State of Michigan Retirement System boosted its position in Ross Stores, Inc. (NASDAQ:ROST) by 9.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,798 shares of the apparel retailer’s stock after buying an additional 7,910 shares during the quarter. State of Michigan Retirement System’s holdings in Ross Stores were worth $7,740,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Vontobel Asset Management Inc. acquired a new position in shares of Ross Stores in the first quarter worth about $186,885,000. APG Asset Management N.V. raised its position in shares of Ross Stores by 1,000.4% in the 1st quarter. APG Asset Management N.V. now owns 1,208,360 shares of the apparel retailer’s stock valued at $100,190,000 after purchasing an additional 1,098,551 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Ross Stores by 45.3% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,129,928 shares of the apparel retailer’s stock valued at $185,240,000 after buying an additional 663,971 shares during the last quarter. Marshfield Associates grew its position in shares of Ross Stores by 80.7% during the first quarter. Marshfield Associates now owns 1,351,646 shares of the apparel retailer’s stock worth $117,553,000 after buying an additional 603,570 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Ross Stores by 9.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 6,527,239 shares of the apparel retailer’s stock worth $567,673,000 after buying an additional 548,721 shares during the last quarter. 84.83% of the stock is owned by institutional investors.
Several research analysts have weighed in on the stock. UBS Group raised their price objective on shares of Ross Stores from $86.00 to $94.00 and gave the stock a “neutral” rating in a report on Wednesday, May 27th. Nomura Instinet cut their price objective on Ross Stores from $100.00 to $97.00 and set a “neutral” rating on the stock in a research note on Friday, May 22nd. Bank of America reiterated a “buy” rating and issued a $110.00 target price (up previously from $105.00) on shares of Ross Stores in a research report on Friday, May 22nd. Royal Bank of Canada upped their price target on Ross Stores from $90.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, May 22nd. Finally, Wells Fargo & Co lifted their price objective on shares of Ross Stores from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eighteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $108.85.
Shares of ROST opened at $89.67 on Friday. The firm has a market capitalization of $31.92 billion, a price-to-earnings ratio of 34.76, a price-to-earnings-growth ratio of 5.34 and a beta of 0.80. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.08 and a current ratio of 1.75. Ross Stores, Inc. has a one year low of $56.30 and a one year high of $124.16. The stock’s fifty day moving average is $87.90 and its 200-day moving average is $96.17.
Ross Stores (NASDAQ:ROST) last announced its earnings results on Thursday, May 21st. The apparel retailer reported ($0.87) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.01) by ($0.86). Ross Stores had a net margin of 6.63% and a return on equity of 35.71%. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $2.04 billion. During the same quarter in the prior year, the company earned $1.15 EPS. The business’s quarterly revenue was down 51.4% on a year-over-year basis. Analysts forecast that Ross Stores, Inc. will post 1.68 EPS for the current fiscal year.
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.
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