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 report issued on Thursday morning, MarketBeat.com reports.

A number of other research analysts also recently weighed in on JWN. 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 boosted their target price on shares of Nordstrom from $20.00 to $22.00 and gave the stock a market perform rating in a research note on Wednesday, August 28th. Bank of America boosted their target price on shares of Nordstrom from $18.00 to $20.00 and gave the stock an underperform rating in a research note on Wednesday, August 28th. JPMorgan Chase & Co. boosted their target price on shares of Nordstrom from $19.00 to $20.00 and gave the stock an underweight rating in a research note on Wednesday, August 28th. Finally, Telsey Advisory Group boosted their target price on shares of Nordstrom from $23.00 to $24.00 and gave the stock a market perform rating in a research note on Wednesday, August 28th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $20.23.

Nordstrom Price Performance

NYSE JWN opened at $22.20 on Thursday. The firm’s fifty day simple moving average is $22.14 and its two-hundred day simple moving average is $21.10. The company has a current ratio of 1.07, a quick ratio of 0.41 and a debt-to-equity ratio of 2.76. Nordstrom has a 12-month low of $12.88 and a 12-month high of $24.03. The firm has a market capitalization of $3.63 billion, a P/E ratio of 12.13 and a beta of 2.61.

Nordstrom (NYSE:JWN) last posted its quarterly earnings data on Tuesday, August 27th. The specialty retailer reported $0.96 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the previous year, the firm posted $0.84 earnings per share. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. Analysts forecast that Nordstrom will post 1.9 EPS for the current fiscal 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 $0.19 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.76 annualized dividend and a dividend yield of 3.42%. Nordstrom’s dividend payout ratio (DPR) is 41.53%.

Insider Activity

In other news, COO Alexis Depree sold 20,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $23.20, for a total value of $464,000.00. Following the completion of the sale, the chief operating officer now owns 169,331 shares of the company’s stock, valued at approximately $3,928,479.20. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 5.78% of the company’s stock.

Institutional Trading of Nordstrom

Hedge funds have recently made changes to their positions in the company. Register Financial Advisors LLC purchased a new stake in shares of Nordstrom in the 1st quarter valued at approximately $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 acquiring an additional 752 shares during the last quarter. Rothschild Investment LLC acquired a new position in shares of Nordstrom in the 2nd quarter worth approximately $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 acquiring an additional 2,411 shares during the last quarter. 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 acquiring an additional 659 shares during 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.