Cubist Systematic Strategies LLC Has $679,000 Stake in Nordstrom, Inc. (JWN)
Cubist Systematic Strategies LLC lowered its stake in shares of Nordstrom, Inc. (NYSE:JWN) by 56.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,120 shares of the specialty retailer’s stock after selling 16,679 shares during the period. Cubist Systematic Strategies LLC’s holdings in Nordstrom were worth $679,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in the company. West Coast Financial LLC increased its holdings in shares of Nordstrom by 0.8% during the 2nd quarter. West Coast Financial LLC now owns 125,564 shares of the specialty retailer’s stock worth $6,502,000 after acquiring an additional 1,003 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of Nordstrom by 4.3% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 25,130 shares of the specialty retailer’s stock worth $1,213,000 after acquiring an additional 1,043 shares during the last quarter. Quantbot Technologies LP increased its holdings in shares of Nordstrom by 12.2% during the 1st quarter. Quantbot Technologies LP now owns 9,644 shares of the specialty retailer’s stock worth $466,000 after acquiring an additional 1,048 shares during the last quarter. CIBC Asset Management Inc increased its holdings in shares of Nordstrom by 7.2% during the 2nd quarter. CIBC Asset Management Inc now owns 16,377 shares of the specialty retailer’s stock worth $848,000 after acquiring an additional 1,096 shares during the last quarter. Finally, GWM Advisors LLC increased its holdings in shares of Nordstrom by 17.8% during the 1st quarter. GWM Advisors LLC now owns 7,960 shares of the specialty retailer’s stock worth $378,000 after acquiring an additional 1,200 shares during the last quarter. Institutional investors own 54.95% of the company’s stock.
A number of research analysts recently weighed in on the company. Nomura boosted their target price on Nordstrom from $54.00 to $59.00 and gave the stock a “neutral” rating in a report on Friday, August 17th. Deutsche Bank boosted their target price on Nordstrom from $56.00 to $61.00 and gave the stock a “buy” rating in a report on Friday, August 17th. Guggenheim reissued a “hold” rating on shares of Nordstrom in a report on Thursday, August 16th. Piper Jaffray Companies reissued a “hold” rating and set a $49.00 target price on shares of Nordstrom in a report on Friday, August 17th. Finally, Morgan Stanley boosted their target price on Nordstrom from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Monday, September 17th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $56.21.
Nordstrom (NYSE:JWN) last issued its quarterly earnings data on Thursday, August 16th. The specialty retailer reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.11. Nordstrom had a return on equity of 56.00% and a net margin of 3.24%. The firm had revenue of $3.98 billion for the quarter, compared to analyst estimates of $3.96 billion. During the same period in the prior year, the firm posted $0.65 EPS. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. equities analysts forecast that Nordstrom, Inc. will post 3.57 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 19th. Shareholders of record on Tuesday, September 4th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date was Friday, August 31st. Nordstrom’s dividend payout ratio is 50.00%.
Nordstrom announced that its board has authorized a share repurchase plan on Wednesday, August 22nd that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the specialty retailer to repurchase up to 14.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.
In other news, insider Christine Deputy sold 11,534 shares of the company’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $65.87, for a total transaction of $759,744.58. Following the completion of the sale, the insider now directly owns 76,463 shares in the company, valued at approximately $5,036,617.81. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider James F. Nordstrom, Jr. sold 2,874 shares of the company’s stock in a transaction on Thursday, July 5th. The shares were sold at an average price of $52.51, for a total value of $150,913.74. Following the sale, the insider now owns 469,116 shares of the company’s stock, valued at $24,633,281.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 358,395 shares of company stock worth $20,934,526. Insiders own 7.05% of the company’s stock.
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.
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