Rafferty Asset Management LLC acquired a new stake in shares of Nordstrom, Inc. (NYSE:JWN) in the third quarter, HoldingsChannel.com reports. The fund acquired 4,525 shares of the specialty retailer’s stock, valued at approximately $271,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its position in shares of Nordstrom by 10.5% in the third quarter. BlackRock Inc. now owns 9,865,556 shares of the specialty retailer’s stock worth $590,062,000 after buying an additional 933,720 shares during the last quarter. United Services Automobile Association lifted its position in shares of Nordstrom by 1,958.0% in the second quarter. United Services Automobile Association now owns 889,797 shares of the specialty retailer’s stock worth $46,074,000 after buying an additional 846,560 shares during the last quarter. Millennium Management LLC lifted its position in shares of Nordstrom by 199.1% in the second quarter. Millennium Management LLC now owns 945,422 shares of the specialty retailer’s stock worth $48,954,000 after buying an additional 629,307 shares during the last quarter. Smith Asset Management Group LP lifted its position in shares of Nordstrom by 3,553.2% in the third quarter. Smith Asset Management Group LP now owns 544,330 shares of the specialty retailer’s stock worth $32,588,000 after buying an additional 529,430 shares during the last quarter. Finally, Worldquant Millennium Quantitative Strategies LLC acquired a new stake in shares of Nordstrom in the second quarter worth about $24,713,000. 60.44% of the stock is owned by hedge funds and other institutional investors.
In related news, VP Robert Sari sold 53,024 shares of the business’s stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $65.72, for a total transaction of $3,484,737.28. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Christine Deputy sold 11,534 shares of the business’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $65.87, for a total value of $759,744.58. Following the transaction, the insider now owns 76,463 shares in the company, valued at $5,036,617.81. The disclosure for this sale can be found here. Insiders have sold 200,604 shares of company stock worth $12,621,378 over the last 90 days. Corporate insiders own 7.05% of the company’s stock.
Nordstrom stock opened at $50.82 on Thursday. Nordstrom, Inc. has a 52 week low of $44.68 and a 52 week high of $67.75. The company has a debt-to-equity ratio of 2.23, a quick ratio of 0.44 and a current ratio of 1.12. The stock has a market capitalization of $8.57 billion, a PE ratio of 17.17, a price-to-earnings-growth ratio of 2.35 and a beta of 0.54.
Nordstrom (NYSE:JWN) last issued its quarterly earnings results on Thursday, November 15th. The specialty retailer reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.03. Nordstrom had a return on equity of 51.66% and a net margin of 2.92%. The firm had revenue of $3.75 billion for the quarter, compared to analyst estimates of $3.68 billion. Analysts anticipate that Nordstrom, Inc. will post 3.6 EPS for the current year.
Nordstrom declared that its Board of Directors has initiated a stock repurchase 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 repurchase up to 14.4% of its stock through open market purchases. Stock buyback plans are usually a sign 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. Investors of record on Monday, November 26th will be paid a dividend of $0.37 per share. The ex-dividend date is Friday, November 23rd. This represents a $1.48 annualized dividend and a yield of 2.91%. Nordstrom’s dividend payout ratio is 50.00%.
A number of research firms have recently commented on JWN. Royal Bank of Canada set a $55.00 price objective on Nordstrom and gave the stock a “hold” rating in a research note on Friday, August 17th. Goldman Sachs Group began coverage on Nordstrom in a research note on Monday, September 3rd. They issued a “buy” rating and a $73.00 price objective on the stock. Wedbush upgraded Nordstrom from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $55.00 to $75.00 in a research note on Tuesday, October 30th. Zacks Investment Research lowered Nordstrom from a “buy” rating to a “hold” rating in a research note on Monday, November 19th. Finally, Guggenheim reiterated a “hold” rating on shares of Nordstrom in a research note on Thursday, November 15th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $57.82.
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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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