Nordstrom (NYSE:JWN) Earns Buy Rating from Analysts at StockNews.com

StockNews.com assumed coverage on shares of Nordstrom (NYSE:JWN) in a research note published on Sunday morning. The brokerage issued a buy rating on the specialty retailer’s stock.

Several other research analysts have also recently issued reports on JWN. Citigroup restated a “sell” rating and issued a $22.00 target price (down previously from $25.00) on shares of Nordstrom in a report on Friday, April 4th. Telsey Advisory Group restated a “market perform” rating and issued a $24.00 target price on shares of Nordstrom in a report on Wednesday, March 5th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $22.80.

Nordstrom Trading Up 0.1%

Shares of Nordstrom stock opened at $24.67 on Friday. The company has a fifty day simple moving average of $24.15 and a 200-day simple moving average of $23.93. Nordstrom has a 12-month low of $19.45 and a 12-month high of $24.99. The company has a current ratio of 1.14, a quick ratio of 0.35 and a debt-to-equity ratio of 2.65. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of 15.71 and a beta of 2.36.

Nordstrom (NYSE:JWN) last issued its earnings results on Tuesday, March 4th. The specialty retailer reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.20. Nordstrom had a negative net margin of 1.57% and a negative return on equity of 18.04%. The business had revenue of $4.32 billion during the quarter, compared to analysts’ expectations of $4.32 billion. On average, equities analysts forecast that Nordstrom will post 1.97 EPS for the current fiscal year.

Institutional Trading of Nordstrom

Several institutional investors and hedge funds have recently added to or reduced their stakes in JWN. Nexpoint Asset Management L.P. raised its stake in Nordstrom by 809.8% during the 1st quarter. Nexpoint Asset Management L.P. now owns 3,508,133 shares of the specialty retailer’s stock valued at $85,774,000 after acquiring an additional 3,122,553 shares during the last quarter. Pentwater Capital Management LP acquired a new stake in shares of Nordstrom in the 4th quarter worth approximately $61,582,000. Alliancebernstein L.P. increased its holdings in Nordstrom by 1,433.1% during the 1st quarter. Alliancebernstein L.P. now owns 1,669,059 shares of the specialty retailer’s stock valued at $40,808,000 after acquiring an additional 1,560,192 shares in the last quarter. Norges Bank purchased a new position in Nordstrom during the 4th quarter valued at about $33,480,000. Finally, Polar Asset Management Partners Inc. purchased a new position in Nordstrom during the 1st quarter valued at about $33,414,000. 88.73% of the stock is owned by hedge funds and other institutional investors.

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.