Global Retirement Partners LLC Has $832,000 Position in Ross Stores, Inc. (ROST)
Global Retirement Partners LLC lowered its stake in shares of Ross Stores, Inc. (NASDAQ:ROST) by 10.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,941 shares of the apparel retailer’s stock after selling 998 shares during the period. Global Retirement Partners LLC’s holdings in Ross Stores were worth $832,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. First Manhattan Co. acquired a new stake in Ross Stores in the 1st quarter worth about $27,000. Bollard Group LLC acquired a new position in shares of Ross Stores in the 4th quarter valued at about $25,000. CI Investments Inc. acquired a new position in shares of Ross Stores in the 4th quarter valued at about $26,000. Athena Capital Advisors LLC acquired a new position in shares of Ross Stores in the 4th quarter valued at about $29,000. Finally, Berman Capital Advisors LLC acquired a new position in shares of Ross Stores in the 4th quarter valued at about $32,000. 91.02% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ:ROST traded up $1.85 during mid-day trading on Thursday, hitting $96.35. 31,743 shares of the company traded hands, compared to its average volume of 2,213,546. The company has a market cap of $35.35 billion, a P/E ratio of 22.57, a PEG ratio of 2.00 and a beta of 0.89. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.82 and a current ratio of 1.69. Ross Stores, Inc. has a 52-week low of $75.91 and a 52-week high of $104.35.
Ross Stores announced that its board has initiated a stock repurchase program on Tuesday, March 5th that allows the company to buyback $2.55 billion in outstanding shares. This buyback authorization allows the apparel retailer to repurchase up to 7.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
In other Ross Stores news, Chairman Michael Balmuth sold 25,689 shares of Ross Stores stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $90.77, for a total transaction of $2,331,790.53. Following the sale, the chairman now directly owns 51,998 shares in the company, valued at approximately $4,719,858.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard G. Brautigan sold 12,000 shares of Ross Stores stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $91.18, for a total value of $1,094,160.00. Following the sale, the insider now owns 174,450 shares in the company, valued at $15,906,351. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 137,054 shares of company stock worth $12,504,328. Company insiders own 2.30% of the company’s stock.
Several equities analysts have recently weighed in on ROST shares. Loop Capital lifted their price objective on Ross Stores to $105.00 and gave the company a “buy” rating in a research note on Thursday, January 24th. Guggenheim reaffirmed a “buy” rating and issued a $105.00 price objective on shares of Ross Stores in a research note on Tuesday, March 5th. Wells Fargo & Co lifted their price objective on Ross Stores from $92.00 to $104.00 and gave the company an “outperform” rating in a research note on Wednesday, March 6th. BidaskClub lowered Ross Stores from a “hold” rating to a “sell” rating in a research note on Wednesday, March 13th. Finally, DA Davidson lifted their price objective on Ross Stores to $92.00 and gave the company a “neutral” rating in a research note on Thursday, March 7th. Eleven analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $97.84.
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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 brands. Its stores primarily offers apparel, accessories, footwear, and home fashions. The company's Ross Dress for Less stores sell its products at department and specialty stores primarily to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores regular prices to customers from households with moderate income.
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