American Century Companies Inc. trimmed its position in shares of Ross Stores, Inc. (NASDAQ:ROST) by 19.7% during the first quarter, Holdings Channel reports. The institutional investor owned 2,531,925 shares of the apparel retailer’s stock after selling 622,458 shares during the period. American Century Companies Inc.’s holdings in Ross Stores were worth $235,722,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently modified their holdings of ROST. Comerica Securities Inc. grew its holdings in shares of Ross Stores by 20.4% during the fourth quarter. Comerica Securities Inc. now owns 4,218 shares of the apparel retailer’s stock worth $351,000 after purchasing an additional 716 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Ross Stores by 4.7% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 17,802 shares of the apparel retailer’s stock worth $1,481,000 after buying an additional 807 shares during the last quarter. WINTON GROUP Ltd grew its holdings in shares of Ross Stores by 3.3% during the fourth quarter. WINTON GROUP Ltd now owns 154,939 shares of the apparel retailer’s stock worth $12,891,000 after buying an additional 4,945 shares during the last quarter. Chesapeake Wealth Management purchased a new position in shares of Ross Stores during the fourth quarter worth about $418,000. Finally, Telemus Capital LLC grew its holdings in shares of Ross Stores by 7.5% during the fourth quarter. Telemus Capital LLC now owns 11,043 shares of the apparel retailer’s stock worth $919,000 after buying an additional 775 shares during the last quarter. Institutional investors and hedge funds own 88.96% of the company’s stock.
In related news, CEO Barbara Rentler sold 40,000 shares of the firm’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $99.16, for a total value of $3,966,400.00. Following the completion of the sale, the chief executive officer now owns 473,922 shares in the company, valued at $46,994,105.52. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Michael J. Hartshorn sold 9,924 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $91.48, for a total transaction of $907,847.52. The disclosure for this sale can be found here. In the last 90 days, insiders sold 212,357 shares of company stock valued at $19,884,495. 2.30% of the stock is owned by insiders.
Ross Stores (NASDAQ:ROST) last announced its quarterly earnings data on Thursday, May 23rd. The apparel retailer reported $1.13 EPS for the quarter, beating the Zacks’ consensus estimate of $1.12 by $0.01. The firm had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.79 billion. Ross Stores had a net margin of 10.47% and a return on equity of 48.92%. The firm’s revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.11 earnings per share. On average, sell-side analysts anticipate that Ross Stores, Inc. will post 4.51 earnings per share for the current fiscal year.
Ross Stores announced that its board has initiated a share buyback plan on Tuesday, March 5th that authorizes the company to buyback $2.55 billion in shares. This buyback authorization authorizes the apparel retailer to repurchase up to 7.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Tuesday, June 11th will be given a $0.255 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $1.02 dividend on an annualized basis and a yield of 1.01%. Ross Stores’s payout ratio is currently 23.94%.
A number of equities analysts recently issued reports on ROST shares. DA Davidson raised their price target on Ross Stores to $92.00 and gave the stock a “neutral” rating in a report on Thursday, March 7th. Guggenheim reissued a “buy” rating and set a $105.00 price target on shares of Ross Stores in a report on Tuesday, March 5th. BidaskClub lowered Ross Stores from a “hold” rating to a “sell” rating in a report on Wednesday, March 13th. Wells Fargo & Co raised their price target on Ross Stores from $92.00 to $104.00 and gave the stock an “outperform” rating in a report on Wednesday, March 6th. Finally, Credit Suisse Group raised their price target on Ross Stores from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, March 6th. Ten equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $98.13.
Ross Stores Company 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.
Further Reading: Special Dividends
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