State of New Jersey Common Pension Fund D purchased a new stake in Nordstrom, Inc. (NYSE:JWN) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 19,000 shares of the specialty retailer’s stock, valued at approximately $984,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Schwab Charles Investment Management Inc. boosted its position in Nordstrom by 13.4% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 995,234 shares of the specialty retailer’s stock worth $48,180,000 after acquiring an additional 117,595 shares during the last quarter. Bank of Montreal Can acquired a new stake in shares of Nordstrom in the 2nd quarter valued at approximately $50,353,000. Smead Capital Management Inc. boosted its holdings in shares of Nordstrom by 0.6% in the 1st quarter. Smead Capital Management Inc. now owns 884,948 shares of the specialty retailer’s stock valued at $42,840,000 after buying an additional 5,416 shares during the last quarter. Neuberger Berman Group LLC boosted its holdings in shares of Nordstrom by 253.1% in the 1st quarter. Neuberger Berman Group LLC now owns 813,031 shares of the specialty retailer’s stock valued at $39,359,000 after buying an additional 582,768 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Nordstrom by 7.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 757,126 shares of the specialty retailer’s stock valued at $36,652,000 after buying an additional 50,784 shares during the last quarter. 55.07% of the stock is owned by institutional investors and hedge funds.
Shares of Nordstrom stock traded up $0.60 during midday trading on Friday, reaching $62.85. The company had a trading volume of 2,708,000 shares, compared to its average volume of 2,292,754. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.10 and a quick ratio of 0.54. The firm has a market cap of $10.38 billion, a P/E ratio of 21.23, a P/E/G ratio of 2.90 and a beta of 0.82. Nordstrom, Inc. has a fifty-two week low of $37.79 and a fifty-two week high of $63.03.
Nordstrom declared that its board has authorized a stock buyback program on Wednesday, August 22nd that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the specialty retailer to buy up to 14.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 19th. Stockholders of record on Tuesday, September 4th will be issued a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, August 31st. This represents a $1.48 annualized dividend and a dividend yield of 2.35%. Nordstrom’s dividend payout ratio is 50.00%.
In related news, insider Peter E. Nordstrom sold 118,161 shares of the company’s stock in a transaction on Monday, July 9th. The stock was sold at an average price of $53.27, for a total transaction of $6,294,436.47. Following the completion of the sale, the insider now owns 2,525,740 shares in the company, valued at $134,546,169.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Erik B. Nordstrom sold 3,379 shares of the company’s stock in a transaction on Monday, June 11th. The stock was sold at an average price of $53.00, for a total value of $179,087.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 169,965 shares of company stock valued at $9,041,922. Corporate insiders own 7.05% of the company’s stock.
Several equities research analysts have issued reports on the company. Nomura raised their price target on Nordstrom from $54.00 to $59.00 and gave the company a “neutral” rating in a report on Friday, August 17th. Royal Bank of Canada set a $55.00 price target on Nordstrom and gave the company a “hold” rating in a report on Friday, August 17th. Telsey Advisory Group increased their price objective on Nordstrom from $57.00 to $65.00 and gave the stock an “outperform” rating in a research report on Friday, August 17th. UBS Group increased their price objective on Nordstrom from $69.00 to $73.00 and gave the stock a “buy” rating in a research report on Friday, August 17th. Finally, Piper Jaffray Companies reiterated a “hold” rating and set a $47.00 price objective on shares of Nordstrom in a research report on Tuesday, August 7th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $54.72.
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.
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