Connor Clark & Lunn Investment Management Ltd. trimmed its stake in Ross Stores, Inc. (NASDAQ:ROST) by 32.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,975 shares of the apparel retailer’s stock after selling 6,750 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Ross Stores were worth $1,163,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Janney Montgomery Scott LLC boosted its position in shares of Ross Stores by 25.1% during the 3rd quarter. Janney Montgomery Scott LLC now owns 32,515 shares of the apparel retailer’s stock worth $3,222,000 after purchasing an additional 6,522 shares during the period. Commonwealth Equity Services LLC boosted its position in shares of Ross Stores by 66.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 15,598 shares of the apparel retailer’s stock worth $1,545,000 after purchasing an additional 6,221 shares during the period. Bessemer Group Inc. boosted its position in shares of Ross Stores by 856.6% during the 3rd quarter. Bessemer Group Inc. now owns 1,014 shares of the apparel retailer’s stock worth $101,000 after purchasing an additional 908 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Ross Stores by 33.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,907,770 shares of the apparel retailer’s stock worth $1,378,259,000 after purchasing an additional 3,512,781 shares during the period. Finally, MML Investors Services LLC boosted its position in shares of Ross Stores by 200.6% during the 3rd quarter. MML Investors Services LLC now owns 10,587 shares of the apparel retailer’s stock worth $1,049,000 after purchasing an additional 7,065 shares during the period. 89.44% of the stock is owned by institutional investors and hedge funds.
ROST opened at $89.90 on Friday. The company has a quick ratio of 0.82, a current ratio of 1.69 and a debt-to-equity ratio of 0.09. Ross Stores, Inc. has a 52-week low of $74.53 and a 52-week high of $104.35. The company has a market cap of $33.78 billion, a price-to-earnings ratio of 21.10, a price-to-earnings-growth ratio of 1.96 and a beta of 0.90.
Ross Stores announced that its board has initiated a stock repurchase program on Tuesday, March 5th that allows the company to buyback $2.55 billion in shares. This buyback authorization allows the apparel retailer to purchase up to 7.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Monday, March 18th will be paid a dividend of $0.255 per share. This is an increase from Ross Stores’s previous quarterly dividend of $0.23. This represents a $1.02 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend is Wednesday, March 6th. Ross Stores’s payout ratio is currently 21.13%.
In other Ross Stores news, Chairman Michael Balmuth sold 25,689 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $90.77, for a total transaction of $2,331,790.53. Following the completion of the sale, the chairman now directly owns 51,998 shares in the company, valued at $4,719,858.46. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.40% of the stock is owned by insiders.
A number of research firms recently weighed in on ROST. Zacks Investment Research cut shares of Ross Stores from a “buy” rating to a “hold” rating in a research report on Thursday, February 14th. Credit Suisse Group increased their price objective on shares of Ross Stores from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 6th. BidaskClub cut shares of Ross Stores from a “hold” rating to a “sell” rating in a research report on Wednesday. Loop Capital set a $100.00 price objective on shares of Ross Stores and gave the stock a “buy” rating in a research report on Tuesday, November 20th. Finally, MKM Partners lowered their price objective on shares of Ross Stores from $98.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday, November 21st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. Ross Stores has a consensus rating of “Buy” and a consensus price target of $97.42.
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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 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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