Hennessy Advisors Inc. Acquires Shares of 2,319,900 Nordstrom, Inc. (NYSE:JWN)

Hennessy Advisors Inc. bought a new stake in shares of Nordstrom, Inc. (NYSE:JWN) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 2,319,900 shares of the specialty retailer’s stock, valued at approximately $56,026,000. Nordstrom comprises 1.7% of Hennessy Advisors Inc.’s portfolio, making the stock its 15th biggest holding.

A number of other institutional investors have also recently modified their holdings of JWN. Verition Fund Management LLC lifted its position in Nordstrom by 147.4% during the third quarter. Verition Fund Management LLC now owns 1,218,365 shares of the specialty retailer’s stock worth $27,401,000 after purchasing an additional 725,803 shares during the period. Marshall Wace LLP raised its position in shares of Nordstrom by 38.4% in 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. Axiom Advisory LLC lifted its holdings 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 worth $24,456,000 after acquiring an additional 346,994 shares during the period. Cyndeo Wealth Partners LLC bought a new stake in shares of Nordstrom during the 3rd quarter worth approximately $6,248,000. Finally, Hotchkis & Wiley Capital Management LLC acquired a new stake in shares of Nordstrom during the 3rd quarter worth approximately $6,171,000. 88.73% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on JWN shares. StockNews.com assumed coverage on shares of Nordstrom in a research report on Friday, January 10th. They set a “buy” rating for the company. UBS Group upgraded Nordstrom from a “sell” rating to a “neutral” rating and lifted their target price for the company from $14.50 to $24.00 in a research report on Friday, January 10th. Barclays increased their target price on shares of Nordstrom from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Thursday. Argus lowered shares of Nordstrom from a “buy” rating to a “sell” rating in a report on Monday, December 30th. Finally, Bank of America increased their price objective on shares of Nordstrom from $20.00 to $22.00 and gave the company an “underperform” rating in a research note on Wednesday, November 27th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $22.17.

Nordstrom Stock Up 0.1 %

Shares of JWN opened at $24.14 on Friday. The company has a market capitalization of $3.98 billion, a PE ratio of 15.37 and a beta of 2.52. The stock’s 50-day moving average price is $23.52 and its two-hundred day moving average price is $22.78. The company has a current ratio of 1.14, a quick ratio of 0.35 and a debt-to-equity ratio of 2.65. Nordstrom, Inc. has a 12 month low of $16.78 and a 12 month high of $24.99.

Nordstrom (NYSE:JWN) last announced its 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 business had revenue of $3.35 billion for the quarter, compared to analysts’ expectations of $3.34 billion. Nordstrom had a negative return on equity of 18.04% and a negative net margin of 1.57%. The firm’s revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.25 earnings per share. On average, analysts anticipate that Nordstrom, Inc. will post 1.95 EPS for the current year.

Nordstrom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Tuesday, December 3rd were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend was Tuesday, December 3rd. Nordstrom’s dividend payout ratio is currently 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.