Verition Fund Management LLC acquired a new position in shares of Nordstrom, Inc. (NYSE:JWN – Get Rating) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 53,995 shares of the specialty retailer’s stock, valued at approximately $1,464,000.
Several other hedge funds have also bought and sold shares of JWN. Vanguard Group Inc. increased its position in shares of Nordstrom by 1.6% during the first quarter. Vanguard Group Inc. now owns 10,276,748 shares of the specialty retailer’s stock worth $278,603,000 after acquiring an additional 160,514 shares in the last quarter. State Street Corp raised its holdings in shares of Nordstrom by 5.5% in the 1st quarter. State Street Corp now owns 4,552,284 shares of the specialty retailer’s stock worth $124,245,000 after acquiring an additional 239,120 shares during the last quarter. Marshall Wace LLP raised its holdings in shares of Nordstrom by 50.0% in the 4th quarter. Marshall Wace LLP now owns 2,064,012 shares of the specialty retailer’s stock worth $46,689,000 after acquiring an additional 688,129 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Nordstrom by 240.8% in the 1st quarter. Renaissance Technologies LLC now owns 1,988,500 shares of the specialty retailer’s stock worth $53,908,000 after acquiring an additional 1,405,000 shares during the last quarter. Finally, Disciplined Growth Investors Inc. MN raised its holdings in shares of Nordstrom by 1.4% in the 1st quarter. Disciplined Growth Investors Inc. MN now owns 1,609,386 shares of the specialty retailer’s stock worth $43,630,000 after acquiring an additional 21,510 shares during the last quarter. Institutional investors and hedge funds own 59.36% of the company’s stock.
Analyst Upgrades and Downgrades
JWN has been the topic of a number of analyst reports. Bank of America lowered their target price on shares of Nordstrom from $21.00 to $15.00 and set an “underperform” rating on the stock in a report on Thursday, July 7th. Piper Sandler lowered their target price on shares of Nordstrom from $28.00 to $26.00 and set an “overweight” rating on the stock in a report on Wednesday, August 24th. Citigroup lowered their target price on shares of Nordstrom from $22.00 to $21.00 in a report on Wednesday, August 24th. Telsey Advisory Group reduced their price objective on shares of Nordstrom from $28.00 to $25.00 and set a “market perform” rating for the company in a research report on Wednesday, August 24th. Finally, Cowen reduced their price objective on shares of Nordstrom from $30.00 to $24.00 and set a “market perform” rating for the company in a research report on Wednesday, May 25th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $25.53.
Nordstrom Stock Up 3.9 %
Nordstrom (NYSE:JWN – Get Rating) last released its quarterly earnings data on Tuesday, August 23rd. The specialty retailer reported $0.81 EPS for the quarter, topping the consensus estimate of $0.80 by $0.01. Nordstrom had a net margin of 2.60% and a return on equity of 70.36%. During the same period in the prior year, the firm posted $0.49 earnings per share. As a group, equities analysts predict that Nordstrom, Inc. will post 2.36 EPS for the current year.
Nordstrom Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 14th. Investors of record on Tuesday, August 30th were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 3.87%. The ex-dividend date of this dividend was Monday, August 29th. Nordstrom’s dividend payout ratio (DPR) is presently 30.16%.
Nordstrom declared that its board has approved a stock buyback program on Tuesday, May 24th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the specialty retailer to purchase up to 15.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
Nordstrom, Inc, a fashion retailer, provides apparels, shoes, beauty, accessories, and home goods for women, men, young adults, and children. It offers a range of brand name and private label merchandise through various channels, such as Nordstrom branded stores and online at Nordstrom.com; TrunkClub.com; Nordstrom.ca; Nordstrom stores; Nordstrom Rack stores; Nordstrom Locals; Nordstromrack.com and HauteLook; clearance stores under the Last Chance name; Trunk Club clubhouses; and Jeffrey boutiques.
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