Nordstrom, Inc. (NYSE:JWN) Sees Significant Decline in Short Interest

Nordstrom, Inc. (NYSE:JWN) was the recipient of a large decrease in short interest in the month of November. As of November 15th, there was short interest totalling 10,720,000 shares, a decrease of 5.7% from the October 31st total of 11,370,000 shares. Currently, 11.3% of the shares of the company are sold short. Based on an average daily volume of 2,300,000 shares, the days-to-cover ratio is currently 4.7 days.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. KeyCorp cut Nordstrom from an “overweight” rating to a “sector weight” rating in a research report on Thursday, September 26th. The Goldman Sachs Group upped their price target on Nordstrom from $19.00 to $21.00 and gave the company a “neutral” rating in a research report on Wednesday, August 28th. StockNews.com raised Nordstrom from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 27th. Barclays raised Nordstrom from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $18.00 to $23.00 in a report on Thursday, September 5th. Finally, Evercore ISI increased their price objective on Nordstrom from $20.00 to $22.00 and gave the stock an “in-line” rating in a report on Wednesday, November 27th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $21.29.

Insider Buying and Selling at Nordstrom

In other Nordstrom news, COO Alexis Depree sold 20,000 shares of the company’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $23.20, for a total value of $464,000.00. Following the completion of the transaction, the chief operating officer now owns 169,331 shares in the company, valued at $3,928,479.20. This represents a 10.56 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.78% of the company’s stock.

Hedge Funds Weigh In On Nordstrom

Several large investors have recently made changes to their positions in JWN. Victory Capital Management Inc. raised its position in Nordstrom by 1.7% during the second quarter. Victory Capital Management Inc. now owns 3,371,988 shares of the specialty retailer’s stock valued at $71,554,000 after purchasing an additional 57,546 shares during the period. Dimensional Fund Advisors LP grew its stake in Nordstrom by 4.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,136,639 shares of the specialty retailer’s stock worth $66,557,000 after purchasing an additional 137,094 shares in the last quarter. American Century Companies Inc. grew its stake in Nordstrom by 66.2% in the second quarter. American Century Companies Inc. now owns 1,661,227 shares of the specialty retailer’s stock worth $35,251,000 after purchasing an additional 661,769 shares in the last quarter. Geode Capital Management LLC grew its stake in Nordstrom by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,625,616 shares of the specialty retailer’s stock worth $36,570,000 after purchasing an additional 5,407 shares in the last quarter. Finally, Marshall Wace LLP grew its stake in Nordstrom by 38.4% in the second quarter. Marshall Wace LLP now owns 1,479,414 shares of the specialty retailer’s stock worth $31,393,000 after purchasing an additional 410,152 shares in the last quarter. 88.73% of the stock is currently owned by hedge funds and other institutional investors.

Nordstrom Price Performance

Shares of JWN stock opened at $23.05 on Tuesday. The firm has a market cap of $3.78 billion, a P/E ratio of 14.68 and a beta of 2.59. Nordstrom has a fifty-two week low of $15.08 and a fifty-two week high of $24.99. The business’s 50 day moving average price is $22.85 and its 200-day moving average price is $22.26. The company has a debt-to-equity ratio of 2.65, a quick ratio of 0.41 and a current ratio of 1.14.

Nordstrom (NYSE:JWN) last announced its quarterly earnings data on Tuesday, November 26th. The specialty retailer reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.11. The business had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $3.34 billion. Nordstrom had a negative return on equity of 18.04% and a negative net margin of 1.57%. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.25 earnings per share. On average, equities research analysts anticipate that Nordstrom will post 1.93 earnings per share for the current year.

Nordstrom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Tuesday, December 3rd will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 3.30%. The ex-dividend date is Tuesday, December 3rd. Nordstrom’s dividend payout ratio is presently 48.41%.

Nordstrom Company Profile

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; Nordstrom.ca; Nordstrom stores; Nordstrom Rack stores; Nordstrom Locals; ASOS; Nordstromrack.com; mobile application; and clearance stores under the Last Chance name.