State of Alaska Department of Revenue Has $6.24 Million Stock Position in Ross Stores, Inc. $ROST

Key Points

• The State of Alaska Department of Revenue increased its stake in Ross Stores, Inc. by 26.6% in Q2, owning 48,933 shares valued at approximately $6.24 million.
• CEO James Grant Conroy sold 39,351 shares worth over $5.74 million, reducing his ownership by 20.03%.
• Ross Stores received multiple positive analyst ratings, with price targets being raised, indicating strong market confidence, currently holding an average rating of "Moderate Buy" with a target of $160.67.

State of Alaska Department of Revenue raised its stake in Ross Stores, Inc. (NASDAQ:ROST - Free Report) by 26.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,933 shares of the apparel retailer's stock after buying an additional 10,270 shares during the period. State of Alaska Department of Revenue's holdings in Ross Stores were worth $6,241,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC raised its stake in shares of Ross Stores by 50.7% during the first quarter. Golden State Wealth Management LLC now owns 217 shares of the apparel retailer's stock valued at $28,000 after acquiring an additional 73 shares during the last quarter. Bayforest Capital Ltd raised its stake in shares of Ross Stores by 372.5% during the first quarter. Bayforest Capital Ltd now owns 241 shares of the apparel retailer's stock valued at $31,000 after acquiring an additional 190 shares during the last quarter. Banque Transatlantique SA bought a new position in shares of Ross Stores during the first quarter valued at $29,000. Tradewinds Capital Management LLC raised its stake in shares of Ross Stores by 36.6% during the first quarter. Tradewinds Capital Management LLC now owns 280 shares of the apparel retailer's stock valued at $36,000 after acquiring an additional 75 shares during the last quarter. Finally, Carderock Capital Management Inc. bought a new position in shares of Ross Stores during the second quarter valued at $48,000. Institutional investors and hedge funds own 86.86% of the company's stock.

Insider Activity

In other news, CEO James Grant Conroy sold 39,351 shares of the business's stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $146.00, for a total value of $5,745,246.00. Following the sale, the chief executive officer owned 157,153 shares of the company's stock, valued at $22,944,338. The trade was a 20.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CMO Karen Sykes sold 4,000 shares of the company's stock in a transaction that occurred on 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 $16,149,236.88. This trade represents a 3.62% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.20% of the company's stock.

Wall Street Analyst Weigh In

ROST has been the subject of several analyst reports. Robert W. Baird raised their price target on shares of Ross Stores from $160.00 to $170.00 and gave the company an "outperform" rating in a research note on Friday, August 22nd. Cowen reaffirmed a "buy" rating on shares of Ross Stores in a research note on Friday, August 22nd. Jefferies Financial Group raised shares of Ross Stores from a "hold" rating to a "buy" rating and lifted their target price for the stock from $135.00 to $150.00 in a research note on Wednesday, July 2nd. Wells Fargo & Company lifted their target price on shares of Ross Stores from $165.00 to $175.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Finally, Barclays lifted their target price on shares of Ross Stores from $156.00 to $164.00 and gave the stock an "overweight" rating in a research note on Friday, August 22nd. Twelve analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $160.67.

Ross Stores Trading Up 1.4%

ROST opened at $151.52 on Monday. Ross Stores, Inc. has a 1-year low of $122.36 and a 1-year high of $158.69. The company has a current ratio of 1.58, a quick ratio of 0.98 and a debt-to-equity ratio of 0.18. The company has a market cap of $49.28 billion, a P/E ratio of 24.05, a price-to-earnings-growth ratio of 2.91 and a beta of 1.15. The company has a fifty day moving average price of $145.69 and a two-hundred day moving average price of $139.17.

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

Ross Stores Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be given a $0.405 dividend. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $1.62 annualized dividend and a yield of 1.1%. Ross Stores's payout ratio is currently 25.71%.

About Ross Stores

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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