Pentwater Capital Management LP Acquires New Holdings in Nordstrom, Inc. (NYSE:JWN)

Pentwater Capital Management LP bought a new position in Nordstrom, Inc. (NYSE:JWN) during the fourth quarter, Holdings Channel.com reports. The fund bought 2,550,000 shares of the specialty retailer’s stock, valued at approximately $61,582,000. Nordstrom accounts for approximately 0.7% of Pentwater Capital Management LP’s investment portfolio, making the stock its 13th largest position.

A number of other hedge funds and other institutional investors have also made changes to their positions in JWN. AQR Capital Management LLC grew its position in Nordstrom by 34.2% during the fourth quarter. AQR Capital Management LLC now owns 736,298 shares of the specialty retailer’s stock valued at $17,782,000 after purchasing an additional 187,617 shares in the last quarter. Northern Trust Corp boosted its holdings in Nordstrom by 30.4% during the fourth quarter. Northern Trust Corp now owns 960,648 shares of the specialty retailer’s stock valued at $23,200,000 after purchasing an additional 223,935 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Nordstrom by 8.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 63,129 shares of the specialty retailer’s stock worth $1,525,000 after acquiring an additional 4,796 shares during the last quarter. ClearAlpha Technologies LP bought a new stake in Nordstrom during the 4th quarter worth approximately $2,263,000. Finally, State of Tennessee Department of Treasury lifted its holdings in Nordstrom by 26.4% during the 4th quarter. State of Tennessee Department of Treasury now owns 48,050 shares of the specialty retailer’s stock worth $1,160,000 after buying an additional 10,050 shares in the last quarter. 88.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Argus downgraded Nordstrom from a “buy” rating to a “sell” rating in a research note on Monday, December 30th. Evercore ISI lifted their target price on Nordstrom from $22.00 to $24.00 and gave the stock an “in-line” rating in a research note on Monday, January 13th. Citigroup restated a “sell” rating and issued a $22.00 price target (down from $25.00) on shares of Nordstrom in a research note on Friday, April 4th. Barclays lifted their price objective on Nordstrom from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Finally, Telsey Advisory Group restated a “market perform” rating and issued a $24.00 price target on shares of Nordstrom in a research note on Wednesday, March 5th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. According to MarketBeat, Nordstrom has a consensus rating of “Hold” and an average price target of $22.80.

Nordstrom Price Performance

JWN stock opened at $24.17 on Tuesday. The firm’s 50-day moving average price is $24.13 and its two-hundred day moving average price is $23.82. Nordstrom, Inc. has a 12-month low of $18.57 and a 12-month high of $24.99. The stock has a market capitalization of $4.04 billion, a price-to-earnings ratio of 15.40 and a beta of 2.31. 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 (NYSE:JWN) last released its quarterly earnings results on Tuesday, March 4th. The specialty retailer reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.20. Nordstrom had a negative return on equity of 18.04% and a negative net margin of 1.57%. The company had revenue of $4.32 billion for the quarter, compared to analyst estimates of $4.32 billion. As a group, equities analysts predict that Nordstrom, Inc. will post 1.97 earnings per share for the current year.

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.