Steel Peak Wealth Management LLC Invests $247,000 in Ross Stores, Inc. (NASDAQ:ROST)

Posted by Defense World Staff on Apr 6th, 2023

Steel Peak Wealth Management LLC acquired a new position in Ross Stores, Inc. (NASDAQ:ROST – Get Rating) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,125 shares of the apparel retailer’s stock, valued at approximately $247,000.

Other large investors have also recently added to or reduced their stakes in the company. Accurate Wealth Management LLC purchased a new stake in Ross Stores during the 4th quarter worth approximately $25,000. Core Alternative Capital increased its stake in Ross Stores by 59.7% during the 3rd quarter. Core Alternative Capital now owns 321 shares of the apparel retailer’s stock worth $27,000 after buying an additional 120 shares during the period. Arlington Partners LLC purchased a new stake in Ross Stores during the 4th quarter worth approximately $28,000. Hexagon Capital Partners LLC increased its stake in Ross Stores by 132.1% during the 3rd quarter. Hexagon Capital Partners LLC now owns 434 shares of the apparel retailer’s stock worth $37,000 after buying an additional 247 shares during the period. Finally, General Partner Inc. purchased a new stake in Ross Stores during the 4th quarter worth approximately $39,000. 89.07% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Ross Stores

In other news, CAO Jeffrey P. Burrill sold 3,297 shares of the firm’s stock in a transaction on Friday, March 31st. The shares were sold at an average price of $104.73, for a total value of $345,294.81. Following the completion of the sale, the chief accounting officer now owns 23,148 shares in the company, valued at approximately $2,424,290.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Jeffrey P. Burrill sold 3,297 shares of the firm’s stock in a transaction on Friday, March 31st. The shares were sold at an average price of $104.73, for a total value of $345,294.81. Following the completion of the sale, the chief accounting officer now owns 23,148 shares in the company, valued at approximately $2,424,290.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Michael J. Hartshorn sold 20,529 shares of the firm’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $112.37, for a total transaction of $2,306,843.73. Following the completion of the sale, the chief operating officer now owns 127,659 shares of the company’s stock, valued at approximately $14,345,041.83. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Wells Fargo & Company increased their price objective on shares of Ross Stores from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Tuesday, December 20th. Citigroup increased their price objective on shares of Ross Stores from $116.00 to $133.00 and gave the company a “buy” rating in a research report on Tuesday, February 21st. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Ross Stores from $121.00 to $120.00 in a research report on Wednesday, March 1st. JPMorgan Chase & Co. increased their price objective on shares of Ross Stores from $123.00 to $124.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Credit Suisse Group reissued an “outperform” rating and issued a $123.00 price objective on shares of Ross Stores in a research report on Wednesday, March 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $120.53.

Ross Stores Stock Down 1.9 %

Shares of NASDAQ:ROST opened at $106.46 on Thursday. The stock has a market cap of $36.41 billion, a P/E ratio of 24.25, a P/E/G ratio of 2.10 and a beta of 0.97. The firm has a fifty day moving average price of $110.20 and a 200 day moving average price of $105.97. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.90 and a quick ratio of 1.34. Ross Stores, Inc. has a 1-year low of $69.24 and a 1-year high of $122.44.

Ross Stores (NASDAQ:ROST – Get Rating) last issued its quarterly earnings results on Tuesday, February 28th. The apparel retailer reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.08. The firm had revenue of $5.21 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Ross Stores had a net margin of 8.09% and a return on equity of 36.40%. Ross Stores’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.04 EPS. Sell-side analysts predict that Ross Stores, Inc. will post 4.94 EPS for the current year.

Ross Stores Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 31st. Stockholders of record on Tuesday, March 14th were paid a $0.335 dividend. This represents a $1.34 annualized dividend and a dividend yield of 1.26%. The ex-dividend date was Monday, March 13th. This is a boost from Ross Stores’s previous quarterly dividend of $0.31. Ross Stores’s dividend payout ratio (DPR) is 30.52%.

About Ross Stores

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Ross Stores, Inc engages in the operation of off-price retail apparel and home accessories stores. Its products include branded and designer apparel, accessories, footwear, and home fashions through the Dress for Less and dd’s DISCOUNTS brands. The company was founded by Stuart G. Moldaw in 1957 and is headquartered in Dublin, CA.