Nordstrom (NYSE:JWN) Stock Rating Lowered by Zacks Investment Research

Nordstrom (NYSE:JWNGet Rating) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday, Zacks.com reports. They currently have a $28.00 price target on the specialty retailer’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 8.78% from the company’s previous close.

According to Zacks, “Shares of Nordstrom have outperformed the industry in the past three months, courtesy of the impressive fourth-quarter fiscal 2021 results. Both top and bottom lines surpassed the Zacks Consensus Estimate and grew year over year. Results gained from solid demand for apparel and footwear, robust digital growth, compelling merchandise, and lower markdowns. Higher merchandise margins, as well as lower buying and occupancy costs, boosted margins, which, in turn, led to bottom-line growth. Improved digital traffic at Nordstrom and Nordstrom Rack aided digital sales. Management issued the fiscal 2022 view, which seems encouraging. However, the cpompany is still grappling with the adverse comparisons with fourth-quarter fiscal 2019. Higher freight costs and ongoing supply-chain disruptions remain concerns.”

Several other research firms have also recently commented on JWN. Cowen increased their price target on Nordstrom from $25.00 to $30.00 and gave the company a “market perform” rating in a report on Wednesday, March 2nd. Credit Suisse Group increased their price target on Nordstrom from $26.00 to $29.00 and gave the company a “neutral” rating in a report on Wednesday, March 2nd. BMO Capital Markets increased their price target on Nordstrom from $23.00 to $30.00 and gave the company a “market perform” rating in a report on Wednesday, March 2nd. StockNews.com began coverage on Nordstrom in a report on Thursday, March 31st. They issued a “buy” rating for the company. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Nordstrom from $22.00 to $31.00 in a report on Wednesday, March 2nd. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $29.33.

Shares of Nordstrom stock opened at $25.74 on Wednesday. The business has a 50 day simple moving average of $26.48 and a two-hundred day simple moving average of $25.20. Nordstrom has a 12 month low of $18.65 and a 12 month high of $43.80. The stock has a market capitalization of $4.10 billion, a P/E ratio of 24.28, a PEG ratio of 1.35 and a beta of 2.25. The company has a debt-to-equity ratio of 4.91, a current ratio of 0.96 and a quick ratio of 0.27.

Nordstrom (NYSE:JWNGet Rating) last announced its earnings results on Tuesday, March 1st. The specialty retailer reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.19. Nordstrom had a return on equity of 70.74% and a net margin of 1.20%. The business had revenue of $4.38 billion during the quarter, compared to analysts’ expectations of $4.36 billion. During the same quarter in the prior year, the firm earned $0.21 earnings per share. The business’s revenue was up 23.4% compared to the same quarter last year. As a group, research analysts anticipate that Nordstrom will post 3.3 EPS for the current fiscal year.

In related news, CFO Anne L. Bramman sold 13,334 shares of Nordstrom stock in a transaction on Monday, April 18th. The stock was sold at an average price of $28.74, for a total value of $383,219.16. Following the completion of the transaction, the chief financial officer now directly owns 120,137 shares in the company, valued at $3,452,737.38. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 5.45% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. raised its stake in Nordstrom by 22.2% in the fourth quarter. BlackRock Inc. now owns 11,512,934 shares of the specialty retailer’s stock valued at $260,422,000 after buying an additional 2,088,891 shares in the last quarter. Tremblant Capital Group raised its stake in Nordstrom by 14.9% in the third quarter. Tremblant Capital Group now owns 4,449,517 shares of the specialty retailer’s stock valued at $117,690,000 after buying an additional 577,248 shares in the last quarter. State Street Corp increased its position in shares of Nordstrom by 3.5% during the fourth quarter. State Street Corp now owns 4,313,164 shares of the specialty retailer’s stock worth $97,564,000 after purchasing an additional 146,877 shares in the last quarter. Morgan Stanley increased its position in shares of Nordstrom by 31.8% during the third quarter. Morgan Stanley now owns 2,948,949 shares of the specialty retailer’s stock worth $78,000,000 after purchasing an additional 711,193 shares in the last quarter. Finally, Two Sigma Advisers LP increased its position in shares of Nordstrom by 92.9% during the third quarter. Two Sigma Advisers LP now owns 2,806,101 shares of the specialty retailer’s stock worth $74,221,000 after purchasing an additional 1,351,700 shares in the last quarter. Institutional investors own 57.27% of the company’s stock.

About Nordstrom (Get Rating)

Nordstrom, Inc, a fashion retailer, provides apparels, shoes, beauty, accessories, and home goods for women, men, young adults, and children. It offers a range of brand name and private label merchandise through various channels, such as Nordstrom branded stores and online at Nordstrom.com; TrunkClub.com; Nordstrom.ca; Nordstrom stores; Nordstrom Rack stores; Nordstrom Locals; Nordstromrack.com and HauteLook; clearance stores under the Last Chance name; Trunk Club clubhouses; and Jeffrey boutiques.

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