Nordstrom (JWN) Stock Price Down 1.8% on Analyst Downgrade

Nordstrom, Inc. (NYSE:JWN)’s share price was down 1.8% on Thursday after Cowen lowered their price target on the stock from $44.00 to $36.00. Cowen currently has a market perform rating on the stock. Nordstrom traded as low as $33.75 and last traded at $33.74. Approximately 2,591,169 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 3,208,592 shares. The stock had previously closed at $34.35.

A number of other research firms also recently commented on JWN. Deutsche Bank downgraded Nordstrom from a “buy” rating to a “hold” rating and set a $43.30 price objective on the stock. in a report on Friday, February 22nd. ValuEngine downgraded Nordstrom from a “sell” rating to a “strong sell” rating in a report on Monday, April 29th. Piper Jaffray Companies set a $44.00 price objective on Nordstrom and gave the stock a “hold” rating in a report on Friday, March 1st. Zacks Investment Research downgraded Nordstrom from a “buy” rating to a “hold” rating in a report on Monday, May 13th. Finally, Bank of America set a $48.00 price objective on Nordstrom and gave the stock a “sell” rating in a report on Friday, March 1st. Four investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating to the company’s stock. Nordstrom presently has a consensus rating of “Hold” and an average price target of $43.73.

In other news, insider Christine Deputy sold 13,124 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $42.61, for a total value of $559,213.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Erik B. Nordstrom sold 1,169 shares of the stock in a transaction that occurred on Monday, February 25th. The shares were sold at an average price of $44.70, for a total value of $52,254.30. Following the completion of the sale, the insider now directly owns 2,671,406 shares of the company’s stock, valued at $119,411,848.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 49,180 shares of company stock worth $2,164,864. Corporate insiders own 5.21% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. CX Institutional bought a new position in Nordstrom in the first quarter worth $41,000. Zions Bancorporation N.A. bought a new position in Nordstrom in the first quarter worth $41,000. Quadrant Capital Group LLC bought a new position in Nordstrom in the first quarter worth $48,000. Pinnacle Financial Partners Inc. bought a new position in Nordstrom in the first quarter worth $51,000. Finally, Whittier Trust Co. bought a new position in Nordstrom in the first quarter worth $53,000. 60.17% of the stock is owned by institutional investors.

The stock has a market capitalization of $5.86 billion, a P/E ratio of 9.50, a price-to-earnings-growth ratio of 1.70 and a beta of 0.48. The company has a quick ratio of 0.41, a current ratio of 1.00 and a debt-to-equity ratio of 3.07.

Nordstrom (NYSE:JWN) last issued its earnings results on Tuesday, May 21st. The specialty retailer reported $0.23 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.20). The firm had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.54 billion. Nordstrom had a return on equity of 52.45% and a net margin of 3.27%. During the same period last year, the business earned $0.51 earnings per share. As a group, equities analysts predict that Nordstrom, Inc. will post 3.72 EPS for the current fiscal year.

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About Nordstrom (NYSE:JWN)

Nordstrom, Inc, a fashion retailer, provides apparel, shoes, cosmetics, and accessories 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 full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; Jeffrey boutiques; clearance stores that operate under the Last Chance name; Trunk Club clubhouses and TrunkClub.com; and Nordstrom Locals.

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