Nordstrom Inc. (JWN) Position Boosted by Tufton Capital Management
Tufton Capital Management boosted its position in shares of Nordstrom Inc. (NYSE:JWN) by 63.0% during the second quarter, Holdings Channel reports. The institutional investor owned 112,748 shares of the company’s stock after buying an additional 43,580 shares during the period. Tufton Capital Management owned approximately 0.07% of Nordstrom worth $4,290,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the stock. Peapack Gladstone Financial Corp purchased a new stake in shares of Nordstrom during the first quarter worth approximately $202,000. EagleClaw Capital Managment LLC purchased a new stake in shares of Nordstrom during the first quarter worth approximately $205,000. Rothschild Investment Corp IL purchased a new stake in shares of Nordstrom during the second quarter worth approximately $217,000. Ken Stern & Associates Inc. boosted its stake in shares of Nordstrom by 2.1% in the second quarter. Ken Stern & Associates Inc. now owns 6,454 shares of the company’s stock worth $246,000 after buying an additional 130 shares in the last quarter. Finally, Buffington Mohr McNeal purchased a new stake in shares of Nordstrom during the first quarter worth approximately $251,000. Hedge funds and other institutional investors own 65.48% of the company’s stock.
Shares of Nordstrom Inc. (NYSE:JWN) traded up 2.63% during midday trading on Wednesday, hitting $51.07. 2,245,939 shares of the company traded hands. The stock has a market capitalization of $8.86 billion, a PE ratio of 21.76 and a beta of 0.93. The stock has a 50 day moving average of $49.78 and a 200-day moving average of $46.83. Nordstrom Inc. has a 52 week low of $35.01 and a 52 week high of $75.67.
Nordstrom (NYSE:JWN) last posted its quarterly earnings results on Thursday, August 11th. The company reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.11. The company earned $3.65 billion during the quarter, compared to analyst estimates of $3.67 billion. Nordstrom had a net margin of 2.95% and a return on equity of 47.22%. The firm’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.93 earnings per share. Equities analysts forecast that Nordstrom Inc. will post $2.73 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 13th. Investors of record on Monday, August 29th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Thursday, August 25th. This represents a $1.48 annualized dividend and a yield of 2.90%. Nordstrom’s payout ratio is currently 62.98%.
A number of analysts have commented on JWN shares. Vetr upgraded shares of Nordstrom from a “hold” rating to a “buy” rating and set a $47.50 price target for the company in a research note on Tuesday, July 26th. Maxim Group started coverage on shares of Nordstrom in a research note on Wednesday, June 15th. They set a “buy” rating and a $50.00 target price for the company. Stifel Nicolaus raised their target price on shares of Nordstrom from $44.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, August 12th. Deutsche Bank AG raised their target price on shares of Nordstrom from $47.00 to $57.00 and gave the stock a “buy” rating in a research note on Friday, August 12th. Finally, Miller Tabak upgraded shares of Nordstrom from a “sell” rating to a “hold” rating and raised their target price for the stock from $30.00 to $39.50 in a research note on Tuesday, July 5th. They noted that the move was a valuation call. Seven analysts have rated the stock with a sell rating, eighteen have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $47.13.
Nordstrom Company Profile
Nordstrom, Inc is a fashion specialty retailer in the United States. The company operates through two segments: Retail and Credit. The Retail segment includes approximately 115 Nordstrom branded full-line stores in the United States and Nordstrom.com, approximately 167 off-price Nordstrom Rack stores, two Canada full-line stores, Nordstromrack.com and HauteLook, and other retail channels, including five Trunk Club showrooms and TrunkClub.com, its two Jeffrey boutiques and one clearance store that operates under the name Last Chance.
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