Westport Asset Management Inc. Invests $3.62 Million in Ross Stores, Inc. $ROST

Key Points

• Westport Asset Management acquired 17,000 Ross Stores shares valued at approximately $3.62 million, making ROST about 1.5% of its portfolio. Institutional investors collectively own 86.86% of the company.
• Analysts maintain a favorable outlook, with 16 Buy ratings and five Holds, resulting in a consensus “Moderate Buy” rating and an average price target of $244.76.
• Ross Stores exceeded quarterly expectations with $2.02 in earnings per share and $6.01 billion in revenue, while announcing a quarterly dividend of $0.445 per share, equivalent to a 0.8% annualized yield.

Westport Asset Management Inc. acquired a new stake in shares of Ross Stores, Inc. (NASDAQ:ROST - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 17,000 shares of the apparel retailer's stock, valued at approximately $3,618,000. Ross Stores makes up about 1.5% of Westport Asset Management Inc.'s investment portfolio, making the stock its 23rd largest position.

Several other institutional investors also recently bought and sold shares of ROST. Woodline Partners LP raised its stake in Ross Stores by 39.9% in the first quarter. Woodline Partners LP now owns 27,875 shares of the apparel retailer's stock worth $3,562,000 after buying an additional 7,951 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of Ross Stores by 23.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 615 shares of the apparel retailer's stock valued at $79,000 after acquiring an additional 117 shares during the period. NewEdge Advisors LLC increased its holdings in shares of Ross Stores by 35.8% in the 2nd quarter. NewEdge Advisors LLC now owns 10,581 shares of the apparel retailer's stock valued at $1,350,000 after acquiring an additional 2,792 shares during the period. Treasurer of the State of North Carolina increased its holdings in shares of Ross Stores by 1.0% in the 2nd quarter. Treasurer of the State of North Carolina now owns 150,491 shares of the apparel retailer's stock valued at $19,200,000 after acquiring an additional 1,508 shares during the period. Finally, Main Street Financial Solutions LLC raised its position in shares of Ross Stores by 2.2% in the 2nd quarter. Main Street Financial Solutions LLC now owns 12,580 shares of the apparel retailer's stock worth $1,605,000 after acquiring an additional 265 shares in the last quarter. 86.86% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ROST shares. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $257.00 price objective on shares of Ross Stores in a research note on Friday, May 22nd. Morgan Stanley set a $231.00 target price on Ross Stores in a research note on Wednesday, August 5th. Telsey Advisory Group boosted their target price on shares of Ross Stores from $265.00 to $280.00 and gave the stock an "outperform" rating in a report on Friday, August 14th. UBS Group reissued a "buy" rating on shares of Ross Stores in a research report on Tuesday. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Ross Stores in a research report on Monday, July 6th. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $244.76.

Ross Stores Stock Performance

Shares of ROST opened at $234.69 on Thursday. The company has a current ratio of 1.54, a quick ratio of 0.94 and a debt-to-equity ratio of 0.12. The firm has a market cap of $75.28 billion, a PE ratio of 32.78, a P/E/G ratio of 2.64 and a beta of 0.86. Ross Stores, Inc. has a 12 month low of $143.39 and a 12 month high of $257.00. The stock has a fifty day moving average price of $234.03 and a 200-day moving average price of $221.46.

Ross Stores (NASDAQ:ROST - Get Free Report) last announced its earnings results on Thursday, May 21st. The apparel retailer reported $2.02 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.29. Ross Stores had a return on equity of 38.42% and a net margin of 9.74%.The firm had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.64 billion. During the same period in the previous year, the business earned $1.47 EPS. The firm's revenue for the quarter was up 20.6% on a year-over-year basis. Equities research analysts predict that Ross Stores, Inc. will post 7.78 earnings per share for the current fiscal year.

Ross Stores Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 8th will be paid a $0.445 dividend. The ex-dividend date is 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 24.86%.

About Ross Stores

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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