Unigestion Holding SA reduced its stake in Nordstrom, Inc. (NYSE:JWN) by 26.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 102,772 shares of the specialty retailer’s stock after selling 36,290 shares during the period. Unigestion Holding SA owned approximately 0.06% of Nordstrom worth $6,147,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. grew 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 valued at $462,490,000 after purchasing an additional 592,278 shares during the period. Bank of Montreal Can grew its stake in shares of Nordstrom by 6.7% in the 3rd quarter. Bank of Montreal Can now owns 1,037,741 shares of the specialty retailer’s stock valued at $62,067,000 after purchasing an additional 65,289 shares during the period. Schwab Charles Investment Management Inc. grew its stake in shares of Nordstrom by 3.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,032,291 shares of the specialty retailer’s stock valued at $53,453,000 after purchasing an additional 37,057 shares during the period. Schroder Investment Management Group grew its stake in shares of Nordstrom by 39.9% in the 2nd quarter. Schroder Investment Management Group now owns 999,303 shares of the specialty retailer’s stock valued at $52,344,000 after purchasing an additional 285,008 shares during the period. Finally, Millennium Management LLC grew 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 valued at $48,954,000 after purchasing an additional 629,307 shares during the period. Institutional investors own 55.85% of the company’s stock.
Several research firms have recently weighed in on JWN. Wedbush began coverage on Nordstrom in a research note on Wednesday, October 31st. They issued a $59.00 price objective on the stock. Gordon Haskett lowered Nordstrom from a “hold” rating to a “reduce” rating in a research note on Thursday. Telsey Advisory Group upped their price objective on Nordstrom from $65.00 to $72.00 and gave the company an “outperform” rating in a research note on Monday, September 10th. ValuEngine upgraded Nordstrom from a “hold” rating to a “buy” rating in a research report on Tuesday, September 4th. Finally, Goldman Sachs Group restated a “sell” rating on shares of Nordstrom in a research report on Tuesday, September 4th. Four research analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the company. Nordstrom currently has an average rating of “Hold” and an average target price of $56.50.
Nordstrom (NYSE:JWN) last released its quarterly earnings results on Thursday, August 16th. The specialty retailer reported $0.95 EPS for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.11. The business had revenue of $3.98 billion for the quarter, compared to analyst estimates of $3.96 billion. Nordstrom had a return on equity of 56.00% and a net margin of 3.24%. Nordstrom’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.65 EPS. Analysts forecast that Nordstrom, Inc. will post 3.58 earnings per share for the current fiscal year.
Nordstrom declared that its Board of Directors has approved a share buyback plan on Wednesday, August 22nd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the specialty retailer to purchase up to 14.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In other Nordstrom news, insider Christine Deputy sold 11,534 shares of the stock in a transaction on Monday, September 10th. The stock was sold at an average price of $65.87, for a total value of $759,744.58. Following the transaction, the insider now directly owns 76,463 shares in the company, valued at approximately $5,036,617.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Robert Sari sold 53,024 shares of the stock in a transaction 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 disclosure for this sale can be found here. Insiders sold a total of 208,275 shares of company stock worth $13,048,270 over the last quarter. Corporate insiders own 7.05% of the company’s stock.
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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