Jennison Associates LLC Reduces Holdings in Ross Stores, Inc. (NASDAQ:ROST)

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Jennison Associates LLC decreased its position in shares of Ross Stores, Inc. (NASDAQ:ROST) by 5.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,289,953 shares of the apparel retailer’s stock after selling 72,166 shares during the quarter. Jennison Associates LLC owned approximately 0.35% of Ross Stores worth $127,860,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Litman Gregory Asset Management LLC purchased a new position in shares of Ross Stores during the second quarter worth about $32,000. Berman Capital Advisors LLC grew its holdings in shares of Ross Stores by 32.2% during the first quarter. Berman Capital Advisors LLC now owns 522 shares of the apparel retailer’s stock worth $48,000 after buying an additional 127 shares during the last quarter. Thor Advisors LLC purchased a new position in shares of Ross Stores during the first quarter worth about $54,000. Cornerstone Advisors Inc. grew its holdings in shares of Ross Stores by 26.0% during the first quarter. Cornerstone Advisors Inc. now owns 820 shares of the apparel retailer’s stock worth $76,000 after buying an additional 169 shares during the last quarter. Finally, Zions Bancorporation N.A. purchased a new position in shares of Ross Stores during the first quarter worth about $76,000. 88.16% of the stock is currently owned by institutional investors.

In other news, insider James S. Fassio sold 60,000 shares of Ross Stores stock in a transaction that occurred on Wednesday, June 19th. The shares were sold at an average price of $103.38, for a total transaction of $6,202,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Michael Balmuth sold 81,049 shares of Ross Stores stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $92.87, for a total transaction of $7,527,020.63. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 296,287 shares of company stock valued at $29,806,735. Insiders own 2.30% of the company’s stock.

Shares of ROST stock traded down $4.45 during midday trading on Friday, reaching $102.95. 3,513,505 shares of the company traded hands, compared to its average volume of 1,830,910. The firm’s 50 day simple moving average is $104.70 and its two-hundred day simple moving average is $98.03. Ross Stores, Inc. has a 1-year low of $75.91 and a 1-year high of $108.20. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.34 and a quick ratio of 0.64. The firm has a market cap of $39.17 billion, a PE ratio of 24.17, a price-to-earnings-growth ratio of 2.29 and a beta of 0.89.

Ross Stores (NASDAQ:ROST) last posted its quarterly earnings results on Thursday, August 22nd. The apparel retailer reported $1.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.12 by $0.02. Ross Stores had a net margin of 10.46% and a return on equity of 49.37%. 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 firm earned $1.04 EPS. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. As a group, research analysts anticipate that Ross Stores, Inc. will post 4.49 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 12th will be given a dividend of $0.255 per share. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 0.99%. Ross Stores’s payout ratio is 23.94%.

ROST has been the topic of a number of research reports. Loop Capital raised Ross Stores to a “buy” rating and set a $120.00 price target on the stock in a report on Friday, August 16th. Morgan Stanley raised their price target on Ross Stores from $94.00 to $104.00 and gave the stock an “overweight” rating in a report on Friday. Deutsche Bank raised their price objective on shares of Ross Stores from $107.00 to $113.00 and gave the company a “buy” rating in a research report on Friday. Citigroup raised their price objective on shares of Ross Stores from $94.00 to $104.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Telsey Advisory Group downgraded shares of Ross Stores from an “outperform” rating to a “market perform” rating and set a $103.00 price objective for the company. in a research report on Monday, June 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $104.67.

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 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.

Further Reading: Trade War

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

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