Jain Global LLC Makes New $28.56 Million Investment in Ross Stores, Inc. $ROST

Key Points

• Jain Global LLC purchased 187,418 shares of Ross Stores (about a 0.06% stake) in Q3 for approximately $28.56 million.
• Ross beat estimates with $2.00 EPS (vs. $1.90) and $6.64B revenue (up 12.2% YoY) and raised its quarterly dividend to $0.445 ($1.78 annual), ex-dividend March 13.
• Insiders (including a director and the CMO) sold shares recently, while analysts hold a Moderate Buy consensus with an average price target of $208.29.

Jain Global LLC purchased a new stake in shares of Ross Stores, Inc. (NASDAQ:ROST - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 187,418 shares of the apparel retailer's stock, valued at approximately $28,561,000. Jain Global LLC owned about 0.06% of Ross Stores at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in ROST. American National Bank & Trust bought a new position in Ross Stores during the third quarter valued at approximately $26,000. Grey Fox Wealth Advisors LLC bought a new stake in Ross Stores in the third quarter worth approximately $29,000. E Fund Management Hong Kong Co. Ltd. grew its position in Ross Stores by 162.6% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 239 shares of the apparel retailer's stock worth $36,000 after acquiring an additional 148 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new position in shares of Ross Stores during the 2nd quarter worth $38,000. Finally, True Wealth Design LLC increased its stake in shares of Ross Stores by 152.0% during the 3rd quarter. True Wealth Design LLC now owns 257 shares of the apparel retailer's stock worth $39,000 after purchasing an additional 155 shares during the last quarter. Institutional investors own 86.86% of the company's stock.

Ross Stores Price Performance

NASDAQ ROST opened at $206.28 on Monday. The stock has a 50-day simple moving average of $196.31 and a 200 day simple moving average of $174.57. Ross Stores, Inc. has a twelve month low of $122.36 and a twelve month high of $216.80. The stock has a market capitalization of $66.72 billion, a PE ratio of 31.21, a P/E/G ratio of 2.81 and a beta of 0.97. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.04 and a current ratio of 1.58.

Ross Stores (NASDAQ:ROST - Get Free Report) last issued its quarterly earnings results on Tuesday, March 3rd. The apparel retailer reported $2.00 EPS for the quarter, topping the consensus estimate of $1.90 by $0.10. Ross Stores had a return on equity of 36.70% and a net margin of 9.43%.The company had revenue of $6.64 billion for the quarter, compared to the consensus estimate of $6.42 billion. During the same period in the previous year, the business posted $1.65 EPS. The company's revenue for the quarter was up 12.2% on a year-over-year basis. Research analysts anticipate that Ross Stores, Inc. will post 6.17 EPS for the current year.

Ross Stores Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a dividend of $0.445 per share. This represents a $1.78 annualized dividend and a yield of 0.9%. The ex-dividend date is Friday, March 13th. This is an increase from Ross Stores's previous quarterly dividend of $0.41. Ross Stores's dividend payout ratio is currently 26.93%.

Insiders Place Their Bets

In other news, Director Patricia H. Mueller sold 1,881 shares of the company's stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $213.13, for a total transaction of $400,897.53. Following the completion of the transaction, the director owned 2,159 shares of the company's stock, valued at approximately $460,147.67. This represents a 46.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Karen Sykes sold 2,556 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $213.91, for a total transaction of $546,753.96. Following the completion of the sale, the chief marketing officer owned 103,945 shares of the company's stock, valued at approximately $22,234,874.95. The trade was a 2.40% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Bank of America lifted their price objective on shares of Ross Stores from $175.00 to $200.00 and gave the company a "buy" rating in a research note on Friday, November 21st. Deutsche Bank Aktiengesellschaft set a $221.00 target price on shares of Ross Stores in a research report on Thursday, January 8th. Zacks Research lowered Ross Stores from a "strong-buy" rating to a "hold" rating in a report on Monday, March 2nd. Barclays boosted their price target on Ross Stores from $205.00 to $221.00 and gave the stock an "overweight" rating in a research report on Monday, March 2nd. Finally, Sanford C. Bernstein set a $200.00 price target on Ross Stores in a research note on Wednesday, March 4th. Sixteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $208.29.

Ross Stores Company Profile

Ross Stores, Inc NASDAQ: ROST is an American off‑price retailer headquartered in Dublin, California, that operates the Ross Dress for Less and dd's DISCOUNTS store formats. The company sells a broad assortment of apparel, footwear, home fashions, accessories and other soft goods, positioning itself as a value-oriented destination for brand‑name and fashion merchandise at reduced prices.

Ross's business model centers on opportunistic buying of excess inventory, closeouts, cancelled orders and overstocks from manufacturers, department stores and other suppliers.

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