Nordstrom (JWN) Upgraded to Buy by ValuEngine

Nordstrom (NYSE:JWN) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

Several other research analysts also recently weighed in on the company. Goldman Sachs Group reiterated a “sell” rating on shares of Nordstrom in a research note on Tuesday, September 4th. Telsey Advisory Group lifted their target price on Nordstrom from $65.00 to $72.00 and gave the company an “outperform” rating in a research note on Monday, September 10th. Morgan Stanley lifted their target price on Nordstrom from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Monday, September 17th. Deutsche Bank raised their price target on Nordstrom from $56.00 to $61.00 and gave the company a “buy” rating in a report on Friday, August 17th. Finally, Cowen reissued a “hold” rating and issued a $56.00 price target on shares of Nordstrom in a report on Friday, August 17th. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have assigned a buy rating to the company’s stock. Nordstrom presently has an average rating of “Hold” and an average price target of $56.28.

Shares of JWN stock opened at $61.49 on Thursday. Nordstrom has a twelve month low of $37.79 and a twelve month high of $66.33. The company has a market capitalization of $10.08 billion, a price-to-earnings ratio of 20.77, a P/E/G ratio of 2.79 and a beta of 0.87. The company has a current ratio of 1.10, a quick ratio of 0.54 and a debt-to-equity ratio of 2.35.

Nordstrom (NYSE:JWN) last announced its earnings results on Thursday, August 16th. The specialty retailer reported $0.95 earnings per share for the quarter, beating the 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 company had revenue of $3.98 billion for the quarter, compared to the consensus estimate of $3.96 billion. During the same period last year, the business posted $0.65 EPS. The company’s revenue was up 7.1% on a year-over-year basis. On average, equities analysts expect that Nordstrom will post 3.57 EPS for the current year.

Nordstrom announced that its board has approved 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 generally a sign that the company’s board of directors believes its shares are undervalued.

In related news, insider Christine Deputy sold 11,534 shares of Nordstrom stock in a transaction on Monday, September 10th. The stock was sold at an average price of $65.87, for a total transaction of $759,744.58. Following the completion of the transaction, the insider now directly owns 76,463 shares of the company’s stock, valued at $5,036,617.81. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Robert Sari sold 7,671 shares of Nordstrom stock in a transaction on Friday, August 17th. The stock was sold at an average price of $55.65, for a total value of $426,891.15. Following the transaction, the vice president now directly owns 25,178 shares of the company’s stock, valued at $1,401,155.70. The disclosure for this sale can be found here. Insiders sold a total of 208,275 shares of company stock valued at $13,048,270 over the last three months. Insiders own 7.05% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. DNB Asset Management AS raised its holdings in Nordstrom by 8.1% during the third quarter. DNB Asset Management AS now owns 12,062 shares of the specialty retailer’s stock worth $721,000 after purchasing an additional 900 shares during the last quarter. Windward Capital Management Co. CA raised its holdings in Nordstrom by 2.2% during the third quarter. Windward Capital Management Co. CA now owns 44,403 shares of the specialty retailer’s stock worth $2,656,000 after purchasing an additional 966 shares during the last quarter. West Coast Financial LLC raised its holdings in Nordstrom by 0.8% during the second quarter. West Coast Financial LLC now owns 125,564 shares of the specialty retailer’s stock worth $6,502,000 after purchasing an additional 1,003 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. raised its holdings in Nordstrom by 4.3% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 25,130 shares of the specialty retailer’s stock worth $1,213,000 after purchasing an additional 1,043 shares during the last quarter. Finally, CIBC Asset Management Inc raised its holdings in Nordstrom by 7.2% during the second quarter. CIBC Asset Management Inc now owns 16,377 shares of the specialty retailer’s stock worth $848,000 after purchasing an additional 1,096 shares during the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

Nordstrom Company Profile

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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Analyst Recommendations for Nordstrom (NYSE:JWN)

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