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

Equities researchers at StockNews.com began coverage on shares of Nordstrom (NYSE:JWN) in a report issued on Tuesday. The firm set a “buy” rating on the specialty retailer’s stock.

Several other research firms also recently issued reports on JWN. Citigroup reaffirmed a “sell” rating and set a $22.00 price objective (down from $25.00) on shares of Nordstrom in a report on Friday, April 4th. Evercore ISI raised their target price on 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 price target on Nordstrom from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Argus lowered Nordstrom from a “buy” rating to a “sell” rating in a report on Monday, December 30th. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and set a $24.00 target price on shares of Nordstrom in a research note on Wednesday, March 5th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $22.80.

Nordstrom Price Performance

NYSE JWN opened at $23.76 on Tuesday. Nordstrom has a 52-week low of $17.21 and a 52-week high of $24.99. The firm’s 50 day moving average price is $24.21 and its 200-day moving average price is $23.64. The company has a market cap of $3.92 billion, a PE ratio of 15.13 and a beta of 2.31. The company has a debt-to-equity ratio of 2.65, a quick ratio of 0.35 and a current ratio of 1.14.

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

Hedge Funds Weigh In On Nordstrom

A number of hedge funds have recently made changes to their positions in JWN. Versant Capital Management Inc boosted its position in shares of Nordstrom by 40.9% in the first quarter. Versant Capital Management Inc now owns 1,618 shares of the specialty retailer’s stock worth $40,000 after buying an additional 470 shares during the period. Parallel Advisors LLC lifted its position in Nordstrom by 48.6% during the 1st quarter. Parallel Advisors LLC now owns 1,690 shares of the specialty retailer’s stock worth $41,000 after acquiring an additional 553 shares in the last quarter. Spire Wealth Management boosted its holdings in Nordstrom by 90.9% in the 4th quarter. Spire Wealth Management now owns 2,100 shares of the specialty retailer’s stock worth $51,000 after acquiring an additional 1,000 shares during the period. Wolverine Asset Management LLC acquired a new stake in Nordstrom in the fourth quarter valued at approximately $63,000. Finally, Vestcor Inc purchased a new stake in shares of Nordstrom during the fourth quarter valued at approximately $63,000. 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.