Summit Global Investments Buys 6,633 Shares of Ross Stores, Inc. (NASDAQ:ROST)

Summit Global Investments increased its stake in Ross Stores, Inc. (NASDAQ:ROST) by 62.8% during the third quarter, Holdings Channel.com reports. The fund owned 17,202 shares of the apparel retailer’s stock after buying an additional 6,633 shares during the period. Summit Global Investments’ holdings in Ross Stores were worth $2,589,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. University of Texas Texas AM Investment Management Co. acquired a new stake in Ross Stores during the 2nd quarter worth about $27,000. SJS Investment Consulting Inc. boosted its position in shares of Ross Stores by 262.1% during the 2nd quarter. SJS Investment Consulting Inc. now owns 210 shares of the apparel retailer’s stock valued at $31,000 after purchasing an additional 152 shares in the last quarter. Industrial Alliance Investment Management Inc. acquired a new stake in Ross Stores during the second quarter worth approximately $32,000. Armstrong Advisory Group Inc. acquired a new stake in Ross Stores during the third quarter worth approximately $33,000. Finally, Crewe Advisors LLC increased its holdings in Ross Stores by 97.8% in the second quarter. Crewe Advisors LLC now owns 275 shares of the apparel retailer’s stock worth $40,000 after purchasing an additional 136 shares in the last quarter. 86.86% of the stock is currently owned by institutional investors.

Ross Stores Trading Up 2.5 %

Shares of ROST stock opened at $142.04 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.05 and a current ratio of 1.56. The company has a market capitalization of $47.12 billion, a price-to-earnings ratio of 22.91, a PEG ratio of 2.28 and a beta of 1.09. Ross Stores, Inc. has a 52-week low of $119.73 and a 52-week high of $163.60. The company has a 50-day simple moving average of $147.55 and a two-hundred day simple moving average of $143.75.

Ross Stores (NASDAQ:ROST) last released its earnings results on Thursday, August 22nd. The apparel retailer reported $1.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.09. The company had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.25 billion. Ross Stores had a return on equity of 42.43% and a net margin of 9.82%. Ross Stores’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.32 earnings per share. Research analysts anticipate that Ross Stores, Inc. will post 6.2 EPS for the current fiscal year.

Ross Stores Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 10th were paid a dividend of $0.3675 per share. This represents a $1.47 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend was Tuesday, September 10th. Ross Stores’s payout ratio is 23.71%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ROST. Barclays raised their price objective on shares of Ross Stores from $165.00 to $175.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Bank of America raised their price target on shares of Ross Stores from $170.00 to $180.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Loop Capital upped their price objective on shares of Ross Stores from $170.00 to $190.00 and gave the company a “buy” rating in a report on Friday, August 23rd. StockNews.com upgraded Ross Stores from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and set a $175.00 price target on shares of Ross Stores in a research note on Tuesday, October 29th. Three investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Ross Stores presently has an average rating of “Moderate Buy” and a consensus price target of $171.88.

Insider Buying and Selling

In related news, CEO Barbara Rentler sold 48,885 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $153.93, for a total transaction of $7,524,868.05. Following the completion of the sale, the chief executive officer now owns 311,853 shares in the company, valued at approximately $48,003,532.29. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, Chairman Michael Balmuth sold 14,887 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $152.22, for a total value of $2,266,099.14. Following the transaction, the chairman now owns 11,133 shares in the company, valued at approximately $1,694,665.26. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Barbara Rentler sold 48,885 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $153.93, for a total value of $7,524,868.05. Following the transaction, the chief executive officer now directly owns 311,853 shares of the company’s stock, valued at approximately $48,003,532.29. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 72,138 shares of company stock valued at $11,093,051. 2.10% of the stock is owned by insiders.

Ross Stores Profile

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 brand names in the United States. Its stores primarily offer apparel, accessories, footwear, and home fashions. The company’s Ross Dress for Less stores sell its products at department and specialty stores to middle income households; and dd’s DISCOUNTS stores sell its products at department and discount stores for households with moderate income.