Oarsman Capital Inc. Sells 881 Shares of Nordstrom, Inc. (JWN)

Oarsman Capital Inc. decreased its holdings in shares of Nordstrom, Inc. (NYSE:JWN) by 12.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,424 shares of the specialty retailer’s stock after selling 881 shares during the quarter. Oarsman Capital Inc.’s holdings in Nordstrom were worth $384,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in JWN. Bank of Montreal Can acquired a new stake in Nordstrom in the second quarter valued at $50,353,000. United Services Automobile Association lifted its stake in Nordstrom by 1,958.0% in the second quarter. United Services Automobile Association now owns 889,797 shares of the specialty retailer’s stock valued at $46,074,000 after acquiring an additional 846,560 shares during the last quarter. Millennium Management LLC lifted its stake in Nordstrom by 199.1% in the second quarter. Millennium Management LLC now owns 945,422 shares of the specialty retailer’s stock valued at $48,954,000 after acquiring an additional 629,307 shares during the last quarter. BlackRock Inc. lifted its stake in Nordstrom by 7.1% in the second quarter. BlackRock Inc. now owns 8,931,836 shares of the specialty retailer’s stock valued at $462,490,000 after acquiring an additional 592,278 shares during the last quarter. Finally, Smith Asset Management Group LP lifted its stake in Nordstrom by 3,553.2% in the third quarter. Smith Asset Management Group LP now owns 544,330 shares of the specialty retailer’s stock valued at $32,588,000 after acquiring an additional 529,430 shares during the last quarter. Hedge funds and other institutional investors own 56.44% of the company’s stock.

In related 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 directly owns 76,463 shares of the company’s stock, valued at $5,036,617.81. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Robert Sari sold 8,795 shares of the firm’s stock in a transaction dated Wednesday, October 10th. The stock was sold at an average price of $62.50, for a total transaction of $549,687.50. Following the transaction, the vice president now directly owns 14,960 shares in the company, valued at $935,000. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 208,275 shares of company stock worth $13,048,270. 7.05% of the stock is owned by insiders.

A number of brokerages have commented on JWN. Nomura increased their price target on shares of Nordstrom from $54.00 to $59.00 and gave the company a “neutral” rating in a research note on Friday, August 17th. Gordon Haskett cut shares of Nordstrom from a “hold” rating to a “reduce” rating in a research note on Thursday, November 8th. Piper Jaffray Companies reissued a “hold” rating and issued a $49.00 price objective on shares of Nordstrom in a research report on Friday, August 17th. Deutsche Bank increased their price objective on shares of Nordstrom from $56.00 to $61.00 and gave the company a “buy” rating in a research report on Friday, August 17th. Finally, Guggenheim reissued a “hold” rating on shares of Nordstrom in a research report on Thursday, August 16th. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the stock. Nordstrom presently has an average rating of “Hold” and an average target price of $57.76.

Shares of JWN opened at $61.10 on Thursday. The stock has a market capitalization of $10.84 billion, a PE ratio of 20.64, a P/E/G ratio of 2.99 and a beta of 0.59. Nordstrom, Inc. has a fifty-two week low of $38.56 and a fifty-two week high of $67.75. The company has a debt-to-equity ratio of 2.35, a quick ratio of 0.54 and a current ratio of 1.10.

Nordstrom (NYSE:JWN) last released its quarterly earnings results on Thursday, August 16th. The specialty retailer reported $0.95 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $3.96 billion. During the same period last year, the firm earned $0.65 earnings per share. Nordstrom’s revenue for the quarter was up 7.1% compared to the same quarter last year. Equities research analysts anticipate that Nordstrom, Inc. will post 3.59 EPS for the current fiscal year.

Nordstrom declared that its board has approved a share repurchase program on Wednesday, August 22nd that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the specialty retailer to repurchase up to 14.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 11th. Investors of record on Monday, November 26th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 2.42%. Nordstrom’s dividend payout ratio is 50.00%.

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About Nordstrom

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.

See Also: Book Value Per Share – BVPS

Institutional Ownership by Quarter for Nordstrom (NYSE:JWN)

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