Nordstrom family suspends attempt to take retailer private

Lloyd Doyle
October 16, 2017

A number of other large investors have also modified their holdings of JWN.

Clifford Swan Investment Counsel Llc increased Nordstrom Inc. Parallel Advisors LLC now owns 2,099 shares of the specialty retailer's stock worth $104,000 after acquiring an additional 236 shares during the last quarter. LLC increased its stake in shares of Nordstrom by 32.4% in the first quarter. NEXT Financial Group Inc now owns 2,642 shares of the specialty retailer's stock valued at $126,000 after purchasing an additional 942 shares during the period. Finally, Clinton Group Inc. acquired a new stake in shares of Nordstrom in the 1st quarter worth about $275,000. As of March 20, 2017, the Retail segment included its 117 Nordstrom-branded full-line stores in the United States and, 216 off-price Nordstrom Rack stores, five Canada full-line stores,, seven Trunk Club clubhouses and, two Jeffrey boutiques and two clearance stores that operate under the name Last Chance. Its stake stood at $1,726,774,000 a decrease of $16,533,000 according to the filing. Ariel Investments LLC now owns 1,215,593 shares of the specialty retailer's stock worth $56,610,000 after buying an additional 357,644 shares during the last quarter. Rowland & CO Investment Counsel/adv now controls 25,415 shares worth $1,200,459,000.

Rowland & CO Investment Counsel/adv reduced its investment by selling 3,853 shares a decrease of 13.2% from 06/30/2017 to 09/30/2017.

Here are a few institutional investors who have updated their positions.

ILLEGAL ACTIVITY NOTICE: This report was first published by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are accessing this story on another site, it was stolen and republished in violation of US & worldwide copyright legislation. The original version of this article can be read at (JWN) stake by 13.21% reported in 2017Q2 SEC filing. KeyCorp reiterated an "overweight" rating and issued a $55.00 price objective on shares of Nordstrom in a research note on Thursday, September 14th.

Nordstrom shares fell about 5 percent in premarket trading Monday after the news was reported. Robert W. Baird set a $50.00 target price on shares of Nordstrom and gave the stock a "hold" rating in a report on Saturday, May 13th. Four analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eight have given a buy rating to the stock. On Monday, August 7 the stock rating was maintained by Piper Jaffray with "Hold". About shares traded. Nordstrom, Inc. ( JWN ) said Monday that members of the Nordstrom family have notified the Special Committee of the Board of Directors of the company that the family has suspended active exploration, for the balance of the year, of the possibility of proposing a transaction to take the company private. The stock has a 50 day moving average of $45.50 and a 200 day moving average of $45.81. Nordstrom, Inc. has a 12-month low of $39.53 and a 12-month high of $62.82. The company has market cap of $7.09 billion.

Nordstrom (NYSE:JWN) last released its quarterly earnings data on Thursday, August 10th. The specialty retailer reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.03. Nordstrom's revenue was up 3.5% compared to the same quarter past year.

The family had hired private equity firm Leonard Green & Partners to help take the retailer private, a source told Reuters last month and were seeking to raise $1 billion to $2 billion in equity. The company had revenue of $3.72 billion for the quarter, compared to analysts' expectations of $3.70 billion.

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