Nordstrom (NYSE:JWN) Upgraded by Barclays to Equal Weight

Barclays upgraded shares of Nordstrom (NYSE:JWN) from an underweight rating to an equal weight rating in a report published on Thursday, MarketBeat.com reports. Barclays currently has $23.00 price target on the specialty retailer’s stock, up from their previous price target of $18.00.

Other research analysts have also issued research reports about the stock. Telsey Advisory Group raised their price objective on shares of Nordstrom from $23.00 to $24.00 and gave the company a market perform rating in a research note on Wednesday, August 28th. StockNews.com upgraded shares of Nordstrom from a hold rating to a buy rating in a research note on Thursday, August 8th. BMO Capital Markets raised their price objective on shares of Nordstrom from $20.00 to $22.00 and gave the company a market perform rating in a research note on Wednesday, August 28th. JPMorgan Chase & Co. raised their price objective on shares of Nordstrom from $19.00 to $20.00 and gave the company an underweight rating in a research note on Wednesday, August 28th. Finally, TD Cowen raised their price objective on shares of Nordstrom from $24.00 to $25.00 and gave the company a hold rating in a research note on Wednesday, August 28th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Nordstrom currently has an average rating of Hold and an average price target of $20.23.

Nordstrom Price Performance

Shares of NYSE:JWN opened at $22.82 on Thursday. The firm’s 50 day moving average is $22.10 and its two-hundred day moving average is $20.80. Nordstrom has a 52 week low of $12.88 and a 52 week high of $24.03. The firm has a market capitalization of $3.73 billion, a P/E ratio of 12.47, a PEG ratio of 2.41 and a beta of 2.61. The company has a current ratio of 1.07, a quick ratio of 0.36 and a debt-to-equity ratio of 2.76.

Nordstrom (NYSE:JWN) last posted its quarterly earnings data on Tuesday, August 27th. The specialty retailer reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.25. Nordstrom had a negative net margin of 1.44% and a negative return on equity of 21.26%. The business had revenue of $3.89 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter last year, the business earned $0.84 earnings per share. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. Analysts anticipate that Nordstrom will post 1.9 earnings per share for the current year.

Nordstrom Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Tuesday, September 3rd will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date is Tuesday, September 3rd. Nordstrom’s dividend payout ratio is 41.53%.

Hedge Funds Weigh In On Nordstrom

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Register Financial Advisors LLC acquired a new position in Nordstrom in the 1st quarter worth approximately $30,000. Atlas Capital Advisors LLC boosted its stake in Nordstrom by 101.8% in the 2nd quarter. Atlas Capital Advisors LLC now owns 1,491 shares of the specialty retailer’s stock worth $32,000 after purchasing an additional 752 shares during the period. Rothschild Investment LLC acquired a new position in Nordstrom in the 2nd quarter worth approximately $39,000. Spire Wealth Management boosted its stake in Nordstrom by 100.0% in the 1st quarter. Spire Wealth Management now owns 2,200 shares of the specialty retailer’s stock worth $45,000 after purchasing an additional 1,100 shares during the period. Finally, Blue Trust Inc. boosted its stake in Nordstrom by 10,045.8% in the 2nd quarter. Blue Trust Inc. now owns 2,435 shares of the specialty retailer’s stock worth $49,000 after purchasing an additional 2,411 shares during the period. 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.