Nordstrom (NYSE:JWN) Cut to Hold at StockNews.com

StockNews.com cut shares of Nordstrom (NYSE:JWN) from a buy rating to a hold rating in a research report sent to investors on Wednesday.

JWN has been the topic of several other reports. Evercore ISI increased their price objective on shares of Nordstrom from $17.00 to $19.00 and gave the stock an in-line rating in a report on Friday, May 31st. Barclays increased their price objective on shares of Nordstrom from $15.00 to $18.00 and gave the stock an underweight rating in a report on Friday, May 31st. Telsey Advisory Group increased their price objective on shares of Nordstrom from $19.00 to $23.00 and gave the stock a market perform rating in a report on Tuesday, July 9th. Bank of America increased their price objective on shares of Nordstrom from $15.00 to $18.00 and gave the stock an underperform rating in a report on Friday, May 31st. Finally, JPMorgan Chase & Co. increased their price objective on shares of Nordstrom from $15.00 to $17.00 and gave the stock an underweight rating in a report on Friday, May 17th. Five research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of Hold and an average target price of $17.75.

Nordstrom Price Performance

NYSE:JWN opened at $21.13 on Wednesday. The firm has a market cap of $3.46 billion, a price-to-earnings ratio of 11.55, a price-to-earnings-growth ratio of 2.55 and a beta of 2.62. The company has a current ratio of 1.03, a quick ratio of 0.36 and a debt-to-equity ratio of 3.13. The company’s 50-day moving average is $21.87 and its two-hundred day moving average is $20.27. Nordstrom has a 12-month low of $12.88 and a 12-month high of $24.03.

Nordstrom (NYSE:JWN) last released 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 firm 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 revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter last year, the company posted $0.07 earnings per share. Research analysts expect that Nordstrom will post 1.79 EPS for the current year.

Nordstrom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Tuesday, June 4th were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 3.60%. The ex-dividend date was Tuesday, June 4th. Nordstrom’s dividend payout ratio (DPR) is currently 41.53%.

Hedge Funds Weigh In On Nordstrom

Several institutional investors and hedge funds have recently made changes to their positions in JWN. CANADA LIFE ASSURANCE Co lifted its stake in Nordstrom by 0.6% during the first quarter. CANADA LIFE ASSURANCE Co now owns 90,144 shares of the specialty retailer’s stock worth $1,828,000 after purchasing an additional 520 shares during the last quarter. State of Michigan Retirement System lifted its stake in Nordstrom by 2.6% in the first quarter. State of Michigan Retirement System now owns 23,908 shares of the specialty retailer’s stock valued at $485,000 after buying an additional 600 shares during the last quarter. Personal CFO Solutions LLC lifted its stake in Nordstrom by 5.7% in the fourth quarter. Personal CFO Solutions LLC now owns 11,882 shares of the specialty retailer’s stock valued at $219,000 after buying an additional 636 shares during the last quarter. Hexagon Capital Partners LLC lifted 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 valued at $54,000 after buying an additional 659 shares during the last quarter. Finally, Atlas Capital Advisors LLC lifted its stake in 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 last quarter. 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.