Nordstrom, Inc. (JWN) Stake Raised by Broadview Advisors LLC

Broadview Advisors LLC grew its stake in Nordstrom, Inc. (NYSE:JWN) by 15.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 182,525 shares of the specialty retailer’s stock after purchasing an additional 24,350 shares during the quarter. Nordstrom makes up approximately 1.9% of Broadview Advisors LLC’s holdings, making the stock its 16th biggest holding. Broadview Advisors LLC’s holdings in Nordstrom were worth $10,917,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. raised its stake in Nordstrom by 10.5% during the third quarter. BlackRock Inc. now owns 9,865,556 shares of the specialty retailer’s stock worth $590,062,000 after acquiring an additional 933,720 shares during the period. JPMorgan Chase & Co. raised its stake in Nordstrom by 1.2% during the third quarter. JPMorgan Chase & Co. now owns 5,721,385 shares of the specialty retailer’s stock worth $342,197,000 after acquiring an additional 66,655 shares during the period. Bank of Montreal Can raised its stake in Nordstrom by 6.7% during the third quarter. Bank of Montreal Can now owns 1,037,741 shares of the specialty retailer’s stock worth $62,067,000 after acquiring an additional 65,289 shares during the period. Schwab Charles Investment Management Inc. raised its stake in Nordstrom by 3.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,032,291 shares of the specialty retailer’s stock worth $53,453,000 after acquiring an additional 37,057 shares during the period. Finally, Schroder Investment Management Group raised its stake in Nordstrom by 39.9% during the second quarter. Schroder Investment Management Group now owns 999,303 shares of the specialty retailer’s stock worth $52,344,000 after acquiring an additional 285,008 shares during the period. Institutional investors and hedge funds own 56.32% of the company’s stock.

NYSE JWN opened at $52.33 on Friday. Nordstrom, Inc. has a 52 week low of $40.61 and a 52 week high of $67.75. The company has a quick ratio of 0.44, a current ratio of 1.12 and a debt-to-equity ratio of 2.23. The stock has a market capitalization of $8.82 billion, a price-to-earnings ratio of 15.72, a PEG ratio of 2.42 and a beta of 0.59.

Nordstrom (NYSE:JWN) last posted its earnings results on Thursday, November 15th. The specialty retailer reported $0.67 EPS for the quarter, topping the consensus estimate of $0.64 by $0.03. Nordstrom had a net margin of 2.92% and a return on equity of 51.66%. The firm had revenue of $3.75 billion during the quarter, compared to analysts’ expectations of $3.68 billion. As a group, equities analysts expect that Nordstrom, Inc. will post 3.6 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 11th. Shareholders of record on Monday, November 26th will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend is Friday, November 23rd. Nordstrom’s dividend payout ratio (DPR) is 50.00%.

Nordstrom declared that its board has initiated a stock repurchase plan on Wednesday, August 22nd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 14.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Several equities research analysts recently weighed in on JWN shares. ValuEngine lowered shares of Nordstrom from a “hold” rating to a “sell” rating in a research note on Thursday, August 2nd. Piper Jaffray Companies reiterated a “hold” rating and set a $47.00 price objective on shares of Nordstrom in a research note on Tuesday, August 7th. Wedbush started coverage on shares of Nordstrom in a research note on Friday, August 10th. They set a “neutral” rating and a $55.00 price objective on the stock. Guggenheim reiterated a “hold” rating on shares of Nordstrom in a research note on Thursday, August 16th. Finally, Nomura increased their price objective on shares of Nordstrom from $54.00 to $59.00 and gave the stock a “neutral” rating in a research note on Friday, August 17th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $57.82.

In other Nordstrom news, insider Christine Deputy sold 11,534 shares of the company’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $65.87, for a total value of $759,744.58. Following the completion of the transaction, the insider now owns 76,463 shares in the company, valued at approximately $5,036,617.81. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Blake W. Nordstrom sold 127,251 shares of the company’s stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $61.51, for a total transaction of $7,827,209.01. Following the completion of the transaction, the insider now owns 2,519,436 shares of the company’s stock, valued at approximately $154,970,508.36. The disclosure for this sale can be found here. In the last 90 days, insiders sold 200,604 shares of company stock valued at $12,621,378. 7.05% of the stock is owned by insiders.

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Nordstrom Company Profile

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.

Further Reading: Inflation

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Institutional Ownership by Quarter for Nordstrom (NYSE:JWN)

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