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

Shares of 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 changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. TD Cowen boosted their price target on Nordstrom from $24.00 to $25.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. KeyCorp cut shares of Nordstrom from an “overweight” rating to a “sector weight” rating in a research report on Thursday, September 26th. Barclays upgraded shares of Nordstrom from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $18.00 to $23.00 in a report on Thursday, September 5th. StockNews.com raised shares of Nordstrom from a “hold” rating to a “buy” rating in a report on Thursday, August 8th. Finally, BMO Capital Markets raised their price target 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. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $20.58.

Nordstrom Trading Down 2.0 %

The firm’s 50-day moving average price is $22.82 and its 200 day moving average price is $22.20. The company has a market cap of $4.01 billion, a price-to-earnings ratio of 14.58 and a beta of 2.59. The company has a current ratio of 1.07, a quick ratio of 0.41 and a debt-to-equity ratio of 2.76.

Nordstrom (NYSE:JWN) last posted its quarterly 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. Nordstrom had a negative net margin of 1.44% and a negative return on equity of 21.26%. The business had revenue of $3.89 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period last year, the company posted $0.84 earnings per share. The business’s quarterly revenue was up 3.2% on a year-over-year basis. As a group, equities analysts expect that Nordstrom, Inc. will post 1.91 EPS for the current year.

Nordstrom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Tuesday, December 3rd will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend is Tuesday, December 3rd. Nordstrom’s dividend payout ratio (DPR) is currently 44.44%.

Insider Buying and Selling at Nordstrom

In other news, COO Alexis Depree sold 20,000 shares of Nordstrom stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $23.20, for a total transaction of $464,000.00. Following the completion of the transaction, the chief operating officer now directly owns 169,331 shares in the company, valued at $3,928,479.20. This trade represents a 10.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.78% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Venturi Wealth Management LLC grew its position in Nordstrom by 355.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,272 shares of the specialty retailer’s stock worth $29,000 after purchasing an additional 993 shares in the last quarter. Atlas Capital Advisors LLC raised 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 valued at $32,000 after buying an additional 752 shares during the period. Rothschild Investment LLC bought a new stake in shares of Nordstrom in the second quarter valued at $39,000. Blue Trust Inc. lifted its position in shares of Nordstrom by 10,045.8% during the 2nd quarter. Blue Trust Inc. now owns 2,435 shares of the specialty retailer’s stock valued at $49,000 after buying an additional 2,411 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in shares of Nordstrom during the 2nd quarter worth $71,000. Hedge funds and other institutional investors 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.