Nordstrom (NYSE:JWN) Upgraded to Hold by Gordon Haskett

Gordon Haskett upgraded shares of Nordstrom (NYSE:JWN) from a reduce rating to a hold rating in a research note issued to investors on Thursday morning, Benzinga reports. They currently have $33.71 target price on the specialty retailer’s stock.

Several other research firms also recently issued reports on JWN. Robert W. Baird lowered their price objective on Nordstrom from $45.00 to $38.00 and set a neutral rating for the company in a research note on Wednesday, May 22nd. Wedbush reaffirmed a neutral rating and issued a $35.00 price objective (down previously from $40.00) on shares of Nordstrom in a research note on Wednesday, May 22nd. Citigroup lowered their price objective on Nordstrom from $48.00 to $37.00 and set a neutral rating for the company in a research note on Wednesday, May 22nd. Piper Jaffray Companies set a $44.00 price objective on Nordstrom and gave the company a hold rating in a research note on Friday, March 1st. Finally, Zacks Investment Research downgraded Nordstrom from a hold rating to a strong sell rating in a research note on Friday, May 24th. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have given a buy rating to the company. Nordstrom has an average rating of Hold and a consensus target price of $43.11.

Shares of NYSE JWN opened at $33.40 on Thursday. The company has a debt-to-equity ratio of 6.34, a current ratio of 0.76 and a quick ratio of 0.24. The stock has a market cap of $5.17 billion, a price-to-earnings ratio of 9.41, a price-to-earnings-growth ratio of 1.66 and a beta of 0.66. Nordstrom has a 12 month low of $30.55 and a 12 month high of $67.75.

Nordstrom (NYSE:JWN) last released its quarterly earnings data on Tuesday, May 21st. The specialty retailer reported $0.23 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.20). Nordstrom had a net margin of 3.27% and a return on equity of 58.16%. The firm had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.54 billion. During the same period in the prior year, the company earned $0.51 EPS. On average, sell-side analysts predict that Nordstrom will post 3.35 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Monday, June 3rd were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date was Friday, May 31st. Nordstrom’s dividend payout ratio is presently 41.69%.

In other Nordstrom news, insider Christine Deputy sold 4,812 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $32.59, for a total transaction of $156,823.08. Following the completion of the sale, the insider now owns 60,056 shares of the company’s stock, valued at approximately $1,957,225.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Peter E. Nordstrom sold 3,380 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $32.46, for a total transaction of $109,714.80. Following the sale, the insider now directly owns 2,530,989 shares of the company’s stock, valued at approximately $82,155,902.94. The disclosure for this sale can be found here. Insiders have sold a total of 25,317 shares of company stock valued at $1,037,163 in the last three months. Insiders own 5.21% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc boosted its holdings in shares of Nordstrom by 1.5% during the 3rd quarter. Vanguard Group Inc now owns 12,462,906 shares of the specialty retailer’s stock worth $745,406,000 after buying an additional 178,581 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Nordstrom by 6.4% during the 4th quarter. BlackRock Inc. now owns 10,496,455 shares of the specialty retailer’s stock worth $489,241,000 after buying an additional 630,899 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Nordstrom by 23.0% during the 1st quarter. JPMorgan Chase & Co. now owns 7,339,382 shares of the specialty retailer’s stock worth $325,721,000 after buying an additional 1,374,779 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Nordstrom by 7.7% during the 4th quarter. Northern Trust Corp now owns 1,709,777 shares of the specialty retailer’s stock worth $79,693,000 after buying an additional 122,289 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Nordstrom by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 1,650,673 shares of the specialty retailer’s stock worth $76,815,000 after buying an additional 80,459 shares in the last quarter. 62.30% of the stock is owned by institutional investors and hedge funds.

About Nordstrom

Nordstrom, Inc, a fashion retailer, provides apparel, shoes, cosmetics, and accessories 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 full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; Jeffrey boutiques; clearance stores that operate under the Last Chance name; Trunk Club clubhouses and TrunkClub.com; and Nordstrom Locals.

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Analyst Recommendations for Nordstrom (NYSE:JWN)

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