State of Alaska Department of Revenue lowered its stake in shares of Nordstrom, Inc. (NYSE:JWN) by 9.8% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 41,109 shares of the specialty retailer’s stock after selling 4,451 shares during the period. State of Alaska Department of Revenue’s holdings in Nordstrom were worth $2,458,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Bank of Montreal Can bought a new position in shares of Nordstrom in the 2nd quarter worth approximately $50,353,000. United Services Automobile Association lifted its stake in shares of Nordstrom by 1,958.0% in the 2nd quarter. United Services Automobile Association now owns 889,797 shares of the specialty retailer’s stock worth $46,074,000 after purchasing an additional 846,560 shares during the period. Millennium Management LLC lifted its stake in shares of Nordstrom by 199.1% in the 2nd quarter. Millennium Management LLC now owns 945,422 shares of the specialty retailer’s stock worth $48,954,000 after purchasing an additional 629,307 shares during the period. BlackRock Inc. lifted its stake in shares of Nordstrom by 7.1% in the 2nd quarter. BlackRock Inc. now owns 8,931,836 shares of the specialty retailer’s stock worth $462,490,000 after purchasing an additional 592,278 shares during the period. Finally, Worldquant Millennium Quantitative Strategies LLC bought a new position in shares of Nordstrom in the 2nd quarter worth approximately $24,713,000. Institutional investors and hedge funds own 54.98% of the company’s stock.
In other Nordstrom news, VP Robert Sari sold 7,671 shares of the stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $55.65, for a total transaction of $426,891.15. Following the completion of the sale, the vice president now directly owns 25,178 shares of the company’s stock, valued at approximately $1,401,155.70. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 directly owns 2,519,436 shares of the company’s stock, valued at $154,970,508.36. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 208,275 shares of company stock valued at $13,048,270. Insiders own 7.05% of the company’s stock.
Nordstrom (NYSE:JWN) last announced its quarterly earnings data on Thursday, August 16th. The specialty retailer reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.11. Nordstrom had a net margin of 3.24% and a return on equity of 56.00%. The business had revenue of $3.98 billion during the quarter, compared to analyst estimates of $3.96 billion. During the same period last year, the firm posted $0.65 EPS. The company’s revenue was up 7.1% on a year-over-year basis. Analysts forecast that Nordstrom, Inc. will post 3.57 earnings per share for the current fiscal year.
Nordstrom declared that its board has authorized a share repurchase plan on Wednesday, August 22nd that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the specialty retailer to purchase up to 14.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 19th. Shareholders of record on Tuesday, September 4th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date was Friday, August 31st. Nordstrom’s dividend payout ratio (DPR) is currently 50.00%.
JWN has been the topic of several recent research reports. Goldman Sachs Group reiterated a “sell” rating on shares of Nordstrom in a research note on Tuesday, September 4th. Telsey Advisory Group increased their target price on shares of Nordstrom from $65.00 to $72.00 and gave the stock an “outperform” rating in a report on Monday, September 10th. Morgan Stanley increased their target price on shares of Nordstrom from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Monday, September 17th. Deutsche Bank increased their target price on shares of Nordstrom from $56.00 to $61.00 and gave the stock a “buy” rating in a report on Friday, August 17th. Finally, ValuEngine raised shares of Nordstrom from a “hold” rating to a “buy” rating in a report on Monday, August 20th. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $56.28.
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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