Nordstrom (JWN) Rating Increased to Buy at ValuEngine

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Nordstrom (NYSE:JWN) was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating in a report issued on Tuesday.

JWN has been the subject of several other reports. Morgan Stanley lifted their price objective on Nordstrom from $44.00 to $47.00 and gave the stock an “underweight” rating in a research report on Friday, August 17th. Citigroup lifted their price objective on Nordstrom from $54.00 to $62.00 and gave the stock a “neutral” rating in a research report on Friday, August 17th. Cowen restated a “hold” rating and set a $56.00 price objective on shares of Nordstrom in a research report on Friday, August 17th. Nomura lifted their price objective on Nordstrom from $54.00 to $59.00 and gave the stock a “neutral” rating in a research report on Friday, August 17th. Finally, Royal Bank of Canada set a $55.00 target price on shares of Nordstrom and gave the stock a “hold” rating in a research note on Friday, August 17th. Three equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $55.68.

Shares of Nordstrom stock opened at $64.83 on Tuesday. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.10 and a quick ratio of 0.54. Nordstrom has a 1 year low of $37.79 and a 1 year high of $65.78. The company has a market cap of $10.52 billion, a P/E ratio of 21.97, a P/E/G ratio of 2.94 and a beta of 0.85.

Nordstrom (NYSE:JWN) last issued its quarterly earnings data on Thursday, August 16th. The specialty retailer reported $0.95 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.11. Nordstrom had a return on equity of 56.00% and a net margin of 3.24%. The firm had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same period in the previous year, the firm posted $0.65 EPS. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. analysts forecast that Nordstrom will post 3.57 EPS for the current fiscal year.

Nordstrom announced that its board has approved a stock buyback program on Wednesday, August 22nd that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the specialty retailer to repurchase up to 14.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

In other news, VP Robert Sari sold 7,671 shares of the business’s stock in a transaction on Friday, August 17th. The shares were sold at an average price of $55.65, for a total transaction of $426,891.15. Following the completion of the sale, the vice president now directly owns 25,178 shares of the company’s stock, valued at approximately $1,401,155.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James F. Nordstrom, Jr. sold 2,874 shares of the business’s stock in a transaction on Thursday, July 5th. The shares were sold at an average price of $52.51, for a total transaction of $150,913.74. Following the sale, the insider now directly owns 469,116 shares of the company’s stock, valued at $24,633,281.16. The disclosure for this sale can be found here. Insiders sold a total of 169,965 shares of company stock valued at $9,041,922 over the last ninety days. 7.05% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Centaurus Financial Inc. purchased a new stake in shares of Nordstrom during the 2nd quarter valued at $112,000. Kiley Juergens Wealth Management LLC purchased a new stake in shares of Nordstrom during the 2nd quarter valued at $118,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Nordstrom during the 1st quarter valued at $124,000. Whittier Trust Co. purchased a new stake in shares of Nordstrom during the 2nd quarter valued at $147,000. Finally, Perigon Wealth Management LLC purchased a new stake in shares of Nordstrom during the 1st quarter valued at $152,000. 55.36% of the stock is owned by institutional investors.

About Nordstrom

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.

Further Reading: Diversification

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Nordstrom (NYSE:JWN)

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