Nordstrom (NYSE:JWN) Rating Lowered to Sector Weight at KeyCorp

KeyCorp lowered shares of Nordstrom (NYSE:JWN) from an overweight rating to a sector weight rating in a report issued on Thursday, MarketBeat reports.

A number of other research analysts also recently commented on the stock. BMO Capital Markets upped their price objective on shares of Nordstrom from $20.00 to $22.00 and gave the company a market perform rating in a research note on Wednesday, August 28th. 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 note on Wednesday, August 28th. StockNews.com raised shares of Nordstrom from a hold rating to a buy rating in a research note on Thursday, August 8th. Barclays raised Nordstrom from an underweight rating to an equal weight rating and increased their target price for the stock from $18.00 to $23.00 in a research report on Thursday, September 5th. Finally, The Goldman Sachs Group boosted their price target on Nordstrom from $19.00 to $21.00 and gave the company a neutral rating in a research report on Wednesday, August 28th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Nordstrom presently has a consensus rating of Hold and a consensus price target of $20.23.

Nordstrom Stock Performance

Shares of JWN opened at $22.20 on Thursday. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of 12.13 and a beta of 2.61. The company has a debt-to-equity ratio of 2.76, a quick ratio of 0.41 and a current ratio of 1.07. Nordstrom has a 1 year low of $12.88 and a 1 year high of $24.03. The company’s 50 day simple moving average is $22.14 and its 200 day simple moving average is $21.08.

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

Nordstrom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Tuesday, September 3rd were paid a dividend of $0.19 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.42%. Nordstrom’s dividend payout ratio is currently 41.53%.

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 shares were sold at an average price of $23.20, for a total transaction of $464,000.00. Following the sale, the chief operating officer now owns 169,331 shares of the company’s stock, valued at approximately $3,928,479.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 5.78% of the company’s stock.

Hedge Funds Weigh In On Nordstrom

Institutional investors have recently made changes to their positions in the business. Atlas Capital Advisors LLC increased its stake in shares of Nordstrom by 101.8% in the second quarter. Atlas Capital Advisors LLC now owns 1,491 shares of the specialty retailer’s stock worth $32,000 after buying an additional 752 shares during the last quarter. Register Financial Advisors LLC bought a new stake in shares of Nordstrom in the 1st quarter worth about $30,000. Rothschild Investment LLC acquired a new stake in shares of Nordstrom in the 2nd quarter valued at about $39,000. Blue Trust Inc. lifted its position in shares of Nordstrom by 10,045.8% during the second quarter. Blue Trust Inc. now owns 2,435 shares of the specialty retailer’s stock worth $49,000 after purchasing an additional 2,411 shares during the last quarter. Finally, Hexagon Capital Partners LLC grew its stake in Nordstrom by 33.1% in the first quarter. Hexagon Capital Partners LLC now owns 2,648 shares of the specialty retailer’s stock worth $54,000 after purchasing an additional 659 shares in the last quarter. 88.73% of the stock is 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.