Pinebridge Investments L.P. Buys 68,600 Shares of Ross Stores, Inc. (NASDAQ:ROST)

Pinebridge Investments L.P. increased its stake in Ross Stores, Inc. (NASDAQ:ROST) by 110.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 130,542 shares of the apparel retailer’s stock after purchasing an additional 68,600 shares during the period. Pinebridge Investments L.P.’s holdings in Ross Stores were worth $12,940,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Geode Capital Management LLC boosted its stake in shares of Ross Stores by 8.1% during the fourth quarter. Geode Capital Management LLC now owns 6,088,490 shares of the apparel retailer’s stock valued at $505,856,000 after purchasing an additional 456,445 shares during the period. Northern Trust Corp lifted its stake in Ross Stores by 0.4% in the second quarter. Northern Trust Corp now owns 4,848,687 shares of the apparel retailer’s stock worth $480,602,000 after acquiring an additional 20,027 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Ross Stores by 1.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,668,312 shares of the apparel retailer’s stock worth $165,364,000 after acquiring an additional 17,100 shares during the period. Third Point LLC lifted its stake in Ross Stores by 3.1% in the second quarter. Third Point LLC now owns 1,650,000 shares of the apparel retailer’s stock worth $163,548,000 after acquiring an additional 50,000 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Ross Stores by 1.1% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,605,099 shares of the apparel retailer’s stock worth $149,435,000 after acquiring an additional 17,948 shares during the period. Institutional investors own 89.08% of the company’s stock.

In other news, insider James S. Fassio sold 60,000 shares of Ross Stores stock in a transaction dated Wednesday, June 19th. The stock was sold at an average price of $103.38, for a total transaction of $6,202,800.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director George Orban sold 1,000 shares of Ross Stores stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $102.50, for a total value of $102,500.00. Following the transaction, the director now directly owns 543,939 shares in the company, valued at $55,753,747.50. The disclosure for this sale can be found here. Insiders sold 200,238 shares of company stock worth $20,989,814 over the last three months. Insiders own 2.30% of the company’s stock.

NASDAQ ROST traded up $0.25 during trading hours on Friday, hitting $109.61. The company’s stock had a trading volume of 417,852 shares, compared to its average volume of 2,073,869. Ross Stores, Inc. has a 12 month low of $75.91 and a 12 month high of $110.88. The company’s 50 day simple moving average is $105.32 and its two-hundred day simple moving average is $99.24. The company has a market cap of $39.45 billion, a P/E ratio of 25.73, a price-to-earnings-growth ratio of 2.31 and a beta of 0.84. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.31 and a quick ratio of 0.63.

Ross Stores (NASDAQ:ROST) last released its quarterly earnings data on Thursday, August 22nd. The apparel retailer reported $1.14 EPS for the quarter, topping the consensus estimate of $1.12 by $0.02. Ross Stores had a return on equity of 49.21% and a net margin of 10.46%. The company had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same period last year, the company earned $1.04 EPS. Ross Stores’s revenue for the quarter was up 6.5% on a year-over-year basis. As a group, research analysts predict that Ross Stores, Inc. will post 4.5 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 12th will be given a $0.255 dividend. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $1.02 annualized dividend and a yield of 0.93%. Ross Stores’s payout ratio is 23.94%.

A number of analysts recently commented on the company. Guggenheim set a $120.00 price target on Ross Stores and gave the stock a “buy” rating in a research note on Friday, August 23rd. ValuEngine lowered Ross Stores from a “buy” rating to a “hold” rating in a research note on Wednesday, September 4th. Jefferies Financial Group set a $100.00 price objective on Ross Stores and gave the stock a “hold” rating in a report on Friday, August 23rd. Citigroup increased their price objective on Ross Stores from $94.00 to $104.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. Finally, DA Davidson increased their price objective on Ross Stores to $105.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $107.61.

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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Institutional Ownership by Quarter for Ross Stores (NASDAQ:ROST)

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