Ross Stores’ (ROST) Buy Rating Reiterated at Instinet
Ross Stores, Inc. (NASDAQ:ROST)‘s stock had its “buy” rating reaffirmed by stock analysts at Instinet in a research note issued on Sunday. They currently have a $74.00 price objective on the apparel retailer’s stock. Instinet’s price target points to a potential upside of 25.38% from the stock’s current price.
ROST has been the subject of a number of other reports. BidaskClub cut Ross Stores from a “sell” rating to a “strong sell” rating in a report on Saturday, June 17th. Zacks Investment Research upgraded Ross Stores from a “sell” rating to a “hold” rating in a report on Tuesday, May 16th. Morgan Stanley restated an “overweight” rating and set a $69.00 target price on shares of Ross Stores in a report on Monday, May 22nd. Telsey Advisory Group upgraded Ross Stores from a “market perform” rating to an “outperform” rating and set a $70.00 target price for the company in a report on Friday, July 14th. They noted that the move was a valuation call. Finally, Credit Suisse Group restated a “neutral” rating and set a $64.00 target price (down from $70.00) on shares of Ross Stores in a report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $69.11.
Ross Stores (ROST) traded up 10.67% on Friday, reaching $59.02. 14,140,321 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $55.18 and a 200 day moving average price of $62.10. Ross Stores has a one year low of $52.85 and a one year high of $69.81. The firm has a market cap of $22.61 billion, a PE ratio of 19.49 and a beta of 1.10.
Ross Stores (NASDAQ:ROST) last announced its earnings results on Thursday, August 17th. The apparel retailer reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Ross Stores had a return on equity of 43.40% and a net margin of 8.87%. The company had revenue of $3.43 billion during the quarter, compared to analysts’ expectations of $3.37 billion. During the same period last year, the business posted $0.71 EPS. Ross Stores’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, equities analysts anticipate that Ross Stores will post $3.17 earnings per share for the current year.
In other Ross Stores news, Director Sharon D. Garrett sold 16,130 shares of Ross Stores stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $63.23, for a total transaction of $1,019,899.90. Following the transaction, the director now owns 4,967 shares of the company’s stock, valued at $314,063.41. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. IFP Advisors Inc raised its position in Ross Stores by 2.2% in the first quarter. IFP Advisors Inc now owns 7,331 shares of the apparel retailer’s stock valued at $483,000 after buying an additional 161 shares during the period. Nikko Asset Management Americas Inc. purchased a new position in Ross Stores during the first quarter valued at approximately $112,000. Shell Asset Management Co. raised its position in Ross Stores by 2.2% in the first quarter. Shell Asset Management Co. now owns 62,268 shares of the apparel retailer’s stock valued at $4,102,000 after buying an additional 1,364 shares during the period. North Point Portfolio Managers Corp OH raised its position in Ross Stores by 1.2% in the first quarter. North Point Portfolio Managers Corp OH now owns 224,608 shares of the apparel retailer’s stock valued at $14,795,000 after buying an additional 2,645 shares during the period. Finally, First Mercantile Trust Co. raised its position in Ross Stores by 4.0% in the first quarter. First Mercantile Trust Co. now owns 11,230 shares of the apparel retailer’s stock valued at $740,000 after buying an additional 435 shares during the period. 90.20% of the stock is currently owned by institutional investors.
Ross Stores Company Profile
Ross Stores, Inc and its subsidiaries operate two brands of off-price retail apparel and home fashion stores-Ross Dress for Less (Ross) and dd’s DISCOUNTS. The Company is the off-price apparel and home fashion chain in the United States, with 1,340 locations in 36 states, the District of Columbia and Guam, as of January 28, 2017.
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