Marshall Wace LLP Purchases New Position in Nordstrom, Inc. (JWN)
Marshall Wace LLP purchased a new stake in Nordstrom, Inc. (NYSE:JWN) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 222,349 shares of the specialty retailer’s stock, valued at approximately $11,513,000. Marshall Wace LLP owned about 0.13% of Nordstrom as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently made changes to their positions in JWN. Bank of Montreal Can bought a new position in shares of Nordstrom in the 2nd quarter valued at $50,353,000. BlackRock Inc. raised its position in Nordstrom by 7.1% during the 2nd quarter. BlackRock Inc. now owns 8,931,836 shares of the specialty retailer’s stock worth $462,490,000 after purchasing an additional 592,278 shares during the last quarter. Neuberger Berman Group LLC raised its position in Nordstrom by 253.1% during the 1st quarter. Neuberger Berman Group LLC now owns 813,031 shares of the specialty retailer’s stock worth $39,359,000 after purchasing an additional 582,768 shares during the last quarter. Apertura Capital LLC bought a new position in Nordstrom during the 1st quarter worth $19,865,000. Finally, Prudential Financial Inc. raised its position in Nordstrom by 156.9% during the 1st quarter. Prudential Financial Inc. now owns 508,598 shares of the specialty retailer’s stock worth $24,621,000 after purchasing an additional 310,661 shares during the last quarter. Institutional investors own 55.36% of the company’s stock.
JWN stock opened at $65.48 on Friday. Nordstrom, Inc. has a 1-year low of $37.79 and a 1-year high of $66.33. 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 stock has a market capitalization of $11.10 billion, a PE ratio of 22.12, a price-to-earnings-growth ratio of 3.08 and a beta of 0.86.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 19th. Stockholders of record on Tuesday, September 4th will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 2.26%. The ex-dividend date is Friday, August 31st. Nordstrom’s dividend payout ratio (DPR) is presently 50.00%.
Nordstrom announced that its Board of Directors has approved a stock buyback plan on Wednesday, August 22nd that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the specialty retailer to repurchase up to 14.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
Several research analysts recently issued reports on JWN shares. Royal Bank of Canada set a $55.00 target price on Nordstrom and gave the stock a “hold” rating in a research report on Friday, August 17th. Goldman Sachs Group started coverage on Nordstrom in a research report on Monday, September 3rd. They set a “buy” rating and a $73.00 target price for the company. Nomura raised their target price on Nordstrom from $53.00 to $54.00 and gave the stock a “neutral” rating in a research report on Thursday, July 12th. Credit Suisse Group raised their target price on Nordstrom from $50.00 to $52.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 11th. Finally, ValuEngine raised Nordstrom from a “hold” rating to a “buy” rating in a research report on Tuesday, September 4th. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $56.05.
In other news, insider James F. Nordstrom, Jr. sold 2,874 shares of the firm’s stock in a transaction dated Thursday, July 5th. The stock was sold at an average price of $52.51, for a total value of $150,913.74. Following the completion of the sale, the insider now directly owns 469,116 shares in the company, valued at approximately $24,633,281.16. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Robert Sari sold 7,671 shares of the firm’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $55.65, for a total value of $426,891.15. Following the completion of the sale, the vice president now owns 25,178 shares of the company’s stock, valued at $1,401,155.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 231,144 shares of company stock valued at $13,107,317. Corporate insiders own 7.05% of the company’s stock.
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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