Wall Street brokerages expect that Ross Stores, Inc. (NASDAQ:ROST) will announce sales of $3.97 billion for the current quarter, Zacks Investment Research reports. Nine analysts have provided estimates for Ross Stores’ earnings. The lowest sales estimate is $3.95 billion and the highest is $4.00 billion. Ross Stores posted sales of $3.74 billion during the same quarter last year, which suggests a positive year over year growth rate of 6.1%. The company is scheduled to announce its next quarterly earnings report on Thursday, August 22nd.
On average, analysts expect that Ross Stores will report full year sales of $15.91 billion for the current financial year, with estimates ranging from $15.84 billion to $16.01 billion. For the next year, analysts forecast that the business will post sales of $16.88 billion, with estimates ranging from $16.73 billion to $17.11 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Ross Stores.
Ross Stores (NASDAQ:ROST) last announced its earnings results on Thursday, May 23rd. The apparel retailer reported $1.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.12 by $0.01. The firm had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.79 billion. Ross Stores had a net margin of 10.47% and a return on equity of 48.92%. Ross Stores’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.11 EPS.
Several research firms have recently weighed in on ROST. BidaskClub upgraded shares of Ross Stores from a “hold” rating to a “buy” rating in a research report on Wednesday. Guggenheim reiterated a “buy” rating and issued a $105.00 target price on shares of Ross Stores in a report on Friday, May 24th. Robert W. Baird started coverage on shares of Ross Stores in a report on Monday, May 13th. They issued an “outperform” rating and a $108.00 target price for the company. Zacks Investment Research upgraded shares of Ross Stores from a “sell” rating to a “hold” rating in a report on Monday, May 13th. Finally, DA Davidson raised their target price on shares of Ross Stores to $92.00 and gave the stock a “neutral” rating in a report on Thursday, March 7th. Ten research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Ross Stores has an average rating of “Buy” and an average target price of $98.13.
In other Ross Stores news, Chairman Michael Balmuth sold 81,049 shares of the stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $92.87, for a total transaction of $7,527,020.63. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Barbara Rentler sold 40,000 shares of the stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $99.16, for a total value of $3,966,400.00. Following the transaction, the chief executive officer now owns 473,922 shares in the company, valued at approximately $46,994,105.52. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 212,357 shares of company stock worth $19,884,495. Insiders own 2.30% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. Thor Advisors LLC bought a new position in shares of Ross Stores in the first quarter valued at about $54,000. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of Ross Stores by 17.9% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 530,980 shares of the apparel retailer’s stock valued at $49,435,000 after buying an additional 80,721 shares during the last quarter. Belpointe Asset Management LLC bought a new position in shares of Ross Stores in the first quarter valued at about $191,000. Clearbridge Investments LLC raised its holdings in shares of Ross Stores by 4.1% in the first quarter. Clearbridge Investments LLC now owns 1,170,464 shares of the apparel retailer’s stock valued at $108,970,000 after buying an additional 45,713 shares during the last quarter. Finally, Accident Compensation Corp bought a new position in shares of Ross Stores in the first quarter valued at about $205,000. Institutional investors own 88.96% of the company’s stock.
Shares of NASDAQ:ROST traded down $0.02 during trading hours on Tuesday, hitting $100.52. 73,484 shares of the company’s stock traded hands, compared to its average volume of 2,700,443. Ross Stores has a 52 week low of $75.91 and a 52 week high of $104.35. The company has a current ratio of 1.34, a quick ratio of 0.64 and a debt-to-equity ratio of 0.87. The firm has a market cap of $36.12 billion, a price-to-earnings ratio of 23.62, a price-to-earnings-growth ratio of 2.10 and a beta of 0.90.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Tuesday, June 11th will be given a dividend of $0.255 per share. This represents a $1.02 annualized dividend and a yield of 1.01%. The ex-dividend date is Monday, June 10th. Ross Stores’s payout ratio is presently 23.94%.
Ross Stores declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, March 5th that allows the company to buyback $2.55 billion in outstanding shares. This buyback authorization allows the apparel retailer to buy up to 7.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.
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 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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