Nordstrom (JWN) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Nordstrom (NYSE:JWN) from a hold rating to a buy rating in a research report report published on Monday. The firm currently has $56.00 target price on the specialty retailer’s stock.

According to Zacks, “Nordstrom has been gaining from the smooth execution of customer strategy along with disciplined inventory and expense management. Also, the company is enhancing market share through persistent store expansion and strengthening capabilities through further investments, particularly in digital growth. Notably, its third-quarter fiscal 2017 results marked sixth straight time of earnings beat, sales topped estimates for the second consecutive quarter. Moreover, the company’s solid holiday season feat and raised earnings guidance for fiscal 2017, also increases hopes for a spectacular 2018. However, the company has underperformed the industry in the last six months due to higher expenses. Higher investments toward occupancy, technology, supply chain and marketing continue to weigh upon near term costs and margins. Further, the company expects these hurdles to continue hurting results in fiscal 2017.”

A number of other equities research analysts also recently issued reports on the stock. KeyCorp reaffirmed an outperform rating on shares of Nordstrom in a research note on Friday, November 10th. Robert W. Baird reaffirmed a hold rating and set a $50.00 price target on shares of Nordstrom in a research note on Wednesday, November 1st. Piper Jaffray Companies reaffirmed a hold rating on shares of Nordstrom in a research note on Thursday, October 19th. Bank of America decreased their price target on shares of Nordstrom from $40.00 to $35.00 and set an underperform rating on the stock in a research note on Friday, November 10th. Finally, JPMorgan Chase & Co. reaffirmed a sell rating and set a $33.00 price target on shares of Nordstrom in a research note on Friday, November 10th. Three equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $47.43.

Shares of Nordstrom (NYSE:JWN) traded up $0.25 during trading hours on Monday, hitting $51.22. 884,700 shares of the company were exchanged, compared to its average volume of 2,273,250. The company has a current ratio of 1.00, a quick ratio of 0.30 and a debt-to-equity ratio of 3.14. Nordstrom has a 12-month low of $37.79 and a 12-month high of $53.00. The company has a market capitalization of $8,650.00, a price-to-earnings ratio of 17.97, a price-to-earnings-growth ratio of 2.85 and a beta of 0.89.

Nordstrom (NYSE:JWN) last released its quarterly earnings results on Thursday, November 9th. The specialty retailer reported $0.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.04. The company had revenue of $3.54 billion for the quarter, compared to the consensus estimate of $3.50 billion. Nordstrom had a net margin of 3.25% and a return on equity of 67.44%. Nordstrom’s revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.84 earnings per share. equities research analysts anticipate that Nordstrom will post 2.98 EPS for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the company. San Francisco Sentry Investment Group CA raised its stake in shares of Nordstrom by 1,752.0% in the third quarter. San Francisco Sentry Investment Group CA now owns 2,315 shares of the specialty retailer’s stock valued at $109,000 after acquiring an additional 2,190 shares during the period. Advisory Services Network LLC increased its stake in Nordstrom by 41.8% in the 2nd quarter. Advisory Services Network LLC now owns 3,452 shares of the specialty retailer’s stock worth $165,000 after buying an additional 1,018 shares during the period. Thrivent Financial For Lutherans purchased a new position in Nordstrom in the 2nd quarter worth about $202,000. Nordea Investment Management AB increased its stake in Nordstrom by 7.2% in the 2nd quarter. Nordea Investment Management AB now owns 4,264 shares of the specialty retailer’s stock worth $204,000 after buying an additional 287 shares during the period. Finally, Tiedemann Wealth Management LLC increased its stake in Nordstrom by 15.4% in the 3rd quarter. Tiedemann Wealth Management LLC now owns 10,600 shares of the specialty retailer’s stock worth $219,000 after buying an additional 1,418 shares during the period. 57.70% of the stock is currently owned by institutional investors and hedge funds.

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About Nordstrom

Nordstrom, Inc is a fashion specialty retailer in the United States. The Company’s segments include Retail and Credit. As of March 20, 2017, the Company operated 344 the United States stores located in 40 states as well as an e-commerce business. The Company also offers its customers a variety of payment products and services, including credit and debit cards.

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