Marketfield Asset Management Lowers stake in Ross Stores (ROST)

Ross Stores (ROST) : Marketfield Asset Management reduced its stake in Ross Stores by 35.02% during the most recent quarter end. The investment management company now holds a total of 216,989 shares of Ross Stores which is valued at $13,809,180 after selling 116,945 shares in Ross Stores , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Ross Stores makes up approximately 2.31% of Marketfield Asset Management’s portfolio.

Other Hedge Funds, Including , Jnba Financial Advisors added ROST to its portfolio by purchasing 355 company shares during the most recent quarter which is valued at $22,578.Pacer Advisors reduced its stake in ROST by selling 447 shares or 3.76% in the most recent quarter. The Hedge Fund company now holds 11,444 shares of ROST which is valued at $723,719. Ross Stores makes up approx 0.11% of Pacer Advisors’s portfolio.Nordea Investment Management Ab boosted its stake in ROST in the latest quarter, The investment management firm added 404 additional shares and now holds a total of 17,748 shares of Ross Stores which is valued at $1,102,328.

Ross Stores opened for trading at $67.72 and hit $68.84 on the upside on Monday, eventually ending the session at $68, with a gain of 3.77% or 2.47 points. The heightened volatility saw the trading volume jump to 69,99,124 shares. Company has a market cap of $26,967 M.

On the company’s financial health, Ross Stores reported $0.62 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Nov 17, 2016. Analyst had a consensus of $0.56. The company had revenue of $3086.70 million for the quarter, compared to analysts expectations of $2955.88 million. The company’s revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.53 EPS.

Investors should note that on Nov 16, 2016, Ross Stores announced a cash dividend of $0.1350. The company’s management has announced Dec 5, 2016 as the ex-dividend date and fixed the record date on Dec 7, 2016. The payable date has been fixed on Dec 30, 2016.

Many Wall Street Analysts have commented on Ross Stores. Company shares were Reiterated by Telsey Advisory Group on Nov 18, 2016 to “Market Perform”, Firm has raised the Price Target to $ 70 from a previous price target of $68 .Company shares were Reiterated by Wedbush on Nov 18, 2016 to “Outperform”, Firm has raised the Price Target to $ 71 from a previous price target of $67 .Company shares were Reiterated by RBC Capital Mkts on Nov 18, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 68 from a previous price target of $65 .

Ross Stores Inc. is an off-price retailer of name brand and designer apparel accessories footwear and home fashions for the entire family. The Company operates two brands of off-price retail apparel and home fashion stores Ross Dress for Less (Ross) and dd’s DISCOUNTS. As of December 31 2014 the Company operated 1210 Ross locations in 33 states the District of Columbia and Guam and 152 dd’s DISCOUNTS stores in 15 states. The Ross and dd’s DISCOUNTS stores are supported by five distribution centers. The Ross brand stores offers its products at savings of 20% to 60% off department and specialty store regular prices every day. Ross’ target customers are primarily from middle income households. The dd’s DISCOUNTS stores offers its products at savings of 20% to 70% off moderate department and discount store regular prices every day. Its target customers typically come from households with moderate incomes.

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