Ross Stores’ board authorizes 1.75 billion dollar buyback program

Ross Stores (NASDAQ:ROST) announced that its board has authorized a share buyback program, which permits the company to buyback 1.75 billion dollars in shares on Tuesday, February 28.

This move permits the apparel retailer to purchase up to 6.5 percent of its stock through open market purchases. Generally speaking, stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Shares of Ross Stores (NASDAQ:ROST) traded up 0.20 percent during mid-day trading last Friday, reaching 64.70 dollars.

The company’s 50 day moving average is 64.82 dollars and its 200 day moving average is 65.93 dollars. Ross Stores has a 1-year low of 52 dollars and a 1-year high of 69.81 dollars. The stock has a market capitalization of 25.36 billion dollars.