Mirae Asset Global Investments Co. Ltd. Reduces Position in Ross Stores, Inc. $ROST

Key Points

• Mirae Asset Global Investments Co. Ltd. decreased its stake in Ross Stores, Inc. by 1.8% during the second quarter, now holding 123,272 shares valued at approximately $15.7 million.
• Several hedge funds have increased their investments in Ross Stores, with Golden State Wealth Management raising its position by 50.7% and Bayforest Capital by 372.5% in the first quarter.
• Ross Stores recently reported earnings of $1.56 per share, exceeding expectations, and plans to pay a quarterly dividend of $0.405 per share, reflecting an annual yield of 1.1%.

Mirae Asset Global Investments Co. Ltd. lowered its position in Ross Stores, Inc. (NASDAQ:ROST - Free Report) by 1.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 123,272 shares of the apparel retailer's stock after selling 2,226 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Ross Stores were worth $15,727,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ROST. Golden State Wealth Management LLC lifted its position in Ross Stores by 50.7% in the first quarter. Golden State Wealth Management LLC now owns 217 shares of the apparel retailer's stock valued at $28,000 after buying an additional 73 shares during the last quarter. Bayforest Capital Ltd lifted its position in Ross Stores by 372.5% in the first quarter. Bayforest Capital Ltd now owns 241 shares of the apparel retailer's stock valued at $31,000 after buying an additional 190 shares during the last quarter. Banque Transatlantique SA acquired a new position in Ross Stores in the first quarter valued at about $29,000. Tradewinds Capital Management LLC lifted its position in Ross Stores by 36.6% in the first quarter. Tradewinds Capital Management LLC now owns 280 shares of the apparel retailer's stock valued at $36,000 after buying an additional 75 shares during the last quarter. Finally, Carderock Capital Management Inc. acquired a new position in Ross Stores in the second quarter valued at about $48,000. Hedge funds and other institutional investors own 86.86% of the company's stock.

Insider Buying and Selling

In related news, CMO Karen Fleming sold 2,932 shares of the business's stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $149.09, for a total transaction of $437,131.88. Following the sale, the chief marketing officer owned 88,335 shares of the company's stock, valued at approximately $13,169,865.15. The trade was a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CMO Karen Sykes sold 4,000 shares of the business's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $151.76, for a total transaction of $607,040.00. Following the sale, the chief marketing officer directly owned 106,413 shares in the company, valued at approximately $16,149,236.88. This represents a 3.62% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 46,283 shares of company stock valued at $6,789,418. Corporate insiders own 2.20% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on ROST. Cowen reaffirmed a "buy" rating on shares of Ross Stores in a research report on Friday, August 22nd. UBS Group upped their target price on shares of Ross Stores from $144.00 to $147.00 and gave the company a "neutral" rating in a research report on Friday, August 22nd. Telsey Advisory Group reissued a "market perform" rating and set a $160.00 price target (up previously from $150.00) on shares of Ross Stores in a research report on Monday, August 18th. Morgan Stanley increased their price target on shares of Ross Stores from $128.00 to $130.00 and gave the stock an "equal weight" rating in a research report on Friday, August 22nd. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Ross Stores in a research report on Saturday, September 27th. Thirteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $160.67.

Ross Stores Stock Down 2.3%

Shares of NASDAQ:ROST opened at $152.64 on Friday. The company has a market cap of $49.64 billion, a price-to-earnings ratio of 24.23, a PEG ratio of 2.93 and a beta of 1.18. The firm's 50-day simple moving average is $147.38 and its 200-day simple moving average is $140.05. The company has a quick ratio of 0.98, a current ratio of 1.58 and a debt-to-equity ratio of 0.18. Ross Stores, Inc. has a fifty-two week low of $122.36 and a fifty-two week high of $158.69.

Ross Stores (NASDAQ:ROST - Get Free Report) last issued its earnings results on Thursday, August 21st. The apparel retailer reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.02. The business had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.54 billion. Ross Stores had a net margin of 9.60% and a return on equity of 37.37%. The business's quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.59 earnings per share. As a group, equities research analysts predict that Ross Stores, Inc. will post 6.17 earnings per share for the current year.

Ross Stores Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th were issued a dividend of $0.405 per share. The ex-dividend date of this dividend was Tuesday, September 9th. This represents a $1.62 dividend on an annualized basis and a yield of 1.1%. Ross Stores's payout ratio is currently 25.71%.

Ross Stores Company 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 brand names in the United States. Its stores primarily offer apparel, accessories, footwear, and home fashions. The company's Ross Dress for Less stores sell its products at department and specialty stores to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores for households with moderate income.

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