Ross Stores Stock Price Up 7% on Earnings Beat (ROST)
Ross Stores (NASDAQ:ROST) rose 7% during trading on Friday after the company announced better than expected quarterly earnings, StockRatingsNetwork.com reports. The company traded as high as $74.28 and last traded at $74.08, with a volume of 3,875,268 shares trading hands. The stock had previously closed at $69.25.
The company reported $1.14 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.08 by $0.06. The company had revenue of $2.73 billion for the quarter, compared to the consensus estimate of $2.71 billion. During the same quarter in the prior year, the company posted $0.98 earnings per share. The company’s quarterly revenue was up 7.0% on a year-over-year basis.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, September 30th. Shareholders of record on Friday, September 5th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date of this dividend is Wednesday, September 3rd.
A number of analysts have recently weighed in on ROST shares. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Ross Stores in a research note on Friday. They now have a $82.00 price target on the stock, up previously from $77.00. Separately, analysts at Sterne Agee raised their price target on shares of Ross Stores from $68.00 to $70.00 in a research note on Friday. Finally, analysts at Canaccord Genuity raised their price target on shares of Ross Stores from $66.00 to $68.00 in a research note on Friday. They now have a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $77.59.
The stock has a 50-day moving average of $65.32 and a 200-day moving average of $68.39. The company has a market cap of $15.696 billion and a P/E ratio of 17.51. Ross Stores also saw unusually large options trading activity on Tuesday. Stock investors acquired 9,493 call options on the company. This is an increase of 873% compared to the average volume of 976 call options.
Ross Stores, Inc is an off-price apparel and home fashion chain in the United States. The Company operates two brands of off-price retail apparel and home fashion stores: Ross Dress for Less (NASDAQ:ROST) and dd’s DISCOUNTS.
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