StockNews.com Initiates Coverage on Nordstrom (NYSE:JWN)

StockNews.com initiated coverage on shares of Nordstrom (NYSE:JWN) in a research note released on Friday. The firm issued a buy rating on the specialty retailer’s stock.

Several other research firms have also commented on JWN. Argus lowered shares of Nordstrom from a “buy” rating to a “sell” rating in a research report on Monday, December 30th. Evercore ISI lifted their target price on shares of Nordstrom from $22.00 to $24.00 and gave the company an “in-line” rating in a research report on Monday, January 13th. Barclays lifted their target price on shares of Nordstrom from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Citigroup lifted their target price on shares of Nordstrom from $22.00 to $23.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Finally, Bank of America lifted their target price on shares of Nordstrom from $20.00 to $22.00 and gave the company an “underperform” rating in a research report on Wednesday, November 27th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Nordstrom currently has a consensus rating of “Hold” and an average target price of $22.90.

Nordstrom Stock Up 0.3 %

JWN stock opened at $24.46 on Friday. The firm has a market cap of $4.04 billion, a PE ratio of 15.58 and a beta of 2.60. The company has a debt-to-equity ratio of 2.65, a quick ratio of 0.35 and a current ratio of 1.14. The firm’s fifty day moving average is $24.24 and its 200 day moving average is $23.35. Nordstrom has a one year low of $16.78 and a one year high of $24.99.

Nordstrom (NYSE:JWN) last released its quarterly earnings results on Tuesday, March 4th. The specialty retailer reported $1.10 EPS for the quarter, beating the consensus estimate of $0.90 by $0.20. The company had revenue of $4.32 billion for the quarter, compared to analyst estimates of $4.32 billion. Nordstrom had a negative net margin of 1.57% and a negative return on equity of 18.04%. On average, research analysts forecast that Nordstrom will post 1.97 EPS for the current year.

Nordstrom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Tuesday, March 11th will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend is Tuesday, March 11th. Nordstrom’s dividend payout ratio is currently 44.19%.

Hedge Funds Weigh In On Nordstrom

Hedge funds and other institutional investors have recently modified their holdings of the business. Pentwater Capital Management LP purchased a new position in Nordstrom during the fourth quarter worth about $61,582,000. Hennessy Advisors Inc. purchased a new stake in shares of Nordstrom in the 4th quarter valued at approximately $56,026,000. Norges Bank purchased a new stake in shares of Nordstrom in the 4th quarter valued at approximately $33,480,000. Great Lakes Advisors LLC purchased a new stake in shares of Nordstrom in the 4th quarter valued at approximately $21,736,000. Finally, Verition Fund Management LLC grew its holdings in shares of Nordstrom by 147.4% in the third quarter. Verition Fund Management LLC now owns 1,218,365 shares of the specialty retailer’s stock valued at $27,401,000 after purchasing an additional 725,803 shares in the last quarter. 88.73% of the stock is owned by hedge funds and other institutional investors.

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.