Nordstrom, Inc. (NYSE:JWN) Short Interest Down 25.0% in March

Nordstrom, Inc. (NYSE:JWN) was the recipient of a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 12,950,000 shares, a drop of 25.0% from the March 15th total of 17,270,000 shares. Based on an average daily trading volume, of 4,230,000 shares, the days-to-cover ratio is presently 3.1 days. Approximately 11.9% of the shares of the company are sold short.

In related news, insider Peter E. Nordstrom sold 15,560 shares of the firm’s stock in a transaction that occurred on Thursday, March 11th. The stock was sold at an average price of $37.75, for a total transaction of $587,390.00. Following the transaction, the insider now owns 2,500,101 shares in the company, valued at approximately $94,378,812.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Ken Worzel sold 13,762 shares of the firm’s stock in a transaction that occurred on Monday, March 15th. The stock was sold at an average price of $41.20, for a total value of $566,994.40. Following the transaction, the chief operating officer now owns 144,778 shares in the company, valued at approximately $5,964,853.60. The disclosure for this sale can be found here. Insiders have sold a total of 60,837 shares of company stock worth $2,271,378 in the last 90 days. 5.52% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of the stock. Huntington National Bank raised its holdings in Nordstrom by 55.8% during the fourth quarter. Huntington National Bank now owns 838 shares of the specialty retailer’s stock worth $26,000 after purchasing an additional 300 shares during the last quarter. Cascade Investment Advisors Inc. raised its holdings in Nordstrom by 39.5% during the fourth quarter. Cascade Investment Advisors Inc. now owns 1,395 shares of the specialty retailer’s stock worth $44,000 after purchasing an additional 395 shares during the last quarter. Private Capital Group LLC raised its holdings in Nordstrom by 87.4% during the first quarter. Private Capital Group LLC now owns 937 shares of the specialty retailer’s stock worth $35,000 after purchasing an additional 437 shares during the last quarter. Charter Oak Capital Management LLC acquired a new position in Nordstrom during the fourth quarter worth $36,000. Finally, Founders Capital Management LLC raised its holdings in Nordstrom by 1.8% during the first quarter. Founders Capital Management LLC now owns 42,291 shares of the specialty retailer’s stock worth $1,602,000 after purchasing an additional 736 shares during the last quarter. 63.25% of the stock is owned by hedge funds and other institutional investors.

A number of research analysts recently issued reports on the company. Telsey Advisory Group raised their price target on Nordstrom from $28.00 to $38.00 and gave the stock a “market perform” rating in a research note on Thursday, February 25th. Morgan Stanley lifted their target price on Nordstrom from $19.00 to $34.00 and gave the company an “equal weight” rating in a research note on Monday, February 8th. Jefferies Financial Group initiated coverage on Nordstrom in a research note on Thursday, March 18th. They issued a “buy” rating and a $48.00 target price on the stock. Credit Suisse Group lifted their target price on Nordstrom from $26.00 to $39.00 and gave the company a “neutral” rating in a research note on Thursday, January 14th. Finally, JPMorgan Chase & Co. lifted their target price on Nordstrom from $34.00 to $40.00 and gave the company a “neutral” rating in a research note on Tuesday, February 16th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. Nordstrom has a consensus rating of “Hold” and a consensus price target of $32.00.

Shares of JWN traded down $0.28 during mid-day trading on Monday, hitting $35.55. The company’s stock had a trading volume of 1,639,439 shares, compared to its average volume of 4,197,049. The company has a current ratio of 0.89, a quick ratio of 0.47 and a debt-to-equity ratio of 10.98. The firm has a 50-day simple moving average of $38.19 and a 200 day simple moving average of $29.52. The firm has a market capitalization of $5.61 billion, a P/E ratio of -10.52 and a beta of 2.44. Nordstrom has a 1-year low of $11.72 and a 1-year high of $46.45.

Nordstrom (NYSE:JWN) last posted its quarterly earnings results on Monday, March 1st. The specialty retailer reported $0.21 EPS for the quarter, beating the consensus estimate of $0.14 by $0.07. The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. Nordstrom had a negative return on equity of 77.24% and a negative net margin of 4.57%. The company’s quarterly revenue was down 20.0% compared to the same quarter last year. During the same period last year, the firm earned $1.23 EPS. As a group, sell-side analysts predict that Nordstrom will post -2.94 EPS for the current fiscal year.

About Nordstrom

Nordstrom, Inc, a fashion retailer, provides apparels, shoes, beauty, accessories, and home goods 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 stores and online at Nordstrom.com; TrunkClub.com; Nordstrom.ca; Nordstrom stores; Nordstrom Rack stores; Nordstrom Locals; Nordstromrack.com, and HauteLook; clearance stores under the Last Chance name; Trunk Club clubhouses; and Jeffrey boutiques.

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