Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Ross Stores, Inc. (NASDAQ:ROST)

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Ross Stores, Inc. (NASDAQ:ROST) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 62,532 shares of the apparel retailer’s stock, valued at approximately $9,412,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. University of Texas Texas AM Investment Management Co. bought a new stake in Ross Stores during the 2nd quarter valued at approximately $27,000. SJS Investment Consulting Inc. grew its stake in Ross Stores by 262.1% in the second quarter. SJS Investment Consulting Inc. now owns 210 shares of the apparel retailer’s stock worth $31,000 after purchasing an additional 152 shares during the period. Industrial Alliance Investment Management Inc. bought a new position in Ross Stores in the second quarter worth $32,000. Armstrong Advisory Group Inc. purchased a new position in Ross Stores during the third quarter valued at $33,000. Finally, Crewe Advisors LLC boosted its holdings in shares of Ross Stores by 97.8% during the 2nd quarter. Crewe Advisors LLC now owns 275 shares of the apparel retailer’s stock valued at $40,000 after buying an additional 136 shares in the last quarter. Hedge funds and other institutional investors own 86.86% of the company’s stock.

Ross Stores Price Performance

NASDAQ ROST opened at $142.64 on Friday. The company has a 50-day moving average price of $145.32 and a 200-day moving average price of $144.43. Ross Stores, Inc. has a 52 week low of $127.53 and a 52 week high of $163.60. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $47.32 billion, a P/E ratio of 23.01, a PEG ratio of 2.34 and a beta of 1.09.

Ross Stores (NASDAQ:ROST) last issued its quarterly earnings results on Thursday, November 21st. The apparel retailer reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.07. The business had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $5.15 billion. Ross Stores had a net margin of 9.82% and a return on equity of 42.43%. The company’s revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.33 EPS. Equities research analysts anticipate that Ross Stores, Inc. will post 6.11 earnings per share for the current year.

Ross Stores Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 10th will be paid a $0.3675 dividend. This represents a $1.47 annualized dividend and a dividend yield of 1.03%. The ex-dividend date is Tuesday, December 10th. Ross Stores’s dividend payout ratio (DPR) is currently 23.71%.

Insider Activity

In other Ross Stores news, COO Michael J. Hartshorn sold 8,366 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $155.64, for a total transaction of $1,302,084.24. Following the sale, the chief operating officer now owns 103,049 shares in the company, valued at approximately $16,038,546.36. This trade represents a 7.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Barbara Rentler sold 48,885 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $153.93, for a total transaction of $7,524,868.05. Following the completion of the transaction, the chief executive officer now owns 311,853 shares of the company’s stock, valued at approximately $48,003,532.29. The trade was a 13.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 72,138 shares of company stock valued at $11,093,051 in the last ninety days. Corporate insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Bank of America lifted their price target on shares of Ross Stores from $170.00 to $180.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Loop Capital lifted their target price on shares of Ross Stores from $170.00 to $190.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Citigroup downgraded Ross Stores from a “buy” rating to a “neutral” rating and cut their price target for the stock from $179.00 to $152.00 in a research note on Tuesday, November 12th. Robert W. Baird lifted their price objective on Ross Stores from $162.00 to $180.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. Finally, Telsey Advisory Group reissued a “market perform” rating and issued a $175.00 target price on shares of Ross Stores in a research note on Monday. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Ross Stores presently has a consensus rating of “Moderate Buy” and an average target price of $169.50.

Ross Stores 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.