Comerica Bank lifted its position in shares of Nordstrom, Inc. (NYSE:JWN) by 3.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,011 shares of the specialty retailer’s stock after buying an additional 771 shares during the quarter. Comerica Bank’s holdings in Nordstrom were worth $715,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Piedmont Investment Advisors Inc. boosted its position in Nordstrom by 2.7% during the first quarter. Piedmont Investment Advisors Inc. now owns 10,476 shares of the specialty retailer’s stock valued at $465,000 after purchasing an additional 276 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC raised its stake in shares of Nordstrom by 8.5% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 4,965 shares of the specialty retailer’s stock worth $220,000 after purchasing an additional 390 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Nordstrom by 2.8% in the first quarter. CIBC Asset Management Inc now owns 17,402 shares of the specialty retailer’s stock worth $772,000 after purchasing an additional 475 shares during the last quarter. Nissay Asset Management Corp Japan ADV raised its stake in shares of Nordstrom by 4.8% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 10,865 shares of the specialty retailer’s stock worth $482,000 after purchasing an additional 499 shares during the last quarter. Finally, AdvisorNet Financial Inc raised its stake in shares of Nordstrom by 39.4% in the second quarter. AdvisorNet Financial Inc now owns 1,770 shares of the specialty retailer’s stock worth $56,000 after purchasing an additional 500 shares during the last quarter. 64.63% of the stock is currently owned by institutional investors and hedge funds.
JWN has been the topic of several analyst reports. Telsey Advisory Group dropped their target price on Nordstrom from $35.00 to $32.00 and set a “market perform” rating on the stock in a report on Thursday, August 22nd. Robert W. Baird dropped their target price on Nordstrom from $45.00 to $38.00 and set a “neutral” rating on the stock in a report on Wednesday, May 22nd. Piper Jaffray Companies dropped their price objective on Nordstrom from $40.00 to $33.00 and set a “neutral” rating on the stock in a report on Wednesday, May 22nd. Deutsche Bank dropped their price objective on Nordstrom from $47.00 to $36.00 and set a “hold” rating on the stock in a report on Wednesday, May 22nd. Finally, Citigroup lowered their price target on Nordstrom from $48.00 to $37.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 22nd. Five investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $38.19.
In other news, insider Christine Deputy sold 1,906 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $28.53, for a total transaction of $54,378.18. Following the completion of the sale, the insider now directly owns 56,913 shares in the company, valued at $1,623,727.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.21% of the stock is owned by company insiders.
NYSE:JWN traded up $0.18 during trading hours on Friday, reaching $34.80. 4,521,272 shares of the company traded hands, compared to its average volume of 7,296,206. The company has a debt-to-equity ratio of 5.39, a current ratio of 0.79 and a quick ratio of 0.35. The stock has a market cap of $5.30 billion, a P/E ratio of 9.80, a P/E/G ratio of 1.71 and a beta of 0.70. The firm’s 50-day moving average is $29.39 and its 200-day moving average is $36.04. Nordstrom, Inc. has a 1-year low of $25.01 and a 1-year high of $67.75.
Nordstrom (NYSE:JWN) last issued its earnings results on Wednesday, August 21st. The specialty retailer reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.14. Nordstrom had a return on equity of 62.11% and a net margin of 3.17%. The business had revenue of $3.87 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same period last year, the company posted $0.95 EPS. The business’s quarterly revenue was down 4.8% on a year-over-year basis. As a group, research analysts predict that Nordstrom, Inc. will post 3.34 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.48 annualized dividend and a dividend yield of 4.25%. Nordstrom’s dividend payout ratio is presently 41.69%.
Nordstrom, Inc, a fashion retailer, provides apparel, shoes, cosmetics, and accessories 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 full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; Jeffrey boutiques; clearance stores that operate under the Last Chance name; Trunk Club clubhouses and TrunkClub.com; and Nordstrom Locals.
Further Reading: Limitations of the P/E Growth ratio
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