Ross Stores (NASDAQ:ROST) Announces Earnings Results, Misses Expectations By $0.03 EPS

Ross Stores (NASDAQ:ROSTGet Rating) posted its quarterly earnings data on Thursday. The apparel retailer reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.03), RTT News reports. Ross Stores had a return on equity of 39.79% and a net margin of 8.46%. The business had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.54 billion. During the same period in the prior year, the firm posted $1.34 EPS. Ross Stores’s revenue for the quarter was down 4.1% compared to the same quarter last year.

Shares of Ross Stores stock traded down $20.83 on Friday, hitting $71.87. The company had a trading volume of 34,575,468 shares, compared to its average volume of 3,413,284. The stock has a 50-day moving average of $95.92 and a 200-day moving average of $101.16. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.77 and a quick ratio of 1.24. Ross Stores has a twelve month low of $69.75 and a twelve month high of $127.58. The firm has a market capitalization of $25.25 billion, a P/E ratio of 16.01, a P/E/G ratio of 1.84 and a beta of 0.92.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Tuesday, June 7th will be given a $0.31 dividend. The ex-dividend date is Monday, June 6th. This represents a $1.24 annualized dividend and a dividend yield of 1.73%. Ross Stores’s dividend payout ratio is presently 27.62%.

Large investors have recently modified their holdings of the stock. Morgan Stanley increased its holdings in Ross Stores by 34.7% during the 2nd quarter. Morgan Stanley now owns 1,371,486 shares of the apparel retailer’s stock worth $170,064,000 after purchasing an additional 353,069 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Ross Stores during the first quarter worth about $29,049,000. Invesco Ltd. raised its position in Ross Stores by 8.6% in the 1st quarter. Invesco Ltd. now owns 2,705,700 shares of the apparel retailer’s stock valued at $244,759,000 after buying an additional 214,793 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Ross Stores by 59.3% in the 1st quarter. The Manufacturers Life Insurance Company now owns 493,575 shares of the apparel retailer’s stock valued at $44,989,000 after acquiring an additional 183,649 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Ross Stores by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 27,510,301 shares of the apparel retailer’s stock worth $2,488,582,000 after acquiring an additional 137,952 shares in the last quarter. Institutional investors and hedge funds own 87.02% of the company’s stock.

Ross Stores declared that its Board of Directors has authorized a share buyback plan on Tuesday, March 1st that authorizes the company to repurchase $1.90 billion in outstanding shares. This repurchase authorization authorizes the apparel retailer to buy up to 6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

A number of equities research analysts have commented on ROST shares. Telsey Advisory Group lowered shares of Ross Stores from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $145.00 to $80.00 in a report on Friday. Loop Capital dropped their price objective on shares of Ross Stores from $95.00 to $80.00 and set a “hold” rating for the company in a research report on Friday. Robert W. Baird decreased their price objective on Ross Stores from $115.00 to $90.00 and set an “outperform” rating on the stock in a research report on Friday. Gordon Haskett downgraded Ross Stores from an “accumulate” rating to a “hold” rating and dropped their target price for the stock from $130.00 to $106.00 in a research report on Thursday, February 10th. Finally, BMO Capital Markets decreased their price target on Ross Stores from $116.00 to $99.00 in a report on Friday. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Ross Stores presently has an average rating of “Buy” and an average target price of $107.88.

Ross Stores Company Profile (Get Rating)

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 brand names. Its stores primarily offer 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 for households with moderate income.

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Earnings History for Ross Stores (NASDAQ:ROST)

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