Russell Investments Group Ltd. Lowers Stock Holdings in Nordstrom, Inc. (NYSE:JWN)

Russell Investments Group Ltd. reduced its position in Nordstrom, Inc. (NYSE:JWNGet Rating) by 25.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 69,598 shares of the specialty retailer’s stock after selling 23,147 shares during the period. Russell Investments Group Ltd.’s holdings in Nordstrom were worth $1,885,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of JWN. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Nordstrom by 124.6% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 39,360 shares of the specialty retailer’s stock valued at $890,000 after purchasing an additional 21,837 shares during the last quarter. Stephens Inc. AR boosted its holdings in shares of Nordstrom by 0.9% in the 1st quarter. Stephens Inc. AR now owns 74,088 shares of the specialty retailer’s stock valued at $2,009,000 after purchasing an additional 659 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Nordstrom by 2.6% in the 4th quarter. Rhumbline Advisers now owns 297,011 shares of the specialty retailer’s stock valued at $6,718,000 after purchasing an additional 7,414 shares during the last quarter. Ziegler Capital Management LLC acquired a new position in shares of Nordstrom in the 1st quarter valued at $1,620,000. Finally, Rafferty Asset Management LLC boosted its holdings in shares of Nordstrom by 28.2% in the 4th quarter. Rafferty Asset Management LLC now owns 46,273 shares of the specialty retailer’s stock valued at $1,047,000 after purchasing an additional 10,187 shares during the last quarter. 57.27% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Nordstrom

In other news, CFO Anne L. Bramman sold 13,333 shares of the stock in a transaction that occurred on Tuesday, June 21st. The stock was sold at an average price of $24.66, for a total transaction of $328,791.78. Following the sale, the chief financial officer now directly owns 93,471 shares in the company, valued at approximately $2,304,994.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.45% of the company’s stock.

Nordstrom Price Performance

JWN opened at $26.82 on Wednesday. The company has a debt-to-equity ratio of 4.85, a quick ratio of 0.31 and a current ratio of 0.99. Nordstrom, Inc. has a 1-year low of $18.65 and a 1-year high of $38.14. The company has a 50-day moving average of $23.22 and a 200-day moving average of $24.30. The company has a market capitalization of $4.31 billion, a P/E ratio of 11.97, a PEG ratio of 1.27 and a beta of 2.21.

Nordstrom (NYSE:JWNGet Rating) last issued its earnings results on Tuesday, May 24th. The specialty retailer reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The company had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.29 billion. Nordstrom had a return on equity of 74.13% and a net margin of 2.37%. Nordstrom’s quarterly revenue was up 18.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.64) earnings per share. Equities analysts expect that Nordstrom, Inc. will post 3.2 EPS for the current fiscal year.

Nordstrom announced that its Board of Directors has authorized a share repurchase program on Tuesday, May 24th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to purchase up to 15.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on JWN. Barclays decreased their price target on shares of Nordstrom to $21.00 in a report on Thursday, May 26th. KeyCorp assumed coverage on shares of Nordstrom in a report on Wednesday, July 20th. They set an “overweight” rating and a $30.00 target price on the stock. Piper Sandler assumed coverage on shares of Nordstrom in a report on Friday, July 22nd. They set an “overweight” rating and a $28.00 target price on the stock. Morgan Stanley lifted their target price on shares of Nordstrom from $17.00 to $19.00 and gave the company an “underweight” rating in a report on Wednesday, August 3rd. Finally, Bank of America reduced their target price on shares of Nordstrom from $21.00 to $15.00 and set an “underperform” rating on the stock in a report on Thursday, July 7th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $26.59.

About Nordstrom

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Nordstrom, Inc, a fashion retailer, provides apparels, shoes, beauty, accessories, and home goods 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 stores and online at Nordstrom.com; TrunkClub.com; Nordstrom.ca; Nordstrom stores; Nordstrom Rack stores; Nordstrom Locals; Nordstromrack.com and HauteLook; clearance stores under the Last Chance name; Trunk Club clubhouses; and Jeffrey boutiques.

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