Nordstrom Price Target Increased to $70.00 by Analysts at Citigroup Inc. (JWN)
Stock analysts at Citigroup Inc. hoisted their price target on shares of Nordstrom (NYSE:JWN) from $65.00 to $70.00 in a report issued on Friday, Analyst Ratings.Net reports. The firm currently has a “neutral” rating on the stock. Citigroup Inc.’s price objective indicates a potential downside of 0.78% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the stock. Analysts at Credit Suisse upgraded shares of Nordstrom from a “neutral” rating to an “outperform” rating in a research note on Friday. They now have a $78.00 price target on the stock, up previously from $65.00. Separately, analysts at RBC Capital raised their price target on shares of Nordstrom from $67.00 to $75.00 in a research note on Friday. They now have an “outperform” rating on the stock. Finally, analysts at Topeka Capital Markets raised their price target on shares of Nordstrom from $68.00 to $73.00 in a research note on Friday. They now have a “buy” rating on the stock. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $68.11.
In other Nordstrom news, EVP Peter Nordstrom sold 40,984 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $62.82, for a total value of $2,574,614.88. Following the transaction, the executive vice president now directly owns 2,101,551 shares of the company’s stock, valued at approximately $132,019,434. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Nordstrom (NYSE:JWN) traded up 14.73% on Friday, hitting $70.55. The stock had a trading volume of 8,391,318 shares. Nordstrom has a 52 week low of $54.90 and a 52 week high of $64.19. The stock’s 50-day moving average is $61.79 and its 200-day moving average is $60.93. The company has a market cap of $13.383 billion and a price-to-earnings ratio of 16.57. Nordstrom also was the target of some unusual options trading activity on Thursday. Stock investors acquired 15,620 put options on the company. This represents an increase of 761% compared to the average volume of 1,814 put options.
Nordstrom (NYSE:JWN) last issued its quarterly earnings data on Thursday, May 15th. The company reported $0.72 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.68 by $0.04. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.86 billion. On average, analysts predict that Nordstrom will post $3.85 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, June 13th. Investors of record on Friday, May 30th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend is Wednesday, May 28th.
Nordstrom, Inc is a fashion specialty retailer. As of March 18, 2013, the Company operates 242 United States stores located in 31 states, as well as an e-commerce business through nordstrom.
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