Ross Stores Inc. (ROST) Hits New 52-Week High at $60.00
Ross Stores Inc. (NASDAQ:ROST) shares hit a new 52-week high on Friday . The stock traded as high as $60.00 and last traded at $59.98, with a volume of 806,726 shares trading hands. The stock had previously closed at $59.22.
Several research analysts have weighed in on the company. Zacks Investment Research upgraded Ross Stores from a “hold” rating to a “buy” rating and set a $66.00 target price on the stock in a research note on Wednesday. Deutsche Bank AG reissued a “buy” rating on shares of Ross Stores in a report on Wednesday, April 6th. Vetr cut Ross Stores from a “buy” rating to a “hold” rating and set a $60.50 price target for the company. in a report on Monday, July 11th. Cowen and Company raised their price target on Ross Stores from $61.00 to $63.00 and gave the company an “outperform” rating in a report on Wednesday, July 13th. Finally, Jefferies Group reissued a “hold” rating on shares of Ross Stores in a report on Thursday, July 14th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and fifteen have given a buy rating to the stock. Ross Stores currently has a consensus rating of “Buy” and an average target price of $61.74.
The stock’s 50 day moving average price is $55.89 and its 200-day moving average price is $55.81. The stock has a market capitalization of $23.96 billion and a PE ratio of 23.54.
Ross Stores (NASDAQ:ROST) last issued its quarterly earnings results on Thursday, May 19th. The apparel retailer reported $0.73 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.73. The firm had revenue of $3.09 billion for the quarter. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.33 earnings per share. On average, analysts forecast that Ross Stores Inc. will post $2.71 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Tuesday, June 7th were paid a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date was Friday, June 3rd.
In other news, Chairman Michael Balmuth sold 194,984 shares of the stock in a transaction on Wednesday, June 1st. The stock was sold at an average price of $53.45, for a total transaction of $10,421,894.80. Following the completion of the sale, the chairman now owns 61,548 shares in the company, valued at approximately $3,289,740.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director George Orban sold 56,000 shares of the stock in a transaction on Friday, July 8th. The shares were sold at an average price of $57.52, for a total value of $3,221,120.00. Following the sale, the director now owns 506,750 shares of the company’s stock, valued at approximately $29,148,260. The disclosure for this sale can be found here.
Other large investors recently made changes to their positions in the company. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its stake in shares of Ross Stores by 5.2% in the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 56,200 shares of the apparel retailer’s stock worth $3,024,000 after buying an additional 2,800 shares during the period. Gulf International Bank UK Ltd increased its stake in shares of Ross Stores by 1.5% in the fourth quarter. Gulf International Bank UK Ltd now owns 125,762 shares of the apparel retailer’s stock worth $6,767,000 after buying an additional 1,850 shares during the period. Montag & Caldwell LLC increased its stake in shares of Ross Stores by 22.3% in the fourth quarter. Montag & Caldwell LLC now owns 21,028 shares of the apparel retailer’s stock worth $1,132,000 after buying an additional 3,832 shares during the period. Bank of Montreal Can increased its stake in shares of Ross Stores by 16.5% in the fourth quarter. Bank of Montreal Can now owns 295,009 shares of the apparel retailer’s stock worth $15,875,000 after buying an additional 41,765 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Ross Stores by 23.6% in the fourth quarter. Principal Financial Group Inc. now owns 5,552,328 shares of the apparel retailer’s stock worth $298,772,000 after buying an additional 1,060,771 shares during the period.
Ross Stores, Inc is an off-price retailer of name brand and designer apparel, accessories, footwear, and home fashions for the entire family. The Company operates two brands of off-price retail apparel and home fashion stores, Ross Dress for Less (Ross) and dd’s DISCOUNTS. As of December 31, 2014, the Company operated 1,210 Ross locations in 33 states, the District of Columbia and Guam, and 152 dd’s DISCOUNTS stores in 15 states.
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