Envestnet Asset Management Inc. Acquires 36,640 Shares of Nordstrom, Inc. (NYSE:JWN)

Defense World · Aug 11, 2022 16:31

Envestnet Asset Management Inc. increased its position in shares of Nordstrom, Inc. (NYSE:JWN – Get Rating) by 19.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 228,333 shares of the specialty retailer's stock after purchasing an additional 36,640 shares during the period. Envestnet Asset Management Inc. owned approximately 0.14% of Nordstrom worth $6,190,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Nordstrom in the 4th quarter valued at about $1,759,000. State of New Jersey Common Pension Fund D boosted its holdings in shares of Nordstrom by 10.6% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 85,786 shares of the specialty retailer's stock valued at $1,940,000 after acquiring an additional 8,213 shares in the last quarter. Yousif Capital Management LLC acquired a new position in shares of Nordstrom in the fourth quarter valued at approximately $1,469,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Nordstrom by 20.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,605 shares of the specialty retailer's stock worth $308,000 after buying an additional 2,276 shares during the period. Finally, Pinnacle Associates Ltd. acquired a new position in shares of Nordstrom in the fourth quarter worth about $418,000. Hedge funds and other institutional investors own 57.27% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on JWN. Credit Suisse Group cut their price objective on Nordstrom to $26.00 in a research report on Wednesday, May 25th. Cowen dropped their price target on shares of Nordstrom from $30.00 to $24.00 and set a "market perform" rating for the company in a research note on Wednesday, May 25th. Morgan Stanley boosted their price objective on shares of Nordstrom from $17.00 to $19.00 and gave the company an "underweight" rating in a report on Wednesday, August 3rd. Cowen reduced their price target on shares of Nordstrom from $30.00 to $24.00 in a report on Wednesday, May 25th. Finally, 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 for the company. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Nordstrom presently has an average rating of "Hold" and an average price target of $26.59.

Insider Transactions at Nordstrom

In other news, CFO Anne L. Bramman sold 13,333 shares of the company's stock in a transaction on Thursday, May 26th. The shares were sold at an average price of $24.20, for a total transaction of $322,658.60. Following the completion of the transaction, the chief financial officer now directly owns 106,804 shares in the company, valued at $2,584,656.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 5.45% of the company's stock.

Nordstrom Stock Up 5.4 %

NYSE JWN opened at $23.08 on Thursday. The business has a fifty day moving average price of $23.31 and a two-hundred day moving average price of $24.22. The company has a debt-to-equity ratio of 4.85, a current ratio of 0.99 and a quick ratio of 0.31. Nordstrom, Inc. has a fifty-two week low of $18.65 and a fifty-two week high of $38.48. The stock has a market capitalization of $3.71 billion, a PE ratio of 10.30, a PEG ratio of 1.22 and a beta of 2.21.

Nordstrom (NYSE:JWN – Get Rating) last released its earnings results on Tuesday, May 24th. The specialty retailer reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.02. Nordstrom had a return on equity of 74.13% and a net margin of 2.37%. The firm had revenue of $3.57 billion during the quarter, compared to analysts' expectations of $3.29 billion. During the same period in the prior year, the company earned ($0.64) earnings per share. The company's quarterly revenue was up 18.6% on a year-over-year basis. Equities analysts expect that Nordstrom, Inc. will post 3.2 earnings per share for the current fiscal year.

Nordstrom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 15th. Shareholders of record on Tuesday, May 31st were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend was Friday, May 27th. Nordstrom's payout ratio is presently 33.93%.

Nordstrom declared that its Board of Directors has initiated a stock repurchase program on Tuesday, May 24th that authorizes the company to buyback $500.00 million in 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 usually a sign that the company's board believes its shares are undervalued.

Nordstrom Company Profile

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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.