Ross Stores (ROST) Given New $94.00 Price Target at Morgan Stanley

Ross Stores (NASDAQ:ROST) had its target price lowered by Morgan Stanley from $99.00 to $94.00 in a research report sent to investors on Friday morning. Morgan Stanley currently has an overweight rating on the apparel retailer’s stock.

A number of other research analysts have also issued reports on the company. Loop Capital increased their target price on Ross Stores from $100.00 to $110.00 and gave the company a buy rating in a research report on Wednesday, October 3rd. Goldman Sachs Group initiated coverage on Ross Stores in a research report on Monday, September 3rd. They set a neutral rating and a $104.00 target price on the stock. DA Davidson initiated coverage on Ross Stores in a research report on Tuesday, September 25th. They set a neutral rating and a $96.00 target price on the stock. JPMorgan Chase & Co. decreased their target price on Ross Stores from $98.00 to $96.00 and set an overweight rating on the stock in a research report on Friday, August 24th. Finally, Cowen set a $101.00 target price on Ross Stores and gave the company a buy rating in a research report on Monday, July 30th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and seventeen have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $96.12.

Shares of NASDAQ:ROST opened at $80.36 on Friday. Ross Stores has a 1 year low of $70.84 and a 1 year high of $104.35. The company has a market cap of $30.48 billion, a PE ratio of 20.20, a price-to-earnings-growth ratio of 1.94 and a beta of 0.98. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.85 and a current ratio of 1.61.

Ross Stores (NASDAQ:ROST) last announced its earnings results on Tuesday, November 20th. The apparel retailer reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.01. Ross Stores had a return on equity of 48.34% and a net margin of 10.68%. The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter last year, the firm posted $0.72 EPS. The business’s revenue was up 6.6% on a year-over-year basis. Sell-side analysts expect that Ross Stores will post 4.2 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be issued a $0.225 dividend. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $0.90 dividend on an annualized basis and a yield of 1.12%. Ross Stores’s payout ratio is currently 26.95%.

In other Ross Stores news, CEO Barbara Rentler sold 20,000 shares of the firm’s stock in a transaction on Friday, October 12th. The stock was sold at an average price of $95.15, for a total value of $1,903,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Norman A. Ferber sold 10,144 shares of the firm’s stock in a transaction on Monday, August 27th. The stock was sold at an average price of $94.90, for a total value of $962,665.60. Following the completion of the sale, the director now directly owns 25,127 shares of the company’s stock, valued at $2,384,552.30. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the business. Morgan Stanley increased its stake in shares of Ross Stores by 69.0% in the 3rd quarter. Morgan Stanley now owns 2,201,584 shares of the apparel retailer’s stock worth $218,178,000 after acquiring an additional 898,614 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Ross Stores by 0.5% in the 3rd quarter. Legal & General Group Plc now owns 1,921,724 shares of the apparel retailer’s stock worth $190,464,000 after acquiring an additional 9,526 shares during the last quarter. Kepos Capital LP increased its stake in shares of Ross Stores by 9.8% in the 3rd quarter. Kepos Capital LP now owns 59,952 shares of the apparel retailer’s stock worth $5,941,000 after acquiring an additional 5,332 shares during the last quarter. Standard Life Aberdeen plc increased its stake in shares of Ross Stores by 21.1% in the 3rd quarter. Standard Life Aberdeen plc now owns 395,696 shares of the apparel retailer’s stock worth $39,220,000 after acquiring an additional 69,063 shares during the last quarter. Finally, Kentucky Retirement Systems acquired a new stake in shares of Ross Stores in the 3rd quarter worth $1,340,000. 88.44% of the stock is owned by institutional investors and hedge funds.

About Ross Stores

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 in the United States. It 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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