Nordstrom, Inc. (JWN) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Nordstrom, Inc. (NYSE:JWN) from a hold rating to a sell rating in a report issued on Tuesday morning.

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.”

Several other equities analysts have also issued reports on JWN. Vetr lowered shares of Nordstrom from a sell rating to a strong sell rating and set a $41.54 price target on the stock. in a report on Monday, July 17th. Piper Jaffray Companies set a $42.00 price target on shares of Nordstrom and gave the stock a hold rating in a report on Monday, July 17th. Credit Suisse Group reiterated a buy rating and set a $52.00 price objective on shares of Nordstrom in a research note on Thursday, August 10th. Wolfe Research lifted their price objective on shares of Nordstrom from $45.00 to $47.00 and gave the stock an outperform rating in a research note on Friday, August 11th. Finally, BidaskClub downgraded shares of Nordstrom from a buy rating to a hold rating in a research note on Saturday, August 12th. Five equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $45.33.

Nordstrom (NYSE JWN) opened at $40.86 on Tuesday. The company has a quick ratio of 0.30, a current ratio of 1.00 and a debt-to-equity ratio of 3.14. Nordstrom has a 1-year low of $37.79 and a 1-year high of $61.85. The stock has a market cap of $6,640.00, a price-to-earnings ratio of 12.55, a price-to-earnings-growth ratio of 2.21 and a beta of 0.84.

Nordstrom (NYSE:JWN) last released its quarterly earnings results on Thursday, November 9th. The specialty retailer reported $0.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.04. Nordstrom had a net margin of 3.14% and a return on equity of 55.80%. The business had revenue of $3.54 billion for the quarter, compared to analyst estimates of $3.50 billion. During the same period in the previous year, the company earned $0.84 earnings per share. The business’s revenue for the quarter was up 2.0% on a year-over-year basis. sell-side analysts anticipate that Nordstrom will post 2.95 EPS for the current fiscal year.

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The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Stockholders of record on Monday, November 27th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, November 24th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.62%. Nordstrom’s dividend payout ratio is currently 51.93%.

Several hedge funds have recently added to or reduced their stakes in JWN. Bank of New York Mellon Corp increased its stake in shares of Nordstrom by 37.8% during the second quarter. Bank of New York Mellon Corp now owns 10,882,305 shares of the specialty retailer’s stock worth $520,501,000 after purchasing an additional 2,985,551 shares in the last quarter. York Capital Management Global Advisors LLC purchased a new stake in Nordstrom during the 2nd quarter valued at about $75,623,000. Principal Financial Group Inc. grew its stake in Nordstrom by 168.7% during the 2nd quarter. Principal Financial Group Inc. now owns 1,831,138 shares of the specialty retailer’s stock valued at $87,584,000 after acquiring an additional 1,149,685 shares in the last quarter. Disciplined Growth Investors Inc. MN grew its stake in Nordstrom by 1,155.2% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 893,200 shares of the specialty retailer’s stock valued at $42,722,000 after acquiring an additional 822,038 shares in the last quarter. Finally, Franklin Resources Inc. grew its stake in Nordstrom by 245.1% during the 2nd quarter. Franklin Resources Inc. now owns 1,064,584 shares of the specialty retailer’s stock valued at $50,919,000 after acquiring an additional 756,061 shares in the last quarter. 62.35% of the stock is owned by institutional investors and hedge funds.

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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