Nordstrom (NYSE:JWN) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Nordstrom (NYSE:JWN) from a hold rating to a buy rating in a research report released on Thursday morning.

Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. upped their price target on 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 upped their price target on Nordstrom from $15.00 to $18.00 and gave the company an underperform rating in a research note on Friday, May 31st. Barclays upped their price target on Nordstrom from $15.00 to $18.00 and gave the company an underweight rating in a research note on Friday, May 31st. Evercore ISI upped their price target on Nordstrom from $17.00 to $19.00 and gave the company an in-line rating in a research note on Friday, May 31st. Finally, Telsey Advisory Group upped their price target on Nordstrom from $19.00 to $23.00 and gave the company a market perform rating in a research note on Tuesday, July 9th. Five analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $17.75.

Nordstrom Stock Performance

Shares of NYSE:JWN opened at $22.25 on Thursday. The stock has a market capitalization of $3.64 billion, a P/E ratio of 12.16, a P/E/G ratio of 2.55 and a beta of 2.62. Nordstrom has a 1-year low of $12.88 and a 1-year high of $24.03. 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 business has a 50-day moving average price of $21.88 and a two-hundred day moving average price of $20.39.

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

Nordstrom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Tuesday, June 4th were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend was Tuesday, June 4th. Nordstrom’s dividend payout ratio (DPR) is currently 41.53%.

Hedge Funds Weigh In On Nordstrom

A number of large investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its position in Nordstrom by 4.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,136,639 shares of the specialty retailer’s stock worth $66,557,000 after acquiring an additional 137,094 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Nordstrom by 2.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 272,922 shares of the specialty retailer’s stock valued at $5,791,000 after buying an additional 6,099 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of Nordstrom by 4.1% in the 2nd quarter. Federated Hermes Inc. now owns 310,573 shares of the specialty retailer’s stock valued at $6,590,000 after buying an additional 12,214 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in shares of Nordstrom by 70.5% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 5,387 shares of the specialty retailer’s stock valued at $112,000 after buying an additional 2,227 shares during the last quarter. Finally, Qsemble Capital Management LP boosted its holdings in shares of Nordstrom by 62.1% in the 2nd quarter. Qsemble Capital Management LP now owns 35,601 shares of the specialty retailer’s stock valued at $755,000 after buying an additional 13,639 shares during the last quarter. Institutional investors and hedge funds 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.