Connor Clark & Lunn Investment Management Ltd. Has $2.28 Million Stock Position in Nordstrom, Inc. (NYSE:JWN)

Posted by on May 29th, 2023

Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Nordstrom, Inc. (NYSE:JWN – Get Rating) by 901.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 141,015 shares of the specialty retailer’s stock after buying an additional 126,938 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.09% of Nordstrom worth $2,276,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. El Puerto de Liverpool S.A.B. de C.V. acquired a new position in Nordstrom during the 4th quarter worth about $254,286,000. Vanguard Group Inc. lifted its position in Nordstrom by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 10,459,699 shares of the specialty retailer’s stock valued at $174,992,000 after purchasing an additional 131,102 shares during the period. State Street Corp lifted its position in Nordstrom by 5.5% during the 1st quarter. State Street Corp now owns 4,552,284 shares of the specialty retailer’s stock valued at $124,245,000 after purchasing an additional 239,120 shares during the period. Fisher Asset Management LLC lifted its position in Nordstrom by 33.8% during the 4th quarter. Fisher Asset Management LLC now owns 2,312,992 shares of the specialty retailer’s stock valued at $37,332,000 after purchasing an additional 584,293 shares during the period. Finally, Balyasny Asset Management LLC lifted its position in Nordstrom by 71.0% during the 3rd quarter. Balyasny Asset Management LLC now owns 2,162,440 shares of the specialty retailer’s stock valued at $36,178,000 after purchasing an additional 898,176 shares during the period. Institutional investors and hedge funds own 66.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. StockNews.com assumed coverage on shares of Nordstrom in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Barclays cut their price target on shares of Nordstrom from $16.00 to $14.00 in a research report on Tuesday, May 2nd. The Goldman Sachs Group assumed coverage on shares of Nordstrom in a research report on Monday, January 30th. They issued a “neutral” rating and a $20.00 price target on the stock. Telsey Advisory Group increased their price target on shares of Nordstrom from $19.00 to $21.00 and gave the company a “market perform” rating in a research report on Friday, March 3rd. Finally, Citigroup cut their price target on shares of Nordstrom from $20.00 to $17.00 in a research report on Thursday. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Nordstrom currently has a consensus rating of “Hold” and a consensus price target of $18.75.

Nordstrom Price Performance

Shares of JWN opened at $16.02 on Monday. The stock has a market capitalization of $2.59 billion, a P/E ratio of 10.61, a P/E/G ratio of 1.44 and a beta of 2.21. Nordstrom, Inc. has a twelve month low of $14.02 and a twelve month high of $27.72. The company has a 50 day moving average of $15.75 and a 200-day moving average of $17.92. The company has a quick ratio of 0.42, a current ratio of 1.07 and a debt-to-equity ratio of 3.86.

Nordstrom (NYSE:JWN – Get Rating) last issued its quarterly earnings results on Thursday, March 2nd. The specialty retailer reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.09. The company had revenue of $4.20 billion during the quarter, compared to analysts’ expectations of $4.33 billion. Nordstrom had a net margin of 1.58% and a return on equity of 42.08%. The business’s quarterly revenue was down 4.2% on a year-over-year basis. During the same period last year, the business earned $1.23 EPS. As a group, equities research analysts forecast that Nordstrom, Inc. will post 1.93 EPS for the current fiscal year.

Nordstrom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 14th. Stockholders of record on Tuesday, May 30th will be paid a dividend of $0.19 per share. The ex-dividend date is Friday, May 26th. This represents a $0.76 annualized dividend and a dividend yield of 4.74%. Nordstrom’s dividend payout ratio is currently 50.33%.

About Nordstrom

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Nordstrom, Inc engages in the manufacture and trade of clothes, shoes, and accessories. It operates through the following segments: Retail and Corporate/Other. The Retail segment consists of a selection of high-quality, brand-name, and private label merchandise, which includes apparel, shoes, cosmetics, and accessories for women, men, young adults, and children.

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Institutional Ownership by Quarter for Nordstrom (NYSE:JWN)

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