StockNews.com Lowers Nordstrom (NYSE:JWN) to Hold

StockNews.com lowered shares of Nordstrom (NYSE:JWN) from a buy rating to a hold rating in a research report released on Tuesday.

JWN has been the topic of several other reports. Telsey Advisory Group reaffirmed a market perform rating and set a $19.00 target price on shares of Nordstrom in a report on Friday, May 31st. Jefferies Financial Group reaffirmed a hold rating and set a $17.00 target price (down from $18.00) on shares of Nordstrom in a report on Thursday, March 7th. Citigroup cut their target price on Nordstrom from $21.00 to $20.00 and set a neutral rating on the stock in a report on Wednesday, March 6th. Bank of America lifted their target price on Nordstrom from $15.00 to $18.00 and gave the stock an underperform rating in a report on Friday, May 31st. Finally, Piper Sandler boosted their price objective on Nordstrom from $17.00 to $20.00 and gave the company a neutral rating in a research note on Wednesday, March 6th. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and an average price target of $17.42.

Nordstrom Trading Down 1.0 %

NYSE JWN opened at $21.12 on Tuesday. The company has a quick ratio of 0.36, a current ratio of 1.03 and a debt-to-equity ratio of 3.13. Nordstrom has a twelve month low of $12.88 and a twelve month high of $23.54. The company has a market cap of $3.46 billion, a price-to-earnings ratio of 11.54, a price-to-earnings-growth ratio of 2.42 and a beta of 2.58. The business’s fifty day moving average is $20.87 and its 200 day moving average is $19.52.

Nordstrom (NYSE:JWN) last released its quarterly earnings data on Thursday, May 30th. The specialty retailer reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.16). Nordstrom had a negative net margin of 1.35% and a negative return on equity of 26.45%. The firm had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.19 billion. During the same period last year, the business earned $0.07 EPS. The company’s revenue was up 4.8% compared to the same quarter last year. As a group, sell-side analysts expect that Nordstrom will post 1.79 EPS for the current fiscal year.

Nordstrom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Tuesday, June 4th were given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date was Tuesday, June 4th. Nordstrom’s payout ratio is 41.53%.

Institutional Trading of Nordstrom

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in JWN. Norges Bank bought a new stake in Nordstrom in the 4th quarter valued at about $23,572,000. Dimensional Fund Advisors LP increased its holdings in Nordstrom by 64.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,829,662 shares of the specialty retailer’s stock worth $52,212,000 after purchasing an additional 1,104,604 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Nordstrom by 42.2% during the 4th quarter. Victory Capital Management Inc. now owns 3,288,612 shares of the specialty retailer’s stock worth $60,675,000 after purchasing an additional 975,918 shares in the last quarter. Schroder Investment Management Group increased its holdings in Nordstrom by 44.9% during the 4th quarter. Schroder Investment Management Group now owns 2,648,637 shares of the specialty retailer’s stock worth $48,867,000 after purchasing an additional 820,390 shares in the last quarter. Finally, Nomura Holdings Inc. increased its holdings in Nordstrom by 110.2% during the 3rd quarter. Nomura Holdings Inc. now owns 67,243 shares of the specialty retailer’s stock worth $1,005,000 after purchasing an additional 726,721 shares in the last quarter. 88.73% of the stock is owned by institutional investors.

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.