Nomura Trims Nordstrom (JWN) Target Price to $55.00

Nordstrom (NYSE:JWN) had its price target cut by Nomura from $57.00 to $55.00 in a research report sent to investors on Friday. They currently have a neutral rating on the specialty retailer’s stock.

Other equities research analysts have also issued research reports about the company. Goldman Sachs Group reissued a sell rating on shares of Nordstrom in a research note on Tuesday, September 4th. Telsey Advisory Group boosted their price target on Nordstrom from $65.00 to $72.00 and gave the stock an outperform rating in a research note on Monday, September 10th. Morgan Stanley boosted their price target on Nordstrom from $47.00 to $50.00 and gave the stock an underweight rating in a research note on Monday, September 17th. Deutsche Bank boosted their price target on Nordstrom from $56.00 to $61.00 and gave the stock a buy rating in a research note on Friday, August 17th. Finally, ValuEngine raised Nordstrom from a hold rating to a buy rating in a research note on Thursday, October 11th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $57.71.

NYSE JWN opened at $51.26 on Friday. The company has a debt-to-equity ratio of 2.23, a quick ratio of 0.44 and a current ratio of 1.12. Nordstrom has a 12-month low of $40.37 and a 12-month high of $67.75. The company has a market cap of $8.59 billion, a price-to-earnings ratio of 15.29, a price-to-earnings-growth ratio of 2.35 and a beta of 0.59.

Nordstrom (NYSE:JWN) last released its earnings results on Thursday, November 15th. The specialty retailer reported $0.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.03. Nordstrom had a return on equity of 51.66% and a net margin of 2.92%. The company had revenue of $3.75 billion for the quarter, compared to analysts’ expectations of $3.68 billion. As a group, equities research analysts forecast that Nordstrom will post 3.61 EPS for the current year.

Nordstrom announced that its board has initiated a share repurchase plan on Wednesday, August 22nd that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the specialty retailer to reacquire up to 14.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 11th. Stockholders of record on Monday, November 26th will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 2.89%. The ex-dividend date is Friday, November 23rd. Nordstrom’s dividend payout ratio (DPR) is 50.00%.

In related news, VP Robert Sari sold 8,795 shares of the company’s stock in a transaction that occurred on Wednesday, October 10th. The stock was sold at an average price of $62.50, for a total value of $549,687.50. Following the sale, the vice president now owns 14,960 shares of the company’s stock, valued at approximately $935,000. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Blake W. Nordstrom sold 127,251 shares of the company’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $61.51, for a total value of $7,827,209.01. Following the completion of the sale, the insider now directly owns 2,519,436 shares in the company, valued at approximately $154,970,508.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 200,604 shares of company stock worth $12,621,378. 7.05% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the stock. Auxier Asset Management purchased a new stake in Nordstrom in the 3rd quarter valued at approximately $224,000. Csenge Advisory Group purchased a new stake in Nordstrom in the 3rd quarter valued at approximately $317,000. Nordea Investment Management AB lifted its stake in Nordstrom by 66.9% in the 3rd quarter. Nordea Investment Management AB now owns 7,105 shares of the specialty retailer’s stock valued at $425,000 after buying an additional 2,849 shares in the last quarter. TIAA CREF Investment Management LLC lifted its stake in Nordstrom by 92.5% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 1,358,979 shares of the specialty retailer’s stock valued at $81,281,000 after buying an additional 653,173 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its stake in Nordstrom by 22.6% in the 3rd quarter. Neuberger Berman Group LLC now owns 355,713 shares of the specialty retailer’s stock valued at $21,275,000 after buying an additional 65,603 shares in the last quarter. 56.32% of the stock is currently owned by hedge funds and other institutional investors.

About Nordstrom

Nordstrom, Inc, a fashion retailer, provides apparel, shoes, cosmetics, and accessories for women, men, young adults, and children in the United States and Canada. The company operates in two segments, Retail and Credit. The Retail segment offers a range of brand name and private label merchandise through various channels, including Nordstrom branded full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; Trunk Club clubhouses and TrunkClub.com; Jeffrey boutiques; and clearance stores that operate under the Last Chance name.

Read More: Short Selling Stocks, A Beginner’s Guide

Analyst Recommendations for Nordstrom (NYSE:JWN)

Receive News & Ratings for Nordstrom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nordstrom and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply