Welch & Forbes LLC Boosts Stake in Nordstrom, Inc. (NYSE:JWN)

Welch & Forbes LLC raised its holdings in Nordstrom, Inc. (NYSE:JWN) by 128.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,000 shares of the specialty retailer’s stock after purchasing an additional 13,500 shares during the quarter. Welch & Forbes LLC’s holdings in Nordstrom were worth $765,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. CX Institutional purchased a new stake in Nordstrom in the first quarter valued at $41,000. Zions Bancorporation N.A. purchased a new stake in Nordstrom in the first quarter valued at $41,000. Quadrant Capital Group LLC purchased a new stake in Nordstrom in the first quarter valued at $48,000. Pinnacle Financial Partners Inc. purchased a new stake in shares of Nordstrom in the 1st quarter valued at $51,000. Finally, Whittier Trust Co. purchased a new stake in shares of Nordstrom in the 1st quarter valued at $53,000. Institutional investors own 62.29% of the company’s stock.

Several research firms recently issued reports on JWN. Goldman Sachs Group downgraded Nordstrom from a “neutral” rating to a “sell” rating and cut their price objective for the company from $37.00 to $30.00 in a report on Thursday, June 27th. Citigroup cut their price objective on Nordstrom from $48.00 to $37.00 and set a “neutral” rating on the stock in a report on Wednesday, May 22nd. JPMorgan Chase & Co. cut their price objective on Nordstrom from $40.00 to $35.00 and set an “underweight” rating on the stock in a report on Wednesday, May 22nd. Wedbush reiterated a “neutral” rating and issued a $35.00 price objective (down previously from $40.00) on shares of Nordstrom in a report on Wednesday, May 22nd. Finally, Deutsche Bank cut their price objective on Nordstrom from $47.00 to $36.00 and set a “hold” rating on the stock in a report on Wednesday, May 22nd. Five research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $40.11.

In other news, insider Peter E. Nordstrom sold 3,380 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $32.46, for a total transaction of $109,714.80. Following the completion of the transaction, the insider now directly owns 2,530,989 shares of the company’s stock, valued at approximately $82,155,902.94. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Christine Deputy sold 4,812 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $32.59, for a total value of $156,823.08. Following the transaction, the insider now directly owns 60,056 shares of the company’s stock, valued at $1,957,225.04. The disclosure for this sale can be found here. Insiders own 5.21% of the company’s stock.

JWN traded up $0.07 on Friday, hitting $30.90. 61,410 shares of the company were exchanged, compared to its average volume of 3,516,630. Nordstrom, Inc. has a twelve month low of $28.23 and a twelve month high of $67.75. The stock has a market capitalization of $4.75 billion, a P/E ratio of 8.72, a price-to-earnings-growth ratio of 1.54 and a beta of 0.65. The company has a current ratio of 0.76, a quick ratio of 0.24 and a debt-to-equity ratio of 6.34. The business has a 50-day moving average price of $31.40.

Nordstrom (NYSE:JWN) last released its earnings results on Tuesday, May 21st. The specialty retailer reported $0.23 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.20). Nordstrom had a return on equity of 58.16% and a net margin of 3.27%. The company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.54 billion. During the same period in the previous year, the firm earned $0.51 earnings per share. Research analysts forecast that Nordstrom, Inc. will post 3.32 earnings per share for the current fiscal year.

About Nordstrom

Nordstrom, Inc, a fashion retailer, provides apparel, shoes, cosmetics, and accessories 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 full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; Jeffrey boutiques; clearance stores that operate under the Last Chance name; Trunk Club clubhouses and TrunkClub.com; and Nordstrom Locals.

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Institutional Ownership by Quarter for Nordstrom (NYSE:JWN)

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