Nordstrom, Inc. (JWN) Upgraded by Atlantic Securities to Overweight

Atlantic Securities upgraded shares of Nordstrom, Inc. (NYSE:JWN) from a neutral rating to an overweight rating in a report issued on Thursday, May 4th. They currently have $58.00 price objective on the specialty retailer’s stock, up from their previous price objective of $45.00.

A number of other research analysts have also recently commented on the company. TheStreet upgraded Nordstrom from a c rating to a b- rating in a research note on Wednesday, April 26th. Zacks Investment Research cut Nordstrom from a hold rating to a sell rating in a research note on Wednesday, April 26th. Vetr cut Nordstrom from a strong-buy rating to a buy rating and set a $53.07 price objective on the stock. in a research note on Monday, April 24th. Credit Suisse Group AG set a $52.00 price objective on Nordstrom and gave the stock a buy rating in a research note on Saturday, April 1st. Finally, BMO Capital Markets reiterated a hold rating and issued a $50.00 price target on shares of Nordstrom in a research note on Monday, March 27th. Five analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of Hold and an average target price of $47.25.

Shares of Nordstrom (NYSE:JWN) traded up 0.4729% during midday trading on Thursday, hitting $40.8523. The stock had a trading volume of 1,960,197 shares. The firm has a 50 day moving average price of $46.19 and a 200 day moving average price of $48.15. Nordstrom has a one year low of $35.01 and a one year high of $62.82. The stock has a market cap of $6.78 billion, a PE ratio of 19.1256 and a beta of 1.01.

Nordstrom (NYSE:JWN) last posted its quarterly earnings results on Thursday, February 23rd. The specialty retailer reported $1.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.22. Nordstrom had a return on equity of 58.85% and a net margin of 2.28%. The firm had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.36 billion. During the same quarter in the previous year, the business earned $1.17 earnings per share. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. On average, equities analysts forecast that Nordstrom will post $2.95 earnings per share for the current fiscal year.

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The firm also recently declared a quarterly dividend, which will be paid on Monday, June 12th. Stockholders of record on Friday, May 26th will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.64%. The ex-dividend date of this dividend is Wednesday, May 24th. Nordstrom’s dividend payout ratio is currently 79.14%.

In other news, President Blake W. Nordstrom sold 1,905 shares of the firm’s stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $45.08, for a total value of $85,877.40. Following the sale, the president now directly owns 2,142,492 shares of the company’s stock, valued at $96,583,539.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Blake W. Nordstrom sold 1,558 shares of the firm’s stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $47.50, for a total value of $74,005.00. Following the completion of the sale, the president now directly owns 2,115,346 shares in the company, valued at $100,478,935. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,333 shares of company stock worth $888,010. 7.03% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in Nordstrom by 2,321.7% in the first quarter. BlackRock Inc. now owns 8,021,009 shares of the specialty retailer’s stock valued at $373,537,000 after buying an additional 7,689,800 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 specialty retailer’s stock valued at $141,701,000 after buying an additional 2,718,233 shares during the last quarter. Norges Bank bought a new stake in Nordstrom during the fourth quarter valued at $108,878,000. Bank of New York Mellon Corp boosted its stake in Nordstrom by 20.9% in the first quarter. Bank of New York Mellon Corp now owns 7,896,754 shares of the specialty retailer’s stock valued at $367,753,000 after buying an additional 1,364,328 shares during the last quarter. Finally, Smith Asset Management Group LP bought a new stake in Nordstrom during the third quarter valued at $62,974,000. Institutional investors and hedge funds own 66.03% of the company’s stock.

About Nordstrom

Nordstrom, Inc is a fashion specialty retailer in the United States. The Company’s segments include Retail and Credit. As of March 20, 2017, the Company operated 344 the United States stores located in 40 states as well as an e-commerce business. The Company also offers its customers a variety of payment products and services, including credit and debit cards.

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