Nordstrom (NYSE:JWN) Shares Gap Down – Here’s What Happened

Nordstrom, Inc. (NYSE:JWN) gapped down prior to trading on Tuesday . The stock had previously closed at $24.90, but opened at $24.16. Nordstrom shares last traded at $24.44, with a volume of 360,179 shares.

Analysts Set New Price Targets

Several brokerages recently issued reports on JWN. JPMorgan Chase & Co. raised their price target on Nordstrom from $19.00 to $20.00 and gave the stock an “underweight” rating in a report on Wednesday, August 28th. Citigroup raised their price target on Nordstrom from $22.00 to $23.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Bank of America raised their price target on Nordstrom from $20.00 to $22.00 and gave the stock an “underperform” rating in a report on Wednesday. The Goldman Sachs Group raised their price target on Nordstrom from $19.00 to $21.00 and gave the stock a “neutral” rating in a report on Wednesday, August 28th. Finally, KeyCorp downgraded Nordstrom from an “overweight” rating to a “sector weight” rating in a report on Thursday, September 26th. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Nordstrom currently has a consensus rating of “Hold” and a consensus price target of $20.65.

Nordstrom Stock Down 8.1 %

The company has a debt-to-equity ratio of 2.76, a quick ratio of 0.41 and a current ratio of 1.07. The stock has a 50 day moving average price of $22.86 and a 200 day moving average price of $22.23. The company has a market cap of $3.71 billion, a P/E ratio of 13.23 and a beta of 2.59.

Nordstrom (NYSE:JWN) last posted its quarterly earnings data on Tuesday, November 26th. The specialty retailer reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.11. Nordstrom had a negative return on equity of 21.26% and a negative net margin of 1.44%. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.34 billion. During the same quarter in the previous year, the business earned $0.25 EPS. The company’s quarterly revenue was up 4.6% compared to the same quarter last year. Research analysts expect that Nordstrom, Inc. will post 1.91 earnings per share for the current fiscal year.

Nordstrom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Tuesday, December 3rd will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend is Tuesday, December 3rd. Nordstrom’s dividend payout ratio is presently 44.44%.

Insider Transactions at Nordstrom

In related news, COO Alexis Depree sold 20,000 shares of Nordstrom stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $23.20, for a total value of $464,000.00. Following the transaction, the chief operating officer now directly owns 169,331 shares in the company, valued at $3,928,479.20. The trade was a 10.56 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 5.78% of the company’s stock.

Hedge Funds Weigh In On Nordstrom

A number of hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. grew its holdings in shares of Nordstrom by 29.9% in the 3rd quarter. Franklin Resources Inc. now owns 50,294 shares of the specialty retailer’s stock worth $1,152,000 after acquiring an additional 11,583 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of Nordstrom by 47.8% in the 3rd quarter. Tidal Investments LLC now owns 17,602 shares of the specialty retailer’s stock worth $396,000 after acquiring an additional 5,690 shares during the last quarter. Sanctuary Advisors LLC grew its holdings in shares of Nordstrom by 160.9% in the 3rd quarter. Sanctuary Advisors LLC now owns 51,071 shares of the specialty retailer’s stock worth $1,187,000 after acquiring an additional 31,498 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Nordstrom in the 3rd quarter worth $451,000. Finally, Geode Capital Management LLC grew its holdings in shares of Nordstrom by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,625,616 shares of the specialty retailer’s stock worth $36,570,000 after acquiring an additional 5,407 shares during the last quarter. 88.73% of the stock is currently owned by institutional investors and hedge funds.

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.