at $351,000 after purchasing an additional 716 shares during the last quarter. Institutional investors and hedge funds own 91.02% of the company’s stock.

ROST has been the subject of several analyst reports. Loop Capital raised 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. Zacks Investment Research upgraded shares of Ross Stores from a “hold” rating to a “buy” rating and set a $103.00 target price for the company in a report on Wednesday, January 23rd. Guggenheim restated a “buy” rating and issued a $105.00 target price on shares of Ross Stores in a report on Tuesday, March 5th. BidaskClub lowered shares of Ross Stores from a “buy” rating to a “hold” rating in a report on Friday, January 25th. Finally, DA Davidson raised 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. Eleven investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $97.84.

In related news, Chairman Michael Balmuth sold 20,057 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $88.82, for a total value of $1,781,462.74. Following the transaction, the chairman now owns 134,567 shares of the company’s stock, valued at approximately $11,952,240.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Bernard G. Brautigan sold 19,384 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $93.56, for a total transaction of $1,813,567.04. The disclosure for this sale can be found here. Insiders sold a total of 137,054 shares of company stock worth $12,504,328 in the last ninety days. 2.30% of the stock is currently owned by insiders.

ROST stock opened at $97.20 on Friday. The stock has a market capitalization of $35.72 billion, a P/E ratio of 22.82, a P/E/G ratio of 2.08 and a beta of 0.89. Ross Stores, Inc. has a 12 month low of $75.91 and a 12 month high of $104.35. The company has a current ratio of 1.69, a quick ratio of 0.82 and a debt-to-equity ratio of 0.09.

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

Ross Stores declared that its board has approved a stock buyback program on Tuesday, March 5th that authorizes the company to repurchase $2.55 billion in outstanding shares. This repurchase authorization authorizes the apparel retailer to reacquire up to 7.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

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Ross Stores Profile

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.

See Also: Initial Public Offering (IPO)

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

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