Ross Stores (NASDAQ:ROST) Updates Q2 2024 Earnings Guidance

Ross Stores (NASDAQ:ROSTGet Free Report) issued an update on its second quarter 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 1.430-1.490 for the period, compared to the consensus earnings per share estimate of 1.450. The company issued revenue guidance of -. Ross Stores also updated its FY 2024 guidance to 5.790-5.980 EPS.

Ross Stores Trading Up 8.3 %

Shares of ROST stock traded up $10.94 on Friday, hitting $142.80. The stock had a trading volume of 1,834,311 shares, compared to its average volume of 2,131,831. Ross Stores has a twelve month low of $100.66 and a twelve month high of $151.12. The firm has a market cap of $48.08 billion, a P/E ratio of 25.65, a PEG ratio of 1.98 and a beta of 1.06. The company has a current ratio of 1.77, a quick ratio of 1.24 and a debt-to-equity ratio of 0.45. The company has a fifty day moving average price of $136.91 and a two-hundred day moving average price of $137.42.

Ross Stores (NASDAQ:ROSTGet Free Report) last announced its quarterly earnings results on Thursday, May 23rd. The apparel retailer reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.11. Ross Stores had a net margin of 9.20% and a return on equity of 41.15%. The company had revenue of $4.86 billion during the quarter, compared to analyst estimates of $4.83 billion. During the same quarter in the previous year, the business earned $1.09 EPS. The firm’s revenue was up 8.1% on a year-over-year basis. As a group, analysts forecast that Ross Stores will post 5.89 earnings per share for the current fiscal year.

Ross Stores Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Tuesday, June 11th will be paid a $0.3675 dividend. This represents a $1.47 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date is Tuesday, June 11th. Ross Stores’s payout ratio is presently 26.44%.

Ross Stores declared that its Board of Directors has authorized a share buyback program on Tuesday, March 5th that authorizes the company to repurchase $2.10 billion in shares. This repurchase authorization authorizes the apparel retailer to purchase up to 4.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on ROST shares. The Goldman Sachs Group upped their target price on shares of Ross Stores from $143.00 to $163.00 and gave the stock a buy rating in a research note on Wednesday, March 6th. Jefferies Financial Group boosted their price target on shares of Ross Stores from $135.00 to $147.00 and gave the stock a hold rating in a research report on Wednesday, March 6th. Telsey Advisory Group reissued a market perform rating and set a $160.00 price target on shares of Ross Stores in a research report on Friday. Citigroup boosted their price target on shares of Ross Stores from $147.00 to $172.00 and gave the stock a buy rating in a research report on Wednesday, March 6th. Finally, Morgan Stanley upped their target price on shares of Ross Stores from $159.00 to $161.00 and gave the company an overweight rating in a report on Friday. Four equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $155.68.

Read Our Latest Stock Analysis on Ross Stores

Insider Buying and Selling at Ross Stores

In other news, Director Patricia H. Mueller sold 2,265 shares of Ross Stores stock in a transaction on Monday, March 18th. The shares were sold at an average price of $145.38, for a total transaction of $329,285.70. Following the transaction, the director now owns 1,914 shares in the company, valued at $278,257.32. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Patricia H. Mueller sold 2,265 shares of the business’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $145.38, for a total value of $329,285.70. Following the transaction, the director now owns 1,914 shares in the company, valued at $278,257.32. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Michael K. Kobayashi sold 13,860 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $147.46, for a total transaction of $2,043,795.60. Following the completion of the transaction, the insider now owns 61,657 shares in the company, valued at approximately $9,091,941.22. The disclosure for this sale can be found here. Insiders have sold 71,097 shares of company stock worth $10,396,178 over the last quarter. Corporate insiders own 2.10% of the company’s stock.

Ross Stores Company Profile

(Get Free Report)

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.

Featured Stories

Earnings History and Estimates for Ross Stores (NASDAQ:ROST)

Receive News & Ratings for Ross Stores Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ross Stores and related companies with MarketBeat.com's FREE daily email newsletter.