Nordstrom, Inc. (JWN) Now Covered by Analysts at Gordon Haskett

Judith Bessette
Junho 10, 2017

On June 9 the company was rated "Neutral" according to a UBS report a cut from the previous "Neutral" rating.

Nordstrom in May reported first-quarter same-store sales that fell short of estimates, triggering a drop in its shares. William Blair reissued an "outperform" rating on shares of Nordstrom in a report on Monday, February 6th. Royal Bank of Canada set a $47.00 price objective on shares of Nordstrom and gave the company a "hold" rating in a report on Saturday, February 25th.

Nordstrom's board has formed a committee of independent directors to represent the company in any talks with the family over a potential sale.

Nordstrom shares were trading up 6.2 per cent at US$47.40 on the news in afternoon trading in NY on Friday, giving the company a market capitalization of close to $8 billion. The stock rose 2.59% or $0.65 reaching $25.72 per share.

Company shares last traded at $44.63 marginally under $44.76, the 50 day moving average and a bit lower than the 200 day moving average of $46.82.

Nordstrom, Inc. has a 52 week low of $35.01 and a 52 week high of $62.82. Nordstrom also was the recipient of unusually large options trading activity on Wednesday. As a stock gets oversold or overbought investor want to look for volume to get a spike in relative volume which would indicate that buyers and seller are fighting over an important support or resistance level and will likely reverse.

"WARNING: "[[title]]" was originally published by [[site]] and is the property of of [[site]]. If you are reading this story on another website, it was copied illegally and reposted in violation of United States and global copyright & trademark legislation. The original version of this piece can be read at Virtus Invest Advisers invested in 0.01% or 3,520 shares. The ex-dividend date is Wednesday the 24th of May 2017. The dividend yield amounts to 3.32 percent and the beta ratio has a value of 0.82. (NYSE:JWN) will post earnings per share of $0.61 for the current quarter, Zacks reports. The stock was sold at an average price of $43.80, for a total transaction of $138,802.20.

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In a filing with the Securities and Exchange Commission, the company cited the changing retail environment as a trigger for the move.

In other news, President Blake W. Nordstrom sold 3,169 shares of the firm's stock in a transaction on Monday, March 13th. The shares were sold at an average price of $45.08, for a total value of $85,877.40. 3,297 shares valued at $147,544 were sold by NORDSTROM PETER E on Friday, March 10. The disclosure for this sale can be found here. Insiders own 7.03% of the company's stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in JWN. Parallel Advisors LLC raised its stake in shares of Nordstrom by 12.7% in the first quarter. Vetr now has $43.99 price objective on the specialty retailer's stock. Ledyard National Bank increased its position in Nordstrom by 291.1% in the first quarter.

Going private means the company would no longer have its shares trading on the stock market and would no longer have to disclose financial results and strategies, although it could opt to do so. Gemmer Asset Management LLC increased its stake in Nordstrom by 0.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,710 shares of the specialty retailer's stock worth $1,438,000 after buying an additional 10,613 shares in the last quarter. Finally, Sowell Financial Services LLC acquired a new stake in Nordstrom during the fourth quarter valued at approximately $123,000. Old Mutual Global Investors UK Ltd. now owns 11,200 shares of the specialty retailer's stock valued at $521,000 after buying an additional 4,800 shares during the period.

BlackRock Inc. now owns 8,021,009 shares of the specialty retailer's stock valued at $373,537,000 after buying an additional 7,689,800 shares during the last quarter.

Kathy Gersch, a former Nordstrom vice president who now works as a retail industry consultant at Kotter International, said Nordstrom's long family history might help it find an investor.

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