New York State Common Retirement Fund Boosts Holdings in Ross Stores, Inc. (NASDAQ:ROST)

Posted by on Apr 14th, 2023

New York State Common Retirement Fund increased its stake in shares of Ross Stores, Inc. (NASDAQ:ROST – Get Rating) by 1.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 368,005 shares of the apparel retailer’s stock after buying an additional 5,861 shares during the period. New York State Common Retirement Fund owned about 0.11% of Ross Stores worth $42,714,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in ROST. Accurate Wealth Management LLC purchased a new stake in Ross Stores during the fourth quarter worth about $25,000. Core Alternative Capital increased its holdings in Ross Stores by 59.7% during the third 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 last quarter. Arlington Partners LLC purchased a new stake in Ross Stores during the fourth quarter worth about $28,000. Hexagon Capital Partners LLC increased its holdings in Ross Stores by 132.1% during the third 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 last quarter. Finally, General Partner Inc. purchased a new stake in Ross Stores during the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on ROST. Wells Fargo & Company increased their target price on shares of Ross Stores from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 20th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Ross Stores from $121.00 to $120.00 in a research report on Wednesday, March 1st. Citigroup increased their target price on shares of Ross Stores from $116.00 to $133.00 and gave the stock a “buy” rating in a research report on Tuesday, February 21st. Credit Suisse Group reiterated an “outperform” rating and set a $123.00 target price on shares of Ross Stores in a research report on Wednesday, March 1st. Finally, Barclays increased their target price on shares of Ross Stores from $127.00 to $139.00 and gave the stock an “overweight” rating in a research report on Friday, January 13th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $120.53.

Insider Activity at Ross Stores

In other Ross Stores news, COO Michael J. Hartshorn sold 20,529 shares of Ross Stores stock in a transaction that occurred on Monday, March 6th. The shares were sold at an average price of $112.37, for a total transaction of $2,306,843.73. Following the transaction, the chief operating officer now directly owns 127,659 shares of the company’s stock, valued at $14,345,041.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Ross Stores news, COO Michael J. Hartshorn sold 20,529 shares of Ross Stores stock in a transaction that occurred on Monday, March 6th. The shares were sold at an average price of $112.37, for a total transaction of $2,306,843.73. Following the transaction, the chief operating officer now directly owns 127,659 shares of the company’s stock, valued at $14,345,041.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael K. Kobayashi sold 12,221 shares of Ross Stores stock in a transaction that occurred on Thursday, April 6th. The stock was sold at an average price of $106.00, for a total transaction of $1,295,426.00. Following the transaction, the insider now directly owns 96,486 shares in the company, valued at $10,227,516. The disclosure for this sale can be found here. Insiders have sold 36,047 shares of company stock valued at $3,947,565 over the last three months. 1.90% of the stock is owned by corporate insiders.

Ross Stores Trading Up 1.3 %

Shares of ROST opened at $104.19 on Friday. The firm’s 50 day simple moving average is $108.58 and its 200 day simple moving average is $106.58. The company has a market capitalization of $35.64 billion, a P/E ratio of 23.73, a P/E/G ratio of 2.03 and a beta of 0.97. 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 announced its earnings results on Tuesday, February 28th. The apparel retailer reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.08. The business had revenue of $5.21 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the firm posted $1.04 earnings per share. Sell-side analysts forecast that Ross Stores, Inc. will post 4.94 earnings per share for the current fiscal year.

Ross Stores Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 31st. Investors of record on Tuesday, March 14th were paid a $0.335 dividend. This is an increase from Ross Stores’s previous quarterly dividend of $0.31. This represents a $1.34 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date of this dividend was Monday, March 13th. Ross Stores’s dividend payout ratio (DPR) is currently 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.

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

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