KeyCorp Downgrades Nordstrom (NYSE:JWN) to Sector Weight

Nordstrom (NYSE:JWN) was downgraded by research analysts at KeyCorp from an “overweight” rating to a “sector weight” rating in a research note issued to investors on Thursday, MarketBeat.com reports.

A number of other brokerages have also commented on JWN. JPMorgan Chase & Co. raised their target price on shares of Nordstrom from $19.00 to $20.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 28th. BMO Capital Markets raised their target price on shares of Nordstrom from $20.00 to $22.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 28th. Evercore ISI raised their target price on shares of Nordstrom from $17.00 to $19.00 and gave the stock an “in-line” rating in a research report on Friday, May 31st. TD Cowen raised their target price on shares of Nordstrom from $24.00 to $25.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Finally, Bank of America lifted their price objective on shares of Nordstrom from $18.00 to $20.00 and gave the company an “underperform” rating in a report on Wednesday, August 28th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Nordstrom presently has a consensus rating of “Hold” and an average price target of $20.23.

Nordstrom Stock Down 1.2 %

Shares of NYSE JWN opened at $22.20 on Thursday. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.07 and a quick ratio of 0.41. The company has a market cap of $3.63 billion, a P/E ratio of 12.13 and a beta of 2.61. Nordstrom has a 1 year low of $12.88 and a 1 year high of $24.03. The firm has a 50-day simple moving average of $22.15 and a two-hundred day simple moving average of $21.05.

Nordstrom (NYSE:JWN) last issued its earnings results on Tuesday, August 27th. The specialty retailer reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.25. The business had revenue of $3.89 billion for the quarter, compared to analyst estimates of $3.88 billion. Nordstrom had a negative net margin of 1.44% and a negative return on equity of 21.26%. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period last year, the company posted $0.84 earnings per share. Research analysts anticipate that Nordstrom will post 1.9 earnings per share for the current year.

Insiders Place Their Bets

In other Nordstrom news, COO Alexis Depree sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $23.20, for a total value of $464,000.00. Following the completion of the sale, the chief operating officer now owns 169,331 shares of the company’s stock, valued at $3,928,479.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 5.78% of the company’s stock.

Institutional Investors Weigh In On Nordstrom

Institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Nordstrom in the fourth quarter worth about $23,572,000. Schroder Investment Management Group raised its stake in shares of Nordstrom by 44.9% in the fourth 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 during the last quarter. American Century Companies Inc. raised its stake in shares of Nordstrom by 66.2% in the second quarter. American Century Companies Inc. now owns 1,661,227 shares of the specialty retailer’s stock worth $35,251,000 after purchasing an additional 661,769 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Nordstrom by 5.7% in the first quarter. Vanguard Group Inc. now owns 10,653,007 shares of the specialty retailer’s stock worth $215,936,000 after purchasing an additional 579,001 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in shares of Nordstrom by 38.4% in the second quarter. Marshall Wace LLP now owns 1,479,414 shares of the specialty retailer’s stock worth $31,393,000 after purchasing an additional 410,152 shares during the last quarter. Institutional investors and hedge funds own 88.73% of the company’s stock.

Nordstrom Company Profile

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.