Nordstrom (NYSE:JWN) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Nordstrom (NYSE:JWNGet Rating) announced its quarterly earnings data on Tuesday. The specialty retailer reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06, RTT News reports. Nordstrom had a net margin of 2.08% and a return on equity of 57.97%. The firm had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.49 billion. During the same quarter in the prior year, the business earned $0.39 earnings per share. The business’s quarterly revenue was down 3.8% compared to the same quarter last year. Nordstrom updated its FY23 guidance to $2.30-$2.60 EPS.

Nordstrom Trading Down 4.2 %

Shares of JWN stock opened at $21.69 on Thursday. Nordstrom has a 52-week low of $16.14 and a 52-week high of $29.59. The company has a 50-day simple moving average of $19.52 and a two-hundred day simple moving average of $21.55. The company has a market capitalization of $3.45 billion, a price-to-earnings ratio of 10.85, a PEG ratio of 1.63 and a beta of 2.17. The company has a debt-to-equity ratio of 4.30, a quick ratio of 0.34 and a current ratio of 1.01.

Nordstrom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 14th. Shareholders of record on Tuesday, November 29th will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date of this dividend is Monday, November 28th. Nordstrom’s payout ratio is 38.00%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on JWN. Telsey Advisory Group dropped their price objective on shares of Nordstrom from $28.00 to $25.00 and set a “market perform” rating on the stock in a report on Wednesday, August 24th. StockNews.com upgraded shares of Nordstrom from a “hold” rating to a “buy” rating in a report on Wednesday. Credit Suisse Group dropped their price objective on shares of Nordstrom from $21.00 to $20.00 and set a “neutral” rating on the stock in a report on Wednesday. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Nordstrom from $23.00 to $22.00 and set a “hold” rating on the stock in a report on Monday, November 14th. Finally, Barclays lowered their target price on shares of Nordstrom from $21.00 to $18.00 and set an “underweight” rating on the stock in a report on Thursday, August 25th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $24.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Teachers Retirement System of The State of Kentucky bought a new position in shares of Nordstrom during the 3rd quarter valued at approximately $300,000. Baird Financial Group Inc. grew its position in shares of Nordstrom by 105.0% during the 3rd quarter. Baird Financial Group Inc. now owns 350,868 shares of the specialty retailer’s stock valued at $5,870,000 after acquiring an additional 179,729 shares during the period. BNP Paribas Arbitrage SNC grew its position in shares of Nordstrom by 254.4% during the 3rd quarter. BNP Paribas Arbitrage SNC now owns 929,281 shares of the specialty retailer’s stock valued at $15,547,000 after acquiring an additional 667,033 shares during the period. State Street Corp grew its position in shares of Nordstrom by 3.0% during the 3rd quarter. State Street Corp now owns 4,383,492 shares of the specialty retailer’s stock valued at $73,336,000 after acquiring an additional 125,909 shares during the period. Finally, Algert Global LLC bought a new position in shares of Nordstrom during the 3rd quarter valued at approximately $354,000. 59.36% of the stock is owned by institutional investors.

Nordstrom Company Profile

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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; TrunkClub.com; Nordstrom.ca; Nordstrom stores; Nordstrom Rack stores; Nordstrom Locals; Nordstromrack.com and HauteLook; clearance stores under the Last Chance name; Trunk Club clubhouses; and Jeffrey boutiques.

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Earnings History for Nordstrom (NYSE:JWN)

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