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

Nordstrom, Inc. (NYSE:JWN) was the recipient of a large drop in short interest during the month of August. As of August 15th, there was short interest totalling 14,020,000 shares, a drop of 5.7% from the July 31st total of 14,870,000 shares. Currently, 12.9% of the company’s shares are short sold. Based on an average trading volume of 2,250,000 shares, the short-interest ratio is presently 6.2 days.

Nordstrom Stock Performance

Shares of Nordstrom stock opened at $22.82 on Wednesday. Nordstrom has a 12 month low of $12.88 and a 12 month high of $24.03. The stock’s fifty day moving average price is $21.97 and its 200-day moving average price is $20.72. The firm has a market cap of $3.73 billion, a P/E ratio of 12.47, a P/E/G ratio of 2.41 and a beta of 2.62. The company has a current ratio of 1.07, a quick ratio of 0.36 and a debt-to-equity ratio of 2.76.

Nordstrom (NYSE:JWN) last issued its quarterly earnings data on Tuesday, August 27th. The specialty retailer reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.25. Nordstrom had a negative net margin of 1.44% and a negative return on equity of 21.26%. The company had revenue of $3.89 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the previous year, the firm posted $0.84 earnings per share. Nordstrom’s revenue for the quarter was up 3.2% compared to the same quarter last year. On average, equities research analysts expect that Nordstrom will post 1.9 earnings per share for the current fiscal year.

Nordstrom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Tuesday, September 3rd will be paid a $0.19 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.33%. Nordstrom’s payout ratio is currently 41.53%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on JWN shares. Evercore ISI upped their price objective on Nordstrom from $17.00 to $19.00 and gave the company an “in-line” rating in a research report on Friday, May 31st. StockNews.com upgraded Nordstrom from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. TD Cowen boosted their price objective on shares of Nordstrom from $24.00 to $25.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Bank of America raised their target price on shares of Nordstrom from $18.00 to $20.00 and gave the stock an “underperform” rating in a report on Wednesday, August 28th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Nordstrom from $19.00 to $20.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 28th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Nordstrom has an average rating of “Hold” and a consensus price target of $19.85.

Institutional Investors Weigh In On Nordstrom

Hedge funds have recently added to or reduced their stakes in the business. Truist Financial Corp lifted its holdings in Nordstrom by 14.8% in the fourth quarter. Truist Financial Corp now owns 55,614 shares of the specialty retailer’s stock valued at $1,026,000 after acquiring an additional 7,161 shares during the period. Victory Capital Management Inc. grew its position in Nordstrom by 42.2% during the fourth quarter. Victory Capital Management Inc. now owns 3,288,612 shares of the specialty retailer’s stock valued at $60,675,000 after buying an additional 975,918 shares during the period. Los Angeles Capital Management LLC purchased a new position in Nordstrom in the fourth quarter valued at $1,211,000. Aveo Capital Partners LLC boosted its stake in shares of Nordstrom by 11.6% during the 4th quarter. Aveo Capital Partners LLC now owns 57,941 shares of the specialty retailer’s stock worth $1,069,000 after acquiring an additional 6,013 shares in the last quarter. Finally, Amalgamated Bank grew its position in shares of Nordstrom by 3.3% during the 4th quarter. Amalgamated Bank now owns 62,974 shares of the specialty retailer’s stock valued at $1,162,000 after acquiring an additional 2,031 shares during the period. 88.73% of the stock is owned by hedge funds and other institutional investors.

About Nordstrom

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.