What Investor Sentiment Says About Going Long Nordstrom, Inc. (JWN)

Consequently, specific money managers have been driving this bullishness. Balyasny Asset Management, managed by Dmitry Balyasny, initiated the most outsized position in Nordstrom, Inc. (NYSE:JWN). Balyasny Asset Management had $46.8 million invested in the company at the end of the quarter. David Keidan’s Buckingham Capital Management also initiated a $13.2 million position during the quarter. The other funds with new positions in the stock are John Overdeck and David Siegel’s Two Sigma Advisors, D E Shaw, and Ray Dalio’s Bridgewater Associates.

Let’s also examine hedge fund activity in other stocks similar to Nordstrom, Inc. (NYSE:JWN). These stocks are WestRock Co (NYSE:WRK), Ingersoll-Rand PLC (NYSE:IR), Parker-Hannifin Corporation (NYSE:PH), and Mohawk Industries, Inc. (NYSE:MHK). This group of stocks’ market values most closely resemble Nordstrom, Inc. (NYSE:JWN)’s.

As you can see these stocks had an average of 43.25 hedge funds with bullish positions and the average amount invested in these stocks was $1.68 billion. That figure was $841 million in Nordstrom, Inc. (NYSE:JWN)’s case. Mohawk Industries, Inc. (NYSE:MHK) is the most popular stock in this table. On the other hand Parker-Hannifin Corporation (NYSE:PH) is the least popular one with only 25 bullish hedge fund positions. Nordstrom, Inc. (NYSE:JWN) is not the least popular stock in this group but hedge fund interest is still below average, as is the amount of capital invested in the stock. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are pouring a lot of money into. In this regard Mohawk Industries might be a better candidate to consider a long position in, though Nordstrom is worth watching given the big jump in ownership.