Welch & Forbes LLC lowered its holdings in Nordstrom, Inc. (NYSE:JWN) by 28.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 31,160 shares of the specialty retailer’s stock after selling 12,210 shares during the quarter. Welch & Forbes LLC’s holdings in Nordstrom were worth $483,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Nordstrom by 3.7% in the first quarter. BlackRock Inc. now owns 8,541,895 shares of the specialty retailer’s stock worth $131,034,000 after acquiring an additional 305,125 shares during the period. NuWave Investment Management LLC grew its position in Nordstrom by 145.8% during the second quarter. NuWave Investment Management LLC now owns 7,531 shares of the specialty retailer’s stock valued at $132,000 after buying an additional 4,467 shares during the period. Squarepoint Ops LLC acquired a new stake in Nordstrom during the first quarter valued at $696,000. Invesco Ltd. grew its position in Nordstrom by 22.9% during the first quarter. Invesco Ltd. now owns 2,166,179 shares of the specialty retailer’s stock valued at $33,229,000 after buying an additional 403,865 shares during the period. Finally, Advisor Group Holdings Inc. acquired a new stake in Nordstrom during the first quarter valued at $696,000. Hedge funds and other institutional investors own 69.70% of the company’s stock.
NYSE:JWN opened at $15.07 on Friday. Nordstrom, Inc. has a 12 month low of $12.27 and a 12 month high of $43.37. The stock has a 50 day moving average of $17.18 and a two-hundred day moving average of $25.20. The company has a current ratio of 0.97, a quick ratio of 0.57 and a debt-to-equity ratio of 12.85. The firm has a market cap of $2.42 billion, a P/E ratio of -38.64 and a beta of 1.40.
Nordstrom (NYSE:JWN) last posted its quarterly earnings results on Thursday, May 28th. The specialty retailer reported ($2.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.07) by ($1.16). The company had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.27 billion. Nordstrom had a negative net margin of 0.43% and a positive return on equity of 18.75%. Nordstrom’s revenue for the quarter was down 39.5% on a year-over-year basis. During the same quarter last year, the company earned $0.23 earnings per share. On average, research analysts forecast that Nordstrom, Inc. will post -2.18 earnings per share for the current year.
JWN has been the topic of several analyst reports. UBS Group dropped their price target on shares of Nordstrom from $14.00 to $13.00 and set a “sell” rating on the stock in a research report on Thursday, May 7th. ValuEngine upgraded shares of Nordstrom from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. Wedbush dropped their price target on shares of Nordstrom from $36.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. TheStreet lowered shares of Nordstrom from a “c” rating to a “d+” rating in a research report on Thursday, May 28th. Finally, Citigroup cut their target price on shares of Nordstrom from $21.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, March 26th. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $29.69.
Nordstrom, Inc, a fashion retailer, provides apparel, shoes, cosmetics, and accessories 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 full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; Jeffrey boutiques; clearance stores that operate under the Last Chance name; Trunk Club clubhouses and TrunkClub.com; and Nordstrom Locals.
Further Reading: Outperform Rating
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