Wall Street analysts forecast that Ross Stores, Inc. (NASDAQ:ROST) will announce earnings of $1.11 per share for the current quarter, according to Zacks. Eight analysts have made estimates for Ross Stores’ earnings, with the highest EPS estimate coming in at $1.15 and the lowest estimate coming in at $1.09. Ross Stores also posted earnings of $1.11 per share during the same quarter last year. The firm is expected to announce its next earnings report on Thursday, May 23rd.
On average, analysts expect that Ross Stores will report full-year earnings of $4.49 per share for the current fiscal year, with EPS estimates ranging from $4.36 to $4.57. For the next financial year, analysts expect that the company will report earnings of $4.94 per share, with EPS estimates ranging from $4.74 to $5.26. Zacks’ EPS calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Ross Stores.
ROST has been the subject of several recent research reports. Zacks Investment Research reiterated a “buy” rating and set a $113.00 price objective on shares of Ross Stores in a report on Thursday, November 15th. BidaskClub lowered Ross Stores from a “buy” rating to a “hold” rating in a report on Friday, November 16th. Loop Capital set a $100.00 target price on Ross Stores and gave the company a “buy” rating in a report on Tuesday, November 20th. Jefferies Financial Group set a $86.00 target price on Ross Stores and gave the company a “hold” rating in a report on Tuesday, November 20th. Finally, Telsey Advisory Group cut their target price on Ross Stores from $105.00 to $95.00 and set an “outperform” rating on the stock in a report on Wednesday, November 21st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. Ross Stores presently has an average rating of “Buy” and an average target price of $97.42.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Monday, March 18th will be given a $0.255 dividend. This is an increase from Ross Stores’s previous quarterly dividend of $0.23. This represents a $1.02 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend is Wednesday, March 6th. Ross Stores’s dividend payout ratio (DPR) is currently 21.13%.
Ross Stores announced that its Board of Directors has initiated a stock buyback plan on Tuesday, March 5th that allows the company to repurchase $2.55 billion in outstanding shares. This repurchase authorization allows the apparel retailer to purchase up to 7.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
In related news, Chairman Michael Balmuth sold 25,689 shares of Ross Stores stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $90.77, for a total transaction of $2,331,790.53. Following the sale, the chairman now directly owns 51,998 shares of the company’s stock, valued at $4,719,858.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 2.40% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in ROST. Oppenheimer & Co. Inc. bought a new position in Ross Stores during the third quarter worth about $239,000. Robeco Institutional Asset Management B.V. lifted its stake in Ross Stores by 4.3% during the third quarter. Robeco Institutional Asset Management B.V. now owns 524,884 shares of the apparel retailer’s stock worth $52,017,000 after purchasing an additional 21,542 shares during the period. Private Advisor Group LLC lifted its stake in Ross Stores by 28.6% during the third quarter. Private Advisor Group LLC now owns 20,039 shares of the apparel retailer’s stock worth $1,986,000 after purchasing an additional 4,459 shares during the period. Daiwa Securities Group Inc. lifted its stake in Ross Stores by 53.7% during the third quarter. Daiwa Securities Group Inc. now owns 19,619 shares of the apparel retailer’s stock worth $1,945,000 after purchasing an additional 6,853 shares during the period. Finally, Stratos Wealth Partners LTD. lifted its stake in Ross Stores by 8.2% during the third quarter. Stratos Wealth Partners LTD. now owns 7,516 shares of the apparel retailer’s stock worth $745,000 after purchasing an additional 570 shares during the period. 89.44% of the stock is currently owned by institutional investors and hedge funds.
Ross Stores Company 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 brands in the United States. It 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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