Nordstrom (NYSE:JWN) Cut to Sector Weight at KeyCorp

KeyCorp lowered shares of Nordstrom (NYSE:JWN) from an overweight rating to a sector weight rating in a research report released on Thursday, MarketBeat Ratings reports.

JWN has been the topic of several other reports. StockNews.com upgraded Nordstrom from a hold rating to a buy rating in a research note on Thursday, August 8th. Evercore ISI lifted their price objective on shares of Nordstrom from $17.00 to $19.00 and gave the company an in-line rating in a research report on Friday, May 31st. Barclays upgraded shares of Nordstrom from an underweight rating to an equal weight rating and upped their price objective for the stock from $18.00 to $23.00 in a research report on Thursday, September 5th. BMO Capital Markets lifted their target price on shares of Nordstrom from $20.00 to $22.00 and gave the company a market perform rating in a report on Wednesday, August 28th. Finally, Bank of America increased their price target on shares of Nordstrom from $18.00 to $20.00 and gave the stock an underperform rating in a report on Wednesday, August 28th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $20.23.

Nordstrom Stock Performance

Shares of Nordstrom stock opened at $22.20 on Thursday. The firm’s fifty day simple moving average is $22.14 and its 200-day simple moving average is $21.08. Nordstrom has a 12 month low of $12.88 and a 12 month high of $24.03. The stock has a market capitalization of $3.63 billion, a price-to-earnings ratio of 12.13 and a beta of 2.61. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.07 and a quick ratio of 0.41.

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 company had revenue of $3.89 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the business posted $0.84 earnings per share. Nordstrom’s quarterly revenue was up 3.2% on a year-over-year basis. As a group, equities analysts forecast that Nordstrom will post 1.9 earnings per share for the current year.

Nordstrom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Tuesday, September 3rd were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 3.42%. The ex-dividend date was Tuesday, September 3rd. Nordstrom’s dividend payout ratio (DPR) is 41.53%.

Insider Buying and Selling

In related news, COO Alexis Depree sold 20,000 shares of Nordstrom stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $23.20, for a total transaction of $464,000.00. Following the completion of the transaction, the chief operating officer now directly owns 169,331 shares of the company’s stock, valued at $3,928,479.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 5.78% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Atlas Capital Advisors LLC grew 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 valued at $32,000 after acquiring an additional 752 shares during the last quarter. Register Financial Advisors LLC acquired a new stake in shares of Nordstrom in the first quarter valued at approximately $30,000. Rothschild Investment LLC purchased a new position in shares of Nordstrom during the 2nd quarter worth approximately $39,000. Blue Trust Inc. raised its position in shares of Nordstrom by 10,045.8% during 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 last quarter. Finally, Hexagon Capital Partners LLC lifted its stake in Nordstrom by 33.1% in the 1st 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 in the last quarter. Hedge funds and other institutional investors 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.