Maverick Capital Ltd. Acquires 54,428 Shares of Nordstrom, Inc. (NYSE:JWN)

Maverick Capital Ltd. lifted its position in shares of Nordstrom, Inc. (NYSE:JWN) by 45.8% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 173,262 shares of the specialty retailer’s stock after buying an additional 54,428 shares during the quarter. Maverick Capital Ltd. owned approximately 0.11% of Nordstrom worth $3,897,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of JWN. Verition Fund Management LLC lifted its stake in shares of Nordstrom by 147.4% during the 3rd quarter. Verition Fund Management LLC now owns 1,218,365 shares of the specialty retailer’s stock valued at $27,401,000 after buying an additional 725,803 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Nordstrom by 66.2% during the 2nd quarter. American Century Companies Inc. now owns 1,661,227 shares of the specialty retailer’s stock valued at $35,251,000 after buying an additional 661,769 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Nordstrom by 38.4% during the 2nd quarter. Marshall Wace LLP now owns 1,479,414 shares of the specialty retailer’s stock valued at $31,393,000 after buying an additional 410,152 shares in the last quarter. NewSquare Capital LLC purchased a new position in shares of Nordstrom during the 2nd quarter valued at $7,783,000. Finally, Axiom Advisory LLC lifted its stake in shares of Nordstrom by 46.0% during the 3rd quarter. Axiom Advisory LLC now owns 1,100,864 shares of the specialty retailer’s stock valued at $24,456,000 after buying an additional 346,994 shares in the last quarter. Hedge funds and other institutional investors own 88.73% of the company’s stock.

Wall Street Analysts Forecast Growth

JWN has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Nordstrom from $19.00 to $20.00 and gave the company an “underweight” rating in a research note on Wednesday, August 28th. StockNews.com upgraded shares of Nordstrom from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. UBS Group boosted their price target on shares of Nordstrom from $13.00 to $14.50 and gave the stock a “sell” rating in a research note on Wednesday. Barclays upgraded shares of Nordstrom from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $18.00 to $23.00 in a research note on Thursday, September 5th. Finally, Bank of America boosted their price target on shares of Nordstrom from $20.00 to $22.00 and gave the stock an “underperform” rating in a research note on Wednesday. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $21.29.

Insider Activity at Nordstrom

In related news, COO Alexis Depree sold 20,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $23.20, for a total transaction of $464,000.00. Following the transaction, the chief operating officer now directly owns 169,331 shares in the company, valued at approximately $3,928,479.20. This represents a 10.56 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.78% of the stock is currently owned by insiders.

Nordstrom Stock Up 0.4 %

Shares of NYSE JWN opened at $22.71 on Friday. The firm’s 50-day moving average price is $22.85 and its 200-day moving average price is $22.24. The company has a current ratio of 1.14, a quick ratio of 0.41 and a debt-to-equity ratio of 2.65. The stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of 14.47 and a beta of 2.59. Nordstrom, Inc. has a 12-month low of $15.08 and a 12-month high of $24.99.

Nordstrom (NYSE:JWN) last issued its quarterly earnings results on Tuesday, November 26th. The specialty retailer reported $0.33 EPS for the quarter, beating the consensus estimate of $0.22 by $0.11. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.34 billion. Nordstrom had a negative net margin of 1.57% and a negative return on equity of 18.04%. The firm’s revenue was up 4.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.25 EPS. On average, equities research analysts anticipate that Nordstrom, Inc. will post 1.93 EPS for the current fiscal year.

Nordstrom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Tuesday, December 3rd will be issued a dividend of $0.19 per share. The ex-dividend date is Tuesday, December 3rd. This represents a $0.76 annualized dividend and a yield of 3.35%. Nordstrom’s payout ratio is 48.41%.

About Nordstrom

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; Nordstrom.ca; Nordstrom stores; Nordstrom Rack stores; Nordstrom Locals; ASOS; Nordstromrack.com; mobile application; and clearance stores under the Last Chance name.