Nordstrom (JWN) Lifted to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Nordstrom (NYSE:JWN) from a sell rating to a hold rating in a research report released on Wednesday morning.
According to Zacks, “Nordstrom has been gaining from the smooth execution of customer strategy along with disciplined inventory and expense management. Also, the company is enhancing market share through persistent store expansion and strengthening capabilities through further investments, particularly in digital growth. Notably, its third-quarter fiscal 2017 results marked sixth straight time of earnings beat, sales topped the Zacks Consensus Estimate for the second consecutive quarter. However, the company has underperformed the industry in the last three months. Also, higher investments toward occupancy, technology, supply chain and marketing are weighing upon the company's performance. Consequently, its merchandise margin was hurt by higher occupancy expenses related to new Rack and Canada stores in the last quarter, leading to lower gross margin. Additionally, the company expects these hurdles to continue hurting results in fiscal 2017.”
Several other equities analysts have also recently commented on JWN. Royal Bank of Canada set a $45.00 target price on shares of Nordstrom and gave the company a hold rating in a research note on Tuesday, August 29th. Cowen reissued an outperform rating and set a $49.00 target price on shares of Nordstrom in a research note on Tuesday, August 29th. ValuEngine cut shares of Nordstrom from a buy rating to a hold rating in a research note on Friday, September 1st. William Blair reissued an outperform rating on shares of Nordstrom in a research note on Tuesday, September 12th. Finally, Gordon Haskett cut shares of Nordstrom from an accumulate rating to a hold rating in a research note on Wednesday, September 13th. Four analysts have rated the stock with a sell rating, seventeen have issued a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $45.59.
Nordstrom (NYSE:JWN) last released its quarterly earnings data on Thursday, November 9th. The specialty retailer reported $0.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.04. Nordstrom had a net margin of 3.25% and a return on equity of 67.44%. The business had revenue of $3.54 billion for the quarter, compared to analysts’ expectations of $3.50 billion. During the same quarter last year, the company earned $0.84 EPS. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. analysts expect that Nordstrom will post 2.95 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 12th. Stockholders of record on Monday, November 27th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, November 24th. This represents a $1.48 annualized dividend and a dividend yield of 3.12%. Nordstrom’s dividend payout ratio (DPR) is 52.11%.
Several institutional investors and hedge funds have recently made changes to their positions in the business. Parametric Portfolio Associates LLC boosted its holdings in shares of Nordstrom by 7.6% in the third quarter. Parametric Portfolio Associates LLC now owns 482,637 shares of the specialty retailer’s stock worth $22,756,000 after buying an additional 34,180 shares during the period. Steward Partners Investment Advisory LLC acquired a new stake in shares of Nordstrom during the third quarter worth approximately $258,000. Public Employees Retirement System of Ohio boosted its holdings in shares of Nordstrom by 15.0% during the third quarter. Public Employees Retirement System of Ohio now owns 211,825 shares of the specialty retailer’s stock worth $9,988,000 after purchasing an additional 27,673 shares during the period. Cambridge Financial Group Inc. boosted its holdings in shares of Nordstrom by 1.4% during the third quarter. Cambridge Financial Group Inc. now owns 113,833 shares of the specialty retailer’s stock worth $5,367,000 after purchasing an additional 1,589 shares during the period. Finally, GSA Capital Partners LLP acquired a new stake in shares of Nordstrom during the third quarter worth approximately $347,000. Institutional investors own 57.58% of the company’s stock.
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Nordstrom Company Profile
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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