Shares of Nordstrom, Inc. (NYSE:JWN) are down 5% year-to-date as the stock consolidates its bull run from 2009. The company’s fundamentals have been solid, and management should be commended for focusing more on its core upscale retailing product. While the recent stock market weakness could soften demand, Nordstrom’s billion dollar buyback will improve EPS. The stock looks attractive at 17 times forward earnings.
Hedge funds are bullish on Nordstrom, Inc. (NYSE:JWN). A total of 27 funds owned $945.62 million worth of stock (representing 6.70% of the outstanding stock) at the end of June, versus 34 funds and $957.6 million respectively a quarter earlier. Ken Griffin‘s Citadel Investment Group increased its equity position by 17% to 4.85 million shares and upped its ‘Call’ position in ‘Call’ by 11% and disclosed holding options underlying 467,4000 shares. Panayotis Takis Sparaggis’ Alkeon Capital Management upped its stake by 5% to 1.64 million shares too.