Mirae Asset Global Investments Co. Ltd. Makes New $64.97 Million Investment in Ross Stores, Inc. $ROST

Key Points

• Mirae Asset Global Investments acquired 278,362 Ross Stores shares worth approximately $64.97 million, representing a 0.09% stake. Institutional investors collectively own 86.86% of the company.
• Analysts remain broadly bullish, with Ross Stores carrying a consensus “Moderate Buy” rating and a $272.06 average price target; UBS recently upgraded the stock to “buy” with a $315 target.
• Ross Stores reported stronger-than-expected quarterly results, including $2.66 in EPS versus a $1.95 estimate and 13.3% year-over-year revenue growth. The company also pays a quarterly dividend of $0.445 per share, equivalent to a 0.8% annual yield.

Mirae Asset Global Investments Co. Ltd. acquired a new stake in Ross Stores, Inc. (NASDAQ:ROST - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 278,362 shares of the apparel retailer's stock, valued at approximately $64,970,000. Mirae Asset Global Investments Co. Ltd. owned 0.09% of Ross Stores at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Ross Stores during the 2nd quarter worth approximately $5,938,711,000. State Street Corp grew its position in Ross Stores by 5.3% in the second quarter. State Street Corp now owns 14,643,656 shares of the apparel retailer's stock valued at $3,116,902,000 after acquiring an additional 734,009 shares in the last quarter. Bank of America Corp DE acquired a new stake in Ross Stores in the second quarter valued at approximately $2,024,203,000. Primecap Management Co. CA purchased a new stake in shares of Ross Stores during the second quarter valued at approximately $1,937,995,000. Finally, Wellington Management Group LLP raised its stake in shares of Ross Stores by 89.2% during the second quarter. Wellington Management Group LLP now owns 6,615,682 shares of the apparel retailer's stock valued at $1,408,148,000 after purchasing an additional 3,118,591 shares during the period. 86.86% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO James Conroy sold 49,205 shares of Ross Stores stock in a transaction on Monday, September 14th. The shares were sold at an average price of $229.48, for a total value of $11,291,563.40. Following the completion of the sale, the chief executive officer owned 134,349 shares of the company's stock, valued at approximately $30,830,408.52. The trade was a 26.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stephen C. Brinkley sold 6,424 shares of the company's stock in a transaction on Monday, September 14th. The stock was sold at an average price of $229.66, for a total transaction of $1,475,335.84. Following the completion of the sale, the insider owned 51,665 shares of the company's stock, valued at $11,865,383.90. This represents a 11.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Telsey Advisory Group raised their price target on shares of Ross Stores from $265.00 to $280.00 and gave the company an "outperform" rating in a report on Friday, August 14th. Robert W. Baird raised their target price on shares of Ross Stores from $250.00 to $270.00 and gave the stock an "outperform" rating in a report on Friday, August 21st. Wolfe Research initiated coverage on shares of Ross Stores in a research note on Wednesday, October 21st. They issued an "outperform" rating and a $279.00 price target on the stock. Citigroup upped their price objective on shares of Ross Stores from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, August 21st. Finally, UBS Group upgraded Ross Stores from a "neutral" rating to a "buy" rating and upped their price objective for the company from $239.00 to $315.00 in a report on Monday, October 26th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Ross Stores presently has a consensus rating of "Moderate Buy" and a consensus price target of $272.06.

Ross Stores Stock Performance

NASDAQ:ROST opened at $228.28 on Monday. The stock has a fifty day simple moving average of $231.17 and a 200 day simple moving average of $222.06. The firm has a market capitalization of $72.92 billion, a price-to-earnings ratio of 27.64, a price-to-earnings-growth ratio of 2.04 and a beta of 0.85. Ross Stores, Inc. has a 1-year low of $157.39 and a 1-year high of $257.00. The company has a quick ratio of 0.98, a current ratio of 1.61 and a debt-to-equity ratio of 0.12.

Ross Stores (NASDAQ:ROST - Get Free Report) last announced its earnings results on Thursday, August 20th. The apparel retailer reported $2.66 EPS for the quarter, topping the consensus estimate of $1.95 by $0.71. The company had revenue of $6.26 billion during the quarter, compared to analysts' expectations of $6.16 billion. Ross Stores had a net margin of 10.85% and a return on equity of 39.29%. The business's revenue for the quarter was up 13.3% on a year-over-year basis. During the same period last year, the company posted $1.56 earnings per share. Sell-side analysts forecast that Ross Stores, Inc. will post 8.15 earnings per share for the current year.

Ross Stores Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 8th were given a dividend of $0.4450 per share. The ex-dividend date of this dividend was Tuesday, September 8th. This represents a $1.78 dividend on an annualized basis and a yield of 0.8%. Ross Stores's dividend payout ratio (DPR) is presently 21.55%.

Ross Stores Company Profile

Ross Stores, Inc is an off-price apparel and home fashion retailer headquartered in Dublin, California. The company operates primarily through its Ross Dress for Less stores, which offer branded and designer apparel, accessories, footwear, and home merchandise at discounts to regular department and specialty store prices.

Ross Stores also operates dd's DISCOUNTS, a chain focused on value-oriented apparel, accessories, footwear, and home products. Both retail formats generally purchase merchandise opportunistically from manufacturers, department stores, and other suppliers, allowing the company to offer changing assortments and discounted prices.

Founded in 1950, Ross Stores serves customers across the United States through its store network and e-commerce presence.

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