Nordstrom Inc. (JWN) Raised to Overweight at Piper Jaffray Cos.
Nordstrom Inc. (NYSE:JWN) was upgraded by Piper Jaffray Cos. from a “neutral” rating to an “overweight” rating in a report issued on Tuesday. The brokerage currently has a $53.00 price target on the stock, up from their previous price target of $45.00. Piper Jaffray Cos.’s price target would indicate a potential downside of 3.34% from the company’s current price.
Several other research analysts have also recently issued reports on the company. Vetr cut Nordstrom from a “buy” rating to a “hold” rating and set a $43.19 target price on the stock. in a research report on Monday, July 25th. Miller Tabak raised Nordstrom from a “sell” rating to a “hold” rating and boosted their price objective for the stock from $30.00 to $39.50 in a research report on Tuesday, July 5th. They noted that the move was a valuation call. Maxim Group started coverage on Nordstrom in a research report on Wednesday, June 15th. They issued a “buy” rating and a $50.00 price objective on the stock. Argus reissued a “hold” rating on shares of Nordstrom in a research report on Monday, June 13th. Finally, Buckingham Research reissued a “reduce” rating and issued a $47.00 price objective on shares of Nordstrom in a research report on Tuesday, May 31st. Seven analysts have rated the stock with a sell rating, eighteen have issued a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $47.23.
Nordstrom (NYSE:JWN) traded up 1.65% during mid-day trading on Tuesday, hitting $54.83. The stock had a trading volume of 3,613,632 shares. The stock has a market capitalization of $9.51 billion, a P/E ratio of 23.36 and a beta of 1.04. The company’s 50 day moving average is $51.40 and its 200-day moving average is $46.51. Nordstrom has a 52 week low of $35.01 and a 52 week high of $69.54.
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Nordstrom (NYSE:JWN) last announced its earnings results on Thursday, August 11th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.11. The company had revenue of $3.65 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Nordstrom had a return on equity of 47.22% and a net margin of 2.95%. Nordstrom’s quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.93 earnings per share. On average, analysts expect that Nordstrom will post $2.73 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 13th. Shareholders of record on Monday, August 29th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend was Thursday, August 25th. Nordstrom’s payout ratio is 62.98%.
In other Nordstrom news, insider Daniel F. Little sold 5,270 shares of the company’s stock in a transaction that occurred on Thursday, October 6th. The stock was sold at an average price of $54.00, for a total transaction of $284,580.00. Following the completion of the transaction, the insider now owns 68,216 shares of the company’s stock, valued at approximately $3,683,664. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 7.03% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in JWN. Pacer Advisors Inc. raised its position in Nordstrom by 5.6% in the second quarter. Pacer Advisors Inc. now owns 2,632 shares of the company’s stock worth $100,000 after buying an additional 140 shares during the last quarter. Evercore Wealth Management LLC raised its position in Nordstrom by 9.1% in the second quarter. Evercore Wealth Management LLC now owns 2,779 shares of the company’s stock worth $106,000 after buying an additional 231 shares during the last quarter. WFG Advisors LP raised its position in shares of Nordstrom by 51.7% in the second quarter. WFG Advisors LP now owns 2,906 shares of the company’s stock valued at $111,000 after buying an additional 991 shares in the last quarter. Blue Chip Partners Inc. purchased a new position in shares of Nordstrom during the second quarter valued at about $114,000. Finally, Synovus Financial Corp raised its position in shares of Nordstrom by 66.1% in the second quarter. Synovus Financial Corp now owns 3,046 shares of the company’s stock valued at $116,000 after buying an additional 1,212 shares in the last quarter. 65.48% of the stock is owned by institutional investors and hedge funds.
Nordstrom Company Profile
Nordstrom, Inc is a fashion specialty retailer in the United States. The company operates through two segments: Retail and Credit. The Retail segment includes approximately 115 Nordstrom branded full-line stores in the United States and Nordstrom.com, approximately 167 off-price Nordstrom Rack stores, two Canada full-line stores, Nordstromrack.com and HauteLook, and other retail channels, including five Trunk Club showrooms and TrunkClub.com, its two Jeffrey boutiques and one clearance store that operates under the name Last Chance.
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