Madison Asset Management LLC Trims Stake in Nordstrom, Inc. (NYSE:JWN)

Madison Asset Management LLC reduced its stake in shares of Nordstrom, Inc. (NYSE:JWN) by 15.9% in the 1st quarter, Holdings Channel reports. The fund owned 39,800 shares of the specialty retailer’s stock after selling 7,500 shares during the period. Madison Asset Management LLC’s holdings in Nordstrom were worth $1,507,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in JWN. Teacher Retirement System of Texas grew its holdings in Nordstrom by 21.8% in the first quarter. Teacher Retirement System of Texas now owns 12,325 shares of the specialty retailer’s stock valued at $467,000 after purchasing an additional 2,208 shares during the period. GW&K Investment Management LLC acquired a new stake in Nordstrom in the first quarter valued at approximately $37,011,000. Atria Investments LLC acquired a new stake in Nordstrom in the first quarter valued at approximately $1,084,000. Russell Investments Group Ltd. grew its holdings in Nordstrom by 9.2% in the first quarter. Russell Investments Group Ltd. now owns 90,310 shares of the specialty retailer’s stock valued at $3,419,000 after purchasing an additional 7,594 shares during the period. Finally, Maryland State Retirement & Pension System acquired a new stake in Nordstrom in the first quarter valued at approximately $317,000. Institutional investors own 53.63% of the company’s stock.

NYSE JWN opened at $34.33 on Friday. The stock’s fifty day moving average is $36.93. The firm has a market capitalization of $5.46 billion, a price-to-earnings ratio of -16.19, a P/E/G ratio of 4.92 and a beta of 2.43. The company has a debt-to-equity ratio of 17.15, a current ratio of 0.87 and a quick ratio of 0.38. Nordstrom, Inc. has a fifty-two week low of $11.72 and a fifty-two week high of $46.45.

Nordstrom (NYSE:JWN) last released its quarterly earnings data on Monday, May 24th. The specialty retailer reported ($0.64) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.57) by ($0.07). The company had revenue of $2.92 billion for the quarter, compared to analyst estimates of $2.83 billion. Nordstrom had a negative return on equity of 128.87% and a negative net margin of 2.89%. The business’s quarterly revenue was up 44.2% on a year-over-year basis. During the same period last year, the firm posted ($2.23) EPS. On average, equities research analysts predict that Nordstrom, Inc. will post 1.17 earnings per share for the current fiscal year.

Several brokerages have commented on JWN. TheStreet raised Nordstrom from a “d+” rating to a “c-” rating in a report on Monday, May 24th. Barclays lifted their price target on Nordstrom from $19.00 to $20.00 and gave the stock an “underweight” rating in a research note on Wednesday, May 26th. Telsey Advisory Group lowered their price target on Nordstrom from $44.00 to $36.00 in a research note on Wednesday, May 26th. Jefferies Financial Group initiated coverage on Nordstrom in a research note on Friday, March 12th. They issued a “buy” rating and a $48.00 price target on the stock. Finally, JPMorgan Chase & Co. lifted their price target on Nordstrom from $37.00 to $42.00 and gave the stock a “neutral” rating in a research note on Monday, May 17th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. Nordstrom has an average rating of “Hold” and a consensus target price of $33.33.

In other Nordstrom news, CFO Anne L. Bramman sold 6,667 shares of Nordstrom stock in a transaction on Monday, May 10th. The stock was sold at an average price of $40.00, for a total value of $266,680.00. Following the sale, the chief financial officer now owns 143,349 shares in the company, valued at $5,733,960. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Ken Worzel sold 13,762 shares of Nordstrom stock in a transaction on Monday, March 15th. The shares were sold at an average price of $41.20, for a total value of $566,994.40. Following the completion of the sale, the chief operating officer now owns 144,778 shares in the company, valued at approximately $5,964,853.60. The disclosure for this sale can be found here. Insiders sold 52,361 shares of company stock worth $2,088,609 in the last 90 days. Company insiders own 5.55% of the company’s stock.

Nordstrom Company Profile

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.

Further Reading: Call Option

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Institutional Ownership by Quarter for Nordstrom (NYSE:JWN)

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