Investors Buy Nordstrom Inc. (JWN) on Weakness
Traders bought shares of Nordstrom Inc. (NYSE:JWN) on weakness during trading hours on Wednesday. $46.03 million flowed into the stock on the tick-up and $30.31 million flowed out of the stock on the tick-down, for a money net flow of $15.72 million into the stock. Of all companies tracked, Nordstrom had the 21st highest net in-flow for the day. Nordstrom traded down ($0.92) for the day and closed at $51.74
JWN has been the subject of several recent analyst reports. Evercore ISI lowered Nordstrom from a “hold” rating to a “sell” rating and cut their price target for the company from $50.00 to $40.00 in a research note on Friday, April 22nd. Vetr upgraded Nordstrom from a “strong sell” rating to a “sell” rating and set a $43.00 price target for the company in a research note on Monday, May 9th. Wolfe Research lowered Nordstrom from a “market perform” rating to an “underperform” rating and cut their price target for the company from $43.00 to $34.00 in a research note on Tuesday, May 10th. Piper Jaffray Cos. restated an “overweight” rating and issued a $56.00 price target (up previously from $53.00) on shares of Nordstrom in a research note on Wednesday, August 10th. Finally, Morgan Stanley restated an “underweight” rating and issued a $34.00 price target (down previously from $42.00) on shares of Nordstrom in a research note on Saturday, May 14th. Seven investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $47.17.
The company’s 50-day moving average is $42.77 and its 200-day moving average is $46.80. The firm has a market cap of $8.97 billion and a PE ratio of 22.05.
Nordstrom (NYSE:JWN) last announced its earnings results on Thursday, August 11th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.11. During the same quarter last year, the business posted $0.93 EPS. The firm had revenue of $3.65 billion for the quarter, compared to analyst estimates of $3.67 billion. The firm’s revenue was down .2% compared to the same quarter last year. On average, equities research analysts expect that Nordstrom Inc. will post $2.73 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 13th. Investors of record on Monday, August 29th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 2.86%.
A number of hedge funds have recently made changes to their positions in the company. Trexquant Investment LP purchased a new stake in shares of Nordstrom during the fourth quarter worth about $1,544,000. PVG Asset Management bought a new position in shares of Nordstrom during the fourth quarter worth $2,475,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Nordstrom by 369.8% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 60,600 shares of the company’s stock worth $3,018,000 after buying an additional 47,700 shares during the period. Airain ltd bought a new position in shares of Nordstrom during the fourth quarter worth $3,184,000. Finally, Foresters Investment Management Company Inc. raised its position in shares of Nordstrom by 30.0% in the fourth quarter. Foresters Investment Management Company Inc. now owns 65,000 shares of the company’s stock worth $3,238,000 after buying an additional 15,000 shares during the period.
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.
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