Stevens Capital Management LP purchased a new stake in shares of Nordstrom, Inc. (NYSE:JWN) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 89,954 shares of the specialty retailer’s stock, valued at approximately $5,380,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in JWN. Centaurus Financial Inc. purchased a new position in shares of Nordstrom during the second quarter valued at about $112,000. First Hawaiian Bank purchased a new position in shares of Nordstrom during the third quarter valued at about $113,000. Stratos Wealth Partners LTD. purchased a new position in shares of Nordstrom during the third quarter valued at about $145,000. Whittier Trust Co. purchased a new position in shares of Nordstrom during the second quarter valued at about $147,000. Finally, Zions Bancorporation purchased a new position in shares of Nordstrom during the third quarter valued at about $171,000. Institutional investors own 56.32% of the company’s stock.
In other news, insider Blake W. Nordstrom sold 127,251 shares of the stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $61.51, for a total transaction of $7,827,209.01. Following the sale, the insider now owns 2,519,436 shares in the company, valued at $154,970,508.36. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Robert Sari sold 53,024 shares of the stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $65.72, for a total transaction of $3,484,737.28. The disclosure for this sale can be found here. In the last quarter, insiders have sold 200,604 shares of company stock worth $12,621,378. Corporate insiders own 7.05% of the company’s stock.
Nordstrom (NYSE:JWN) last announced its quarterly earnings data on Thursday, November 15th. The specialty retailer reported $0.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.03. Nordstrom had a net margin of 2.92% and a return on equity of 51.66%. The business had revenue of $3.75 billion for the quarter, compared to analysts’ expectations of $3.68 billion. As a group, equities analysts predict that Nordstrom, Inc. will post 3.6 earnings per share for the current year.
Nordstrom announced that its board has approved a share buyback plan on Wednesday, August 22nd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the specialty retailer to reacquire up to 14.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 11th. Stockholders of record on Monday, November 26th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend is Friday, November 23rd. Nordstrom’s payout ratio is 50.00%.
JWN has been the topic of several research analyst reports. Goldman Sachs Group reiterated a “sell” rating on shares of Nordstrom in a research report on Tuesday, September 4th. Telsey Advisory Group boosted their price target on shares of Nordstrom from $65.00 to $72.00 and gave the company an “outperform” rating in a research report on Monday, September 10th. Morgan Stanley boosted their price target on shares of Nordstrom from $47.00 to $50.00 and gave the company an “underweight” rating in a research report on Monday, September 17th. Deutsche Bank boosted their price target on shares of Nordstrom from $56.00 to $61.00 and gave the company a “buy” rating in a research report on Friday, August 17th. Finally, ValuEngine upgraded shares of Nordstrom from a “hold” rating to a “buy” rating in a report on Thursday, October 11th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $57.82.
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Nordstrom Company Profile
Nordstrom, Inc, a fashion retailer, provides apparel, shoes, cosmetics, and accessories for women, men, young adults, and children in the United States and Canada. The company operates in two segments, Retail and Credit. The Retail segment offers a range of brand name and private label merchandise through various channels, including Nordstrom branded full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; Trunk Club clubhouses and TrunkClub.com; Jeffrey boutiques; and clearance stores that operate under the Last Chance name.
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