BlackRock Inc. Acquires 933,720 Shares of Nordstrom, Inc. (JWN)

BlackRock Inc. grew its holdings in Nordstrom, Inc. (NYSE:JWN) by 10.5% during the 3rd quarter, Holdings Channel reports. The firm owned 9,865,556 shares of the specialty retailer’s stock after purchasing an additional 933,720 shares during the period. BlackRock Inc. owned approximately 0.06% of Nordstrom worth $590,062,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. First Hawaiian Bank bought a new position in shares of Nordstrom in the 3rd quarter valued at about $113,000. Centaurus Financial Inc. bought a new position in Nordstrom during the 2nd quarter worth approximately $112,000. Stratos Wealth Partners LTD. bought a new position in Nordstrom during the 3rd quarter worth approximately $145,000. Zions Bancorporation bought a new position in Nordstrom during the 3rd quarter worth approximately $171,000. Finally, Acadian Asset Management LLC boosted its stake in Nordstrom by 86.1% during the 3rd quarter. Acadian Asset Management LLC now owns 3,501 shares of the specialty retailer’s stock worth $209,000 after acquiring an additional 1,620 shares during the last quarter. 60.44% of the stock is currently owned by institutional investors.

Shares of JWN opened at $50.82 on Thursday. The company has a debt-to-equity ratio of 2.23, a quick ratio of 0.44 and a current ratio of 1.12. Nordstrom, Inc. has a twelve month low of $44.68 and a twelve month high of $67.75. The company has a market capitalization of $8.91 billion, a price-to-earnings ratio of 17.17, a P/E/G ratio of 2.46 and a beta of 0.54.

Nordstrom (NYSE:JWN) last announced its quarterly earnings results on Thursday, November 15th. The specialty retailer reported $0.67 earnings per share for the quarter, beating 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 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 earnings per share for the current year.

Nordstrom announced that its board has initiated a share buyback plan on Wednesday, August 22nd that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the specialty retailer to purchase up to 14.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 11th. Shareholders of record on Monday, November 26th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date is Friday, November 23rd. Nordstrom’s payout ratio is currently 50.00%.

In other Nordstrom news, VP Robert Sari sold 53,024 shares of Nordstrom stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $65.72, for a total value of $3,484,737.28. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Blake W. Nordstrom sold 127,251 shares of Nordstrom 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 completion of the transaction, the insider now directly owns 2,519,436 shares in the company, valued at approximately $154,970,508.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 200,604 shares of company stock worth $12,621,378. Insiders own 7.05% of the company’s stock.

JWN has been the topic of several recent analyst reports. Goldman Sachs Group reissued a “sell” rating on shares of Nordstrom in a research note on Tuesday, September 4th. Telsey Advisory Group lifted their price objective on shares of Nordstrom from $65.00 to $72.00 and gave the stock an “outperform” rating in a research note on Monday, September 10th. Morgan Stanley lifted their price objective on shares of Nordstrom from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Monday, September 17th. Deutsche Bank lifted their price objective on shares of Nordstrom from $56.00 to $61.00 and gave the stock a “buy” rating in a research note on Friday, August 17th. Finally, ValuEngine raised shares of Nordstrom from a “hold” rating to a “buy” rating in a research note on Thursday, October 11th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the company. Nordstrom has an average rating of “Hold” and a consensus target price 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.

Further Reading: Compound Interest

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Institutional Ownership by Quarter for Nordstrom (NYSE:JWN)

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