Nordstrom (NYSE:JWN) Reaches New 12-Month High – Here’s Why

by · The Markets Daily

Nordstrom, Inc. (NYSE:JWN – Get Free Report) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $24.30 and last traded at $24.28, with a volume of 37794 shares. The stock had previously closed at $24.08.

Analyst Upgrades and Downgrades

JWN has been the subject of a number of recent research reports. Barclays upgraded shares of Nordstrom from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $18.00 to $23.00 in a research note on Thursday, September 5th. BMO Capital Markets upped their price target on Nordstrom from $20.00 to $22.00 and gave the company a “market perform” rating in a report on Wednesday, August 28th. StockNews.com upgraded shares of Nordstrom from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. KeyCorp downgraded shares of Nordstrom from an “overweight” rating to a “sector weight” rating in a research report on Thursday, September 26th. Finally, The Goldman Sachs Group upped their price target on Nordstrom from $19.00 to $21.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 28th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $20.23.

View Our Latest Stock Report on JWN

Nordstrom Price Performance

The company has a 50 day moving average price of $22.23 and a 200 day moving average price of $21.40. The company has a current ratio of 1.07, a quick ratio of 0.41 and a debt-to-equity ratio of 2.76. The firm has a market cap of $4.01 billion, a PE ratio of 13.39 and a beta of 2.60.

Nordstrom (NYSE:JWN – Get Free Report) last posted its earnings results on Tuesday, August 27th. The specialty retailer reported $0.96 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the previous year, the business posted $0.84 EPS. The business’s quarterly revenue was up 3.2% on a year-over-year basis. On average, sell-side analysts expect that Nordstrom, Inc. will post 1.89 EPS for the current year.

Nordstrom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Tuesday, September 3rd were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend was Tuesday, September 3rd. Nordstrom’s dividend payout ratio (DPR) is presently 41.53%.

Insider Buying and Selling at Nordstrom

In other news, COO Alexis Depree sold 20,000 shares of the company’s stock in a transaction 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 transaction, the chief operating officer now directly owns 169,331 shares in the company, valued at approximately $3,928,479.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.78% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nordstrom

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. American Century Companies Inc. grew its stake in Nordstrom by 66.2% during the 2nd quarter. American Century Companies Inc. now owns 1,661,227 shares of the specialty retailer’s stock valued at $35,251,000 after purchasing an additional 661,769 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Nordstrom by 5.7% during the first quarter. Vanguard Group Inc. now owns 10,653,007 shares of the specialty retailer’s stock worth $215,936,000 after buying an additional 579,001 shares in the last quarter. Marshall Wace LLP raised its holdings in Nordstrom by 38.4% in the second quarter. Marshall Wace LLP now owns 1,479,414 shares of the specialty retailer’s stock valued at $31,393,000 after acquiring an additional 410,152 shares in the last quarter. NewSquare Capital LLC bought a new position in Nordstrom during the 2nd quarter valued at $7,783,000. Finally, Axiom Advisory LLC grew its holdings in Nordstrom by 46.0% during the 3rd quarter. Axiom Advisory LLC now owns 1,100,864 shares of the specialty retailer’s stock worth $24,456,000 after acquiring an additional 346,994 shares in the last quarter. 88.73% of the stock is owned by hedge funds and other institutional investors.

About Nordstrom

(Get Free Report)

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.

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