Nordstrom (NYSE:JWN) Raised to Equal Weight at Barclays

Barclays upgraded shares of Nordstrom (NYSE:JWN) from an underweight rating to an equal weight rating in a report published on Thursday, Marketbeat reports. The firm currently has $23.00 target price on the specialty retailer’s stock, up from their prior target price of $18.00.

A number of other research firms have also recently weighed in on JWN. The Goldman Sachs Group upped their price objective on shares of Nordstrom from $19.00 to $21.00 and gave the company a neutral rating in a research report on Wednesday, August 28th. Evercore ISI upped their price objective on shares of Nordstrom from $17.00 to $19.00 and gave the company an in-line rating in a research report on Friday, May 31st. TD Cowen increased their price target 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. BMO Capital Markets increased their price target 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. Finally, JPMorgan Chase & Co. increased their price target 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. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $20.23.

Nordstrom Stock Performance

NYSE:JWN opened at $22.82 on Thursday. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.07 and a quick ratio of 0.36. The firm has a 50-day moving average of $22.10 and a two-hundred day moving average of $20.80. The stock has a market cap of $3.73 billion, a P/E ratio of 12.47, a PEG ratio of 2.41 and a beta of 2.61. Nordstrom has a 1-year low of $12.88 and a 1-year high of $24.03.

Nordstrom (NYSE:JWN) last posted its quarterly earnings data on Tuesday, August 27th. The specialty retailer reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.25. The company had revenue of $3.89 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Nordstrom had a negative net margin of 1.44% and a negative return on equity of 21.26%. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.84 EPS. On average, research analysts expect that Nordstrom will post 1.9 earnings per share for the current fiscal year.

Nordstrom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Tuesday, September 3rd will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.76 annualized dividend and a yield of 3.33%. Nordstrom’s dividend payout ratio (DPR) is 41.53%.

Institutional Investors Weigh In On Nordstrom

Several institutional investors and hedge funds have recently bought and sold shares of JWN. Norges Bank acquired a new stake in Nordstrom during the fourth quarter worth about $23,572,000. Dimensional Fund Advisors LP raised its stake in Nordstrom by 64.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,829,662 shares of the specialty retailer’s stock worth $52,212,000 after acquiring an additional 1,104,604 shares during the period. Schroder Investment Management Group raised its stake in Nordstrom by 44.9% during the fourth quarter. Schroder Investment Management Group now owns 2,648,637 shares of the specialty retailer’s stock worth $48,867,000 after acquiring an additional 820,390 shares during the period. American Century Companies Inc. increased 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 valued at $35,251,000 after purchasing an additional 661,769 shares during the period. Finally, Vanguard Group Inc. increased 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 valued at $215,936,000 after purchasing an additional 579,001 shares during the period. Institutional investors and hedge funds own 88.73% of the company’s stock.

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.