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Nordstrom Sees Unusually Large Options Volume (NYSE:JWN)

Financial News Live · Jan 26, 2023 16:06

Nordstrom, Inc. (NYSE:JWN – Get Rating) was the target of some unusual options trading on Thursday. Traders acquired 21,486 put options on the stock. This is an increase of 43% compared to the average daily volume of 15,053 put options.

Analysts Set New Price Targets

Several equities analysts have issued reports on JWN shares. Credit Suisse Group dropped their target price on Nordstrom from $20.00 to $17.00 and set a "neutral" rating on the stock in a research report on Friday, January 20th. Telsey Advisory Group dropped their price objective on Nordstrom from $25.00 to $19.00 and set a "market perform" rating for the company in a report on Friday, January 20th. KeyCorp dropped their price objective on Nordstrom from $30.00 to $22.00 and set an "overweight" rating for the company in a report on Friday, January 20th. StockNews.com downgraded Nordstrom from a "buy" rating to a "hold" rating in a report on Monday, December 12th. Finally, Morgan Stanley lowered their price target on Nordstrom from $21.00 to $19.00 and set an "underweight" rating for the company in a report on Monday. Five research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $18.63.

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Hedge Funds Weigh In On Nordstrom

Institutional investors have recently added to or reduced their stakes in the company. Fisher Asset Management LLC bought a new position in shares of Nordstrom in the third quarter worth about $28,921,000. Renaissance Technologies LLC raised its stake in shares of Nordstrom by 240.8% in the first quarter. Renaissance Technologies LLC now owns 1,988,500 shares of the specialty retailer's stock worth $53,908,000 after acquiring an additional 1,405,000 shares during the last quarter. Point72 Asset Management L.P. raised its stake in shares of Nordstrom by 914.0% in the third quarter. Point72 Asset Management L.P. now owns 814,000 shares of the specialty retailer's stock worth $13,618,000 after acquiring an additional 914,000 shares during the last quarter. Balyasny Asset Management LLC raised its stake in shares of Nordstrom by 71.0% in the third quarter. Balyasny Asset Management LLC now owns 2,162,440 shares of the specialty retailer's stock worth $36,178,000 after acquiring an additional 898,176 shares during the last quarter. Finally, Pathstone Family Office LLC raised its stake in shares of Nordstrom by 4,862.0% in the third quarter. Pathstone Family Office LLC now owns 882,442 shares of the specialty retailer's stock worth $14,862,000 after acquiring an additional 864,658 shares during the last quarter. 66.41% of the stock is owned by institutional investors.

Nordstrom Stock Performance

Shares of JWN traded down $0.05 during mid-day trading on Thursday, reaching $18.38. 3,483,210 shares of the company's stock traded hands, compared to its average volume of 5,370,354. Nordstrom has a 12 month low of $15.52 and a 12 month high of $29.59. The stock has a market capitalization of $2.94 billion, a P/E ratio of 9.22, a price-to-earnings-growth ratio of 0.68 and a beta of 2.17. The business's 50-day moving average price is $18.14 and its 200-day moving average price is $19.62. The company has a debt-to-equity ratio of 4.71, a quick ratio of 0.24 and a current ratio of 0.99.

Nordstrom (NYSE:JWN – Get Rating) last posted its quarterly earnings results on Tuesday, November 22nd. The specialty retailer reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. The firm had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.49 billion. Nordstrom had a return on equity of 58.09% and a net margin of 2.08%. Nordstrom's quarterly revenue was down 3.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.39 earnings per share. Equities analysts predict that Nordstrom will post 1.64 earnings per share for the current year.

Nordstrom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 14th. Investors of record on Tuesday, November 29th were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 4.13%. The ex-dividend date of this dividend was Monday, November 28th. Nordstrom's dividend payout ratio is currently 38.00%.

Nordstrom Company Profile

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Nordstrom, Inc engages in the manufacture and trade of clothes, shoes, and accessories. It operates through the following segments: Retail and Corporate/Other. The Retail segment consists of a selection of high-quality, brand-name, and private label merchandise, which includes apparel, shoes, cosmetics, and accessories for women, men, young adults, and children.