Nordstrom (NYSE:JWN) Downgraded by Zacks Investment Research

Nordstrom (NYSE:JWN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday, November 14th.

According to Zacks, “Nordstrom has underperformed the industry in the last three months. Though the company’s growth strategy bodes well, investments toward occupancy, technology, supply chain and marketing are likely to weigh upon its cost and margin performance. The company’s merchandise margin was hurt by higher occupancy expenses related to new Rack and Canada stores in the fiscal third quarter, leading to lower gross margin. Moreover, SG&A expenses increased in the quarter due to higher technology and supply chain expenses. Additionally, the company expects these hurdles to continue hurting results in fiscal 2017. However, third-quarter fiscal 2017 marked sixth straight quarter of earnings beat, while sales topped estimates for the second consecutive quarter. Results gained from the smooth execution of customer strategy along with disciplined inventory and expense management. Sales growth in Nordstrom Rack and solid e-commerce sales also aided results.”

JWN has been the topic of several other research reports. Wolfe Research raised their target price on shares of Nordstrom from $45.00 to $47.00 and gave the company an “outperform” rating in a research note on Friday, August 11th. KeyCorp reissued an “overweight” rating and set a $55.00 target price on shares of Nordstrom in a research note on Monday, August 14th. BidaskClub cut shares of Nordstrom from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. Credit Suisse Group reissued a “buy” rating and set a $52.00 target price on shares of Nordstrom in a research note on Thursday, August 10th. Finally, Cowen reissued a “buy” rating and set a $49.00 target price on shares of Nordstrom in a research note on Friday, August 11th. Five investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $45.33.

Nordstrom (NYSE JWN) traded up $0.06 during mid-day trading on Tuesday, hitting $45.50. 2,450,000 shares of the company were exchanged, compared to its average volume of 2,853,531. The company has a debt-to-equity ratio of 3.14, a quick ratio of 0.30 and a current ratio of 1.00. Nordstrom has a 1-year low of $37.79 and a 1-year high of $61.85. The firm has a market cap of $7,579.48, a PE ratio of 14.58, a PEG ratio of 2.57 and a beta of 0.89.

Nordstrom (NYSE:JWN) last released its quarterly earnings data on Thursday, November 9th. The specialty retailer reported $0.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.04. Nordstrom had a net margin of 3.25% and a return on equity of 67.44%. The business had revenue of $3.54 billion for the quarter, compared to analysts’ expectations of $3.50 billion. During the same quarter last year, the company earned $0.84 EPS. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. analysts expect that Nordstrom will post 2.95 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Steward Partners Investment Advisory LLC bought a new position in Nordstrom during the third quarter valued at approximately $258,000. Public Employees Retirement System of Ohio raised its position in shares of Nordstrom by 15.0% in the third quarter. Public Employees Retirement System of Ohio now owns 211,825 shares of the specialty retailer’s stock valued at $9,988,000 after purchasing an additional 27,673 shares during the period. Cambridge Financial Group Inc. raised its position in shares of Nordstrom by 1.4% in the third quarter. Cambridge Financial Group Inc. now owns 113,833 shares of the specialty retailer’s stock valued at $5,367,000 after purchasing an additional 1,589 shares during the period. GSA Capital Partners LLP bought a new position in shares of Nordstrom in the third quarter valued at approximately $347,000. Finally, Cetera Advisors LLC raised its position in shares of Nordstrom by 57.3% in the third quarter. Cetera Advisors LLC now owns 8,783 shares of the specialty retailer’s stock valued at $418,000 after purchasing an additional 3,200 shares during the period. 57.68% of the stock is currently owned by hedge funds and other institutional investors.

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About Nordstrom

Nordstrom, Inc is a fashion specialty retailer in the United States. The Company’s segments include Retail and Credit. As of March 20, 2017, the Company operated 344 the United States stores located in 40 states as well as an e-commerce business. The Company also offers its customers a variety of payment products and services, including credit and debit cards.

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