Point72 Hong Kong Ltd Trims Stake in Nordstrom, Inc. (JWN)

Point72 Hong Kong Ltd reduced its position in Nordstrom, Inc. (NYSE:JWN) by 44.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 4,964 shares of the specialty retailer’s stock after selling 3,918 shares during the period. Point72 Hong Kong Ltd’s holdings in Nordstrom were worth $297,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of JWN. BlackRock Inc. lifted its holdings in shares of Nordstrom by 10.5% in the 3rd quarter. BlackRock Inc. now owns 9,865,556 shares of the specialty retailer’s stock valued at $590,062,000 after purchasing an additional 933,720 shares during the last quarter. United Services Automobile Association lifted its holdings 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 valued at $46,074,000 after purchasing an additional 846,560 shares during the last quarter. Millennium Management LLC lifted its holdings 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 last quarter. Smith Asset Management Group LP lifted its holdings in shares of Nordstrom by 3,553.2% in the 3rd quarter. Smith Asset Management Group LP now owns 544,330 shares of the specialty retailer’s stock valued at $32,588,000 after purchasing an additional 529,430 shares during the last quarter. Finally, Worldquant Millennium Quantitative Strategies LLC purchased a new stake in shares of Nordstrom in the 2nd quarter valued at about $24,713,000. 59.92% of the stock is owned by institutional investors and hedge funds.

JWN opened at $48.61 on Friday. 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 company has a market cap of $8.13 billion, a price-to-earnings ratio of 16.42, a P/E/G ratio of 2.25 and a beta of 0.54. Nordstrom, Inc. has a 52 week low of $45.16 and a 52 week high of $67.75.

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

Nordstrom declared that its board has initiated a stock buyback 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 reacquire up to 14.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 11th. Shareholders of record on Monday, November 26th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.04%. The ex-dividend date of this dividend was Friday, November 23rd. Nordstrom’s payout ratio is 50.00%.

In other Nordstrom news, insider Blake W. Nordstrom sold 127,251 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now owns 2,519,436 shares in the company, valued at approximately $154,970,508.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Robert Sari sold 8,795 shares of the business’s stock in a transaction that occurred on Wednesday, October 10th. The stock was sold at an average price of $62.50, for a total value of $549,687.50. Following the transaction, the vice president now owns 14,960 shares in the company, valued at approximately $935,000. The disclosure for this sale can be found here. Insiders own 7.05% of the company’s stock.

Several analysts have recently weighed in on the company. Zacks Investment Research raised Nordstrom from a “hold” rating to a “buy” rating and set a $56.00 target price for the company in a report on Friday. Nomura set a $53.00 price objective on Nordstrom and gave the company a “hold” rating in a research note on Monday, November 26th. Gordon Haskett raised Nordstrom from a “reduce” rating to a “hold” rating in a research note on Monday, November 19th. ValuEngine downgraded Nordstrom from a “buy” rating to a “hold” rating in a research note on Friday, November 16th. Finally, Goldman Sachs Group set a $73.00 price objective on Nordstrom and gave the company a “buy” rating in a research note on Friday, November 16th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and seven have issued a buy rating to the company’s stock. Nordstrom presently has a consensus rating of “Hold” and a consensus target price of $57.65.

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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.

Read More: Quiet Period

Institutional Ownership by Quarter for Nordstrom (NYSE:JWN)

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