Nordstrom, Inc. (JWN) Shares Sold by Panagora Asset Management Inc.
Panagora Asset Management Inc. lowered its position in Nordstrom, Inc. (NYSE:JWN) by 13.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 72,732 shares of the specialty retailer’s stock after selling 11,765 shares during the period. Panagora Asset Management Inc.’s holdings in Nordstrom were worth $4,350,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of JWN. Raymond James Financial Services Advisors Inc. lifted its position in shares of Nordstrom by 3.0% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 41,073 shares of the specialty retailer’s stock worth $2,127,000 after buying an additional 1,202 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new position in shares of Nordstrom in the 2nd quarter worth about $4,342,000. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Nordstrom by 6.4% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 406,474 shares of the specialty retailer’s stock valued at $21,047,000 after purchasing an additional 24,478 shares during the last quarter. Chevy Chase Trust Holdings Inc. bought a new stake in Nordstrom in the 2nd quarter valued at about $5,115,000. Finally, Barings LLC lifted its position in Nordstrom by 167.8% in the 2nd quarter. Barings LLC now owns 16,119 shares of the specialty retailer’s stock valued at $835,000 after purchasing an additional 10,100 shares during the last quarter. 60.44% of the stock is owned by institutional investors.
Several brokerages recently weighed in on JWN. Credit Suisse Group lifted their price objective on shares of Nordstrom from $52.00 to $55.00 and gave the company a “neutral” rating in a research report on Friday, August 17th. Piper Jaffray Companies reiterated a “hold” rating and issued a $49.00 price objective on shares of Nordstrom in a research report on Friday, August 17th. Zacks Investment Research upgraded shares of Nordstrom from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a research report on Friday. Guggenheim reiterated a “hold” rating on shares of Nordstrom in a research report on Thursday, August 16th. Finally, Telsey Advisory Group lifted their price objective on shares of Nordstrom from $57.00 to $65.00 and gave the company an “outperform” rating in a research report on Friday, August 17th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $57.71.
Nordstrom (NYSE:JWN) last released its earnings results on Thursday, November 15th. The specialty retailer reported $0.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.03. The firm had revenue of $3.75 billion for the quarter, compared to analysts’ expectations of $3.68 billion. Nordstrom had a net margin of 2.92% and a return on equity of 51.66%. As a group, research analysts forecast that Nordstrom, Inc. will post 3.6 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 11th. Shareholders 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 3.00%. Nordstrom’s payout ratio is 50.00%.
Nordstrom declared that its board has approved a stock buyback plan on Wednesday, August 22nd that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the specialty retailer to reacquire up to 14.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
In other Nordstrom news, insider Christine Deputy sold 11,534 shares of the firm’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $65.87, for a total transaction of $759,744.58. Following the transaction, the insider now owns 76,463 shares of the company’s stock, valued at approximately $5,036,617.81. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Blake W. Nordstrom sold 127,251 shares of the firm’s stock in a transaction dated 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 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 three months, insiders have sold 200,604 shares of company stock worth $12,621,378. 7.05% of the stock is owned by corporate insiders.
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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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