Nordstrom (JWN) Lifted to Buy at ValuEngine
Nordstrom (NYSE:JWN) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a report released on Tuesday.
Other research analysts have also issued reports about the company. UBS Group began coverage on Nordstrom in a research report on Thursday, June 21st. They set a “buy” rating for the company. Piper Jaffray Companies reaffirmed a “hold” rating and set a $49.00 target price on shares of Nordstrom in a research report on Friday, August 17th. Credit Suisse Group raised their target price on Nordstrom from $52.00 to $55.00 and gave the stock a “neutral” rating in a research report on Friday, August 17th. Goldman Sachs Group reaffirmed a “sell” rating on shares of Nordstrom in a research report on Tuesday. Finally, Zacks Investment Research raised Nordstrom from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research report on Tuesday, May 15th. Three equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $55.68.
NYSE:JWN traded up $2.17 during trading hours on Tuesday, hitting $65.02. 3,320,300 shares of the company were exchanged, compared to its average volume of 2,298,801. The firm has a market cap of $10.52 billion, a P/E ratio of 21.97, a P/E/G ratio of 2.94 and a beta of 0.85. The company has a quick ratio of 0.54, a current ratio of 1.10 and a debt-to-equity ratio of 2.35. Nordstrom has a one year low of $37.79 and a one year high of $65.06.
Nordstrom declared that its board has authorized a stock buyback program on Wednesday, August 22nd that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the specialty retailer to purchase up to 14.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
In other news, VP Robert Sari sold 7,671 shares of the firm’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $55.65, for a total value of $426,891.15. Following the completion of the sale, the vice president now directly owns 25,178 shares in the company, valued at approximately $1,401,155.70. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider James F. Nordstrom, Jr. sold 2,874 shares of the firm’s stock in a transaction dated Thursday, July 5th. The shares were sold at an average price of $52.51, for a total value of $150,913.74. Following the completion of the sale, the insider now owns 469,116 shares of the company’s stock, valued at $24,633,281.16. The disclosure for this sale can be found here. Over the last three months, insiders sold 169,965 shares of company stock valued at $9,041,922. Corporate insiders own 7.05% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Schroder Investment Management Group grew its stake in shares of Nordstrom by 39.9% in the 2nd quarter. Schroder Investment Management Group now owns 999,303 shares of the specialty retailer’s stock valued at $52,344,000 after buying an additional 285,008 shares during the period. Garde Capital Inc. acquired a new stake in shares of Nordstrom in the 2nd quarter valued at about $230,000. Andra AP fonden acquired a new stake in shares of Nordstrom in the 2nd quarter valued at about $10,382,000. Tiedemann Advisors LLC grew its stake in shares of Nordstrom by 10.5% in the 2nd quarter. Tiedemann Advisors LLC now owns 72,890 shares of the specialty retailer’s stock valued at $3,774,000 after buying an additional 6,943 shares during the period. Finally, Verition Fund Management LLC acquired a new stake in shares of Nordstrom in the 2nd quarter valued at about $357,000. Institutional investors own 55.36% of the company’s stock.
Nordstrom, Inc, a fashion retailer, provides apparel, shoes, cosmetics, and accessories for women, men, young adults, and children in the United States and Canada. The company operates in two segments, Retail and Credit. The Retail segment offers a range of brand name and private label merchandise through various channels, including Nordstrom branded full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; Trunk Club clubhouses and TrunkClub.com; Jeffrey boutiques; and clearance stores that operate under the Last Chance name.
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