Nordstrom (JWN) Rating Lowered to Hold at ValuEngine
Nordstrom (NYSE:JWN) was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a report released on Friday.
Several other equities analysts also recently commented on JWN. Nomura increased their price target on Nordstrom from $54.00 to $59.00 and gave the company a “neutral” rating in a report on Friday, August 17th. Deutsche Bank lowered their price target on Nordstrom from $68.00 to $64.00 and set a “buy” rating on the stock in a report on Friday. Royal Bank of Canada set a $55.00 price target on Nordstrom and gave the company a “hold” rating in a report on Friday, August 17th. Piper Jaffray Companies reiterated a “hold” rating and set a $47.00 price target on shares of Nordstrom in a report on Tuesday, August 7th. Finally, Guggenheim reiterated a “hold” rating on shares of Nordstrom in a report on Thursday. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $57.71.
NYSE:JWN opened at $50.93 on Friday. Nordstrom has a 52 week low of $40.32 and a 52 week high of $67.75. The company has a debt-to-equity ratio of 2.35, a quick ratio of 0.54 and a current ratio of 1.10. The company has a market capitalization of $10.30 billion, a P/E ratio of 17.21, a PEG ratio of 2.84 and a beta of 0.59.
Nordstrom announced that its board has authorized a stock repurchase plan on Wednesday, August 22nd that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the specialty retailer to repurchase up to 14.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
In other news, insider Blake W. Nordstrom sold 127,251 shares of the stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $61.51, for a total value of $7,827,209.01. Following the completion of the sale, the insider now directly owns 2,519,436 shares of the company’s stock, valued at $154,970,508.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Robert Sari sold 8,795 shares of the stock in a transaction that occurred on Wednesday, October 10th. The shares were sold at an average price of $62.50, for a total value of $549,687.50. Following the completion of the sale, the vice president now directly owns 14,960 shares of the company’s stock, valued at $935,000. The disclosure for this sale can be found here. Insiders sold 200,604 shares of company stock valued at $12,621,378 over the last three months. 7.05% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. IFM Investors Pty Ltd lifted its position in Nordstrom by 36.3% in the second quarter. IFM Investors Pty Ltd now owns 5,670 shares of the specialty retailer’s stock worth $294,000 after purchasing an additional 1,511 shares during the period. State of Alaska Department of Revenue lifted its position in Nordstrom by 14.4% in the second quarter. State of Alaska Department of Revenue now owns 45,560 shares of the specialty retailer’s stock worth $2,357,000 after purchasing an additional 5,730 shares during the period. NN Investment Partners Holdings N.V. lifted its position in Nordstrom by 12.1% in the second quarter. NN Investment Partners Holdings N.V. now owns 21,120 shares of the specialty retailer’s stock worth $1,094,000 after purchasing an additional 2,275 shares during the period. Bank of Montreal Can bought a new position in Nordstrom in the second quarter worth $50,353,000. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH lifted its position in Nordstrom by 80.6% in the second quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 30,091 shares of the specialty retailer’s stock worth $1,589,000 after purchasing an additional 13,431 shares during the period. 56.44% of the stock is owned by institutional investors.
Nordstrom, Inc, a fashion retailer, provides apparel, shoes, cosmetics, and accessories for women, men, young adults, and children in the United States and Canada. The company operates in two segments, Retail and Credit. The Retail segment offers a range of brand name and private label merchandise through various channels, including Nordstrom branded full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; Trunk Club clubhouses and TrunkClub.com; Jeffrey boutiques; and clearance stores that operate under the Last Chance name.
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