Nordstrom (NYSE:JWN) Downgraded by StockNews.com to Hold

StockNews.com downgraded shares of Nordstrom (NYSE:JWN) from a buy rating to a hold rating in a research note published on Tuesday.

Several other research analysts also recently weighed in on the stock. Barclays boosted their target price on shares of Nordstrom from $15.00 to $18.00 and gave the company an underweight rating in a research note on Friday, May 31st. JPMorgan Chase & Co. upped their price objective on shares of Nordstrom from $15.00 to $17.00 and gave the company an underweight rating in a research note on Friday, May 17th. Bank of America lifted their target price on shares of Nordstrom from $15.00 to $18.00 and gave the stock an underperform rating in a research note on Friday, May 31st. Piper Sandler increased their price target on Nordstrom from $17.00 to $20.00 and gave the stock a neutral rating in a research note on Wednesday, March 6th. Finally, Citigroup decreased their price objective on Nordstrom from $21.00 to $20.00 and set a neutral rating on the stock in a report on Wednesday, March 6th. Five research analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $17.42.

Nordstrom Stock Down 2.0 %

Shares of NYSE JWN opened at $21.09 on Tuesday. The firm’s 50-day moving average is $20.76 and its two-hundred day moving average is $19.50. The company has a market capitalization of $3.45 billion, a PE ratio of 11.52, a price-to-earnings-growth ratio of 2.44 and a beta of 2.58. Nordstrom has a 12-month low of $12.88 and a 12-month high of $23.54. The company has a debt-to-equity ratio of 3.13, a current ratio of 1.03 and a quick ratio of 0.36.

Nordstrom (NYSE:JWN) last posted its earnings results on Thursday, May 30th. The specialty retailer reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.16). The company had revenue of $3.34 billion during the quarter, compared to analysts’ expectations of $3.19 billion. Nordstrom had a negative net margin of 1.35% and a negative return on equity of 26.45%. Nordstrom’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.07 EPS. Equities analysts anticipate that Nordstrom will post 1.79 EPS for the current fiscal year.

Nordstrom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Tuesday, June 4th were issued a $0.19 dividend. The ex-dividend date of this dividend was Tuesday, June 4th. This represents a $0.76 annualized dividend and a yield of 3.60%. Nordstrom’s payout ratio is 41.53%.

Institutional Investors Weigh In On Nordstrom

Several institutional investors have recently bought and sold shares of JWN. Premier Path Wealth Partners LLC purchased a new position in shares of Nordstrom in the 4th quarter valued at $1,081,000. Wellington Management Group LLP increased its holdings in Nordstrom by 52.9% in the 3rd quarter. Wellington Management Group LLP now owns 363,690 shares of the specialty retailer’s stock valued at $5,434,000 after purchasing an additional 125,877 shares in the last quarter. Norges Bank purchased a new position in Nordstrom in the fourth quarter valued at about $23,572,000. Boulder Hill Capital Management LP acquired a new position in shares of Nordstrom during the fourth quarter worth about $2,065,000. Finally, Jump Financial LLC boosted its position in shares of Nordstrom by 83.9% in the fourth quarter. Jump Financial LLC now owns 150,200 shares of the specialty retailer’s stock worth $2,771,000 after buying an additional 68,529 shares during the period. 88.73% of the stock is currently owned by hedge funds and other institutional investors.

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.