Meritage Portfolio Management purchased a new stake in Ross Stores, Inc. (NASDAQ:ROST) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 22,817 shares of the apparel retailer’s stock, valued at approximately $2,262,000.
Several other hedge funds also recently made changes to their positions in ROST. First Manhattan Co. bought a new stake in Ross Stores during the 1st quarter worth approximately $27,000. Berman Capital Advisors LLC increased its stake in Ross Stores by 32.2% during the 1st quarter. Berman Capital Advisors LLC now owns 522 shares of the apparel retailer’s stock worth $48,000 after purchasing an additional 127 shares in the last quarter. Thor Advisors LLC bought a new stake in Ross Stores during the 1st quarter worth approximately $54,000. Legacy Advisors LLC bought a new stake in Ross Stores during the 1st quarter worth approximately $67,000. Finally, Zions Bancorporation N.A. bought a new stake in Ross Stores during the 1st quarter worth approximately $76,000. 89.73% of the stock is owned by institutional investors.
ROST has been the subject of several research reports. Telsey Advisory Group cut shares of Ross Stores from an “outperform” rating to a “market perform” rating and set a $103.00 price target for the company. in a research note on Monday, June 24th. Robert W. Baird initiated coverage on shares of Ross Stores in a research note on Monday, May 13th. They set an “outperform” rating and a $108.00 price target for the company. Guggenheim reaffirmed a “buy” rating and set a $105.00 price target on shares of Ross Stores in a research note on Friday, May 24th. BidaskClub raised shares of Ross Stores from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Finally, Goldman Sachs Group cut shares of Ross Stores from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $102.00 to $91.00 in a research note on Thursday, June 27th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Ross Stores presently has an average rating of “Buy” and an average price target of $98.64.
Ross Stores (NASDAQ:ROST) last released its quarterly earnings data on Thursday, May 23rd. The apparel retailer reported $1.13 EPS for the quarter, beating the consensus estimate of $1.12 by $0.01. The company had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.79 billion. Ross Stores had a return on equity of 48.92% and a net margin of 10.47%. The firm’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.11 EPS. Equities research analysts expect that Ross Stores, Inc. will post 4.51 EPS for the current year.
In other news, insider James S. Fassio sold 85,238 shares of the stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $104.85, for a total value of $8,937,204.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Michael Balmuth sold 81,049 shares of the stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $92.87, for a total value of $7,527,020.63. The disclosure for this sale can be found here. In the last three months, insiders sold 296,287 shares of company stock valued at $29,806,735. 2.30% of the stock is currently owned by insiders.
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. 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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