Nordstrom (NYSE:JWN – Get Rating) had its price target decreased by stock analysts at Morgan Stanley from $22.00 to $17.00 in a report issued on Thursday, Stock Target Advisor reports. The firm currently has an “underweight” rating on the specialty retailer’s stock. Morgan Stanley’s price target suggests a potential downside of 30.84% from the company’s current price.
Several other analysts also recently weighed in on the company. Cowen cut their price target on Nordstrom from $30.00 to $24.00 in a research note on Wednesday. Deutsche Bank Aktiengesellschaft upped their price target on Nordstrom from $31.00 to $32.00 in a research note on Wednesday. Citigroup cut their target price on Nordstrom from $27.00 to $22.00 and set a “neutral” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. cut their target price on Nordstrom from $24.00 to $22.00 in a research note on Monday, May 16th. Finally, Credit Suisse Group cut their target price on Nordstrom to $26.00 in a research note on Wednesday. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $27.24.
Shares of NYSE:JWN traded up $1.00 during trading on Thursday, hitting $24.58. The stock had a trading volume of 285,629 shares, compared to its average volume of 6,401,957. Nordstrom has a 12 month low of $18.65 and a 12 month high of $38.48. The company has a market capitalization of $3.92 billion, a PE ratio of 23.19, a PEG ratio of 1.14 and a beta of 2.25. The firm’s fifty day moving average is $26.16 and its 200 day moving average is $24.52. The company has a quick ratio of 0.27, a current ratio of 0.96 and a debt-to-equity ratio of 4.91.
Nordstrom (NYSE:JWN – Get Rating) last posted its quarterly earnings results on Tuesday, May 24th. The specialty retailer reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The company had revenue of $3.57 billion during the quarter, compared to analysts’ expectations of $3.29 billion. Nordstrom had a return on equity of 70.74% and a net margin of 1.20%. The business’s quarterly revenue was up 18.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.64) EPS. Equities research analysts expect that Nordstrom will post 3.3 EPS for the current fiscal year.
Nordstrom declared that its Board of Directors has approved a share buyback program on Tuesday, May 24th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 15.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
In related news, CFO Anne L. Bramman sold 13,334 shares of the firm’s stock in a transaction on Monday, April 18th. The stock was sold at an average price of $28.74, for a total value of $383,219.16. Following the transaction, the chief financial officer now directly owns 120,137 shares of the company’s stock, valued at approximately $3,452,737.38. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 5.45% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of JWN. Tcwp LLC bought a new stake in Nordstrom during the first quarter valued at about $26,000. Counterpoint Mutual Funds LLC bought a new stake in Nordstrom during the fourth quarter valued at about $29,000. Allworth Financial LP raised its holdings in Nordstrom by 63.4% during the first quarter. Allworth Financial LP now owns 1,186 shares of the specialty retailer’s stock valued at $32,000 after acquiring an additional 460 shares during the period. Charter Oak Capital Management LLC raised its holdings in Nordstrom by 209.1% during the fourth quarter. Charter Oak Capital Management LLC now owns 1,626 shares of the specialty retailer’s stock valued at $37,000 after acquiring an additional 1,100 shares during the period. Finally, Kozak & Associates Inc. bought a new stake in Nordstrom during the third quarter valued at about $45,000. 57.27% of the stock is currently owned by institutional investors and hedge funds.
About Nordstrom (Get Rating)
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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