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

KeyCorp cut shares of Nordstrom (NYSE:JWN) from an overweight rating to a sector weight rating in a report issued on Thursday morning, Marketbeat.com reports.

JWN has been the topic of several other research reports. TD Cowen raised their price objective on Nordstrom from $24.00 to $25.00 and gave the stock a hold rating in a research note on Wednesday, August 28th. JPMorgan Chase & Co. raised their price objective on Nordstrom from $19.00 to $20.00 and gave the stock an underweight rating in a research note on Wednesday, August 28th. StockNews.com upgraded Nordstrom from a hold rating to a buy rating in a research report on Thursday, August 8th. Telsey Advisory Group lifted their target price on Nordstrom from $23.00 to $24.00 and gave the company a market perform rating in a research note on Wednesday, August 28th. Finally, Evercore ISI lifted their target price on Nordstrom from $17.00 to $19.00 and gave the company an in-line rating in a research note on Friday, May 31st. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Nordstrom has an average rating of Hold and an average target price of $20.23.

Nordstrom Stock Down 1.2 %

JWN stock opened at $22.20 on Thursday. Nordstrom has a fifty-two week low of $12.88 and a fifty-two week high of $24.03. The business’s 50-day moving average is $22.14 and its two-hundred day moving average is $21.10. The company has a debt-to-equity ratio of 2.76, a quick ratio of 0.41 and a current ratio of 1.07. The company has a market cap of $3.63 billion, a price-to-earnings ratio of 12.13 and a beta of 2.61.

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

Nordstrom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Tuesday, September 3rd were given 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 is currently 41.53%.

Insider Activity

In related news, COO Alexis Depree sold 20,000 shares of the business’s 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 owns 169,331 shares in the company, valued at approximately $3,928,479.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 5.78% of the company’s stock.

Hedge Funds Weigh In On Nordstrom

A number of large investors have recently bought and sold shares of the business. Register Financial Advisors LLC purchased a new stake in shares of Nordstrom in the 1st quarter worth $30,000. Atlas Capital Advisors LLC lifted its holdings in shares of 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 buying an additional 752 shares during the period. Rothschild Investment LLC purchased a new stake in shares of Nordstrom in the 2nd quarter worth $39,000. Blue Trust Inc. lifted its holdings in shares of 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 buying an additional 2,411 shares during the period. Finally, Hexagon Capital Partners LLC lifted its holdings in shares of Nordstrom by 33.1% in the 1st quarter. Hexagon Capital Partners LLC now owns 2,648 shares of the specialty retailer’s stock worth $54,000 after buying an additional 659 shares during the period. Hedge funds and other institutional investors own 88.73% of the company’s stock.

Nordstrom Company Profile

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.