Nordstrom, Inc. (JWN) Cut to Sell at Vetr Inc.
Nordstrom, Inc. (NYSE:JWN) was downgraded by research analysts at Vetr from a “hold” rating to a “sell” rating in a research note issued on Monday. They presently have a $41.24 target price on the stock. Vetr‘s price objective points to a potential downside of 3.15% from the company’s previous close.
Several other brokerages also recently commented on JWN. Credit Suisse Group AG reissued a “neutral” rating and set a $48.00 price objective on shares of Nordstrom in a research report on Tuesday, December 6th. Cowen and Company reissued an “outperform” rating and set a $55.00 price objective on shares of Nordstrom in a research report on Wednesday, November 30th. JPMorgan Chase & Co. downgraded shares of Nordstrom from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $55.00 to $48.00 in a research report on Friday, December 16th. Royal Bank of Canada set a $59.00 price objective on shares of Nordstrom and gave the company a “hold” rating in a research report on Thursday, January 5th. Finally, Zacks Investment Research raised shares of Nordstrom from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 28th. Eight research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have given a buy rating to the company’s stock. Nordstrom currently has an average rating of “Hold” and a consensus target price of $46.71.
Nordstrom (NYSE:JWN) traded down 3.05% during trading on Monday, hitting $42.58. 2,651,226 shares of the stock traded hands. The company has a market cap of $7.24 billion, a P/E ratio of 21.08 and a beta of 1.01. The firm has a 50-day moving average price of $44.76 and a 200 day moving average price of $50.19. Nordstrom has a 52-week low of $35.01 and a 52-week high of $62.82.
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Nordstrom (NYSE:JWN) last released its earnings results on Thursday, February 23rd. The company reported $1.37 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.22. The firm had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.36 billion. Nordstrom had a net margin of 2.28% and a return on equity of 58.85%. The company’s revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.17 EPS. On average, equities analysts expect that Nordstrom will post $2.92 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Wednesday, March 1st were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.48%. The ex-dividend date of this dividend was Monday, February 27th. Nordstrom’s dividend payout ratio (DPR) is presently 79.14%.
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In other Nordstrom news, insider Peter E. Nordstrom sold 1,981 shares of the firm’s stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $46.86, for a total transaction of $92,829.66. Following the sale, the insider now owns 2,316,086 shares in the company, valued at approximately $108,531,789.96. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Blake W. Nordstrom sold 1,558 shares of the firm’s stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $47.50, for a total transaction of $74,005.00. Following the sale, the president now owns 2,115,346 shares in the company, valued at approximately $100,478,935. The disclosure for this sale can be found here. Insiders sold a total of 11,910 shares of company stock worth $539,055 in the last quarter. Company insiders own 7.03% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in Nordstrom by 26.4% in the third quarter. JPMorgan Chase & Co. now owns 4,294,122 shares of the company’s stock worth $222,779,000 after buying an additional 897,203 shares during the last quarter. Bank of Montreal Can boosted its stake in Nordstrom by 12.3% in the third quarter. Bank of Montreal Can now owns 3,303,891 shares of the company’s stock worth $171,407,000 after buying an additional 362,632 shares during the last quarter. Skandinaviska Enskilda Banken AB publ boosted its stake in Nordstrom by 20,761.0% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 2,731,326 shares of the company’s stock worth $141,701,000 after buying an additional 2,718,233 shares during the last quarter. Norges Bank purchased a new stake in Nordstrom during the fourth quarter worth approximately $108,878,000. Finally, TIAA CREF Investment Management LLC boosted its stake in Nordstrom by 24.9% in the third quarter. TIAA CREF Investment Management LLC now owns 1,855,537 shares of the company’s stock worth $96,265,000 after buying an additional 369,589 shares during the last quarter. Institutional investors own 66.03% of the company’s stock.
Nordstrom Company Profile
Nordstrom, Inc is a fashion specialty retailer in the United States. The company operates through two segments: Retail and Credit. The Retail segment includes approximately 115 Nordstrom branded full-line stores in the United States and Nordstrom.com, approximately 167 off-price Nordstrom Rack stores, two Canada full-line stores, Nordstromrack.com and HauteLook, and other retail channels, including five Trunk Club showrooms and TrunkClub.com, its two Jeffrey boutiques and one clearance store that operates under the name Last Chance.
To view Vetr’s full report, visit Vetr’s official website.
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