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

Nordstrom (NYSE:JWNGet Rating) announced its quarterly earnings results 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. The company had revenue of $3.50 billion during the quarter, compared to analysts’ expectations of $3.49 billion. Nordstrom had a return on equity of 70.36% and a net margin of 2.60%. Nordstrom’s quarterly revenue was down 3.8% on a year-over-year basis. During the same period last year, the business earned $0.39 earnings per share. Nordstrom updated its FY23 guidance to $2.30-$2.60 EPS.

Nordstrom Price Performance

Shares of NYSE:JWN traded up $1.38 during trading on Tuesday, reaching $22.65. The stock had a trading volume of 10,506,110 shares, compared to its average volume of 6,139,342. The business has a fifty day moving average price of $19.44 and a 200-day moving average price of $21.54. The stock has a market cap of $3.60 billion, a PE ratio of 8.99, a PEG ratio of 1.54 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 has a 1-year low of $16.14 and a 1-year high of $32.38.

Nordstrom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 14th. Stockholders of record on Tuesday, November 29th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend is Monday, November 28th. Nordstrom’s dividend payout ratio is presently 30.16%.

Hedge Funds Weigh In On Nordstrom

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Algert Global LLC acquired a new position in Nordstrom during the third quarter worth $354,000. Prudential Financial Inc. boosted its stake in Nordstrom by 3.4% during the first quarter. Prudential Financial Inc. now owns 12,666 shares of the specialty retailer’s stock worth $344,000 after buying an additional 415 shares during the last quarter. EP Wealth Advisors LLC acquired a new position in Nordstrom during the first quarter worth $339,000. Raymond James Financial Services Advisors Inc. boosted its stake in Nordstrom by 8.4% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 11,622 shares of the specialty retailer’s stock worth $315,000 after buying an additional 903 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky acquired a new position in Nordstrom during the third quarter worth $300,000. Institutional investors and hedge funds own 59.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. StockNews.com assumed coverage on Nordstrom in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Telsey Advisory Group reduced their price target on Nordstrom from $28.00 to $25.00 and set a “market perform” rating for the company in a research report on Wednesday, August 24th. Jefferies Financial Group upgraded Nordstrom from a “hold” rating to a “buy” rating and lifted their price target for the company from $21.00 to $24.00 in a research report on Thursday, September 15th. Deutsche Bank Aktiengesellschaft cut their price objective on Nordstrom from $23.00 to $22.00 and set a “hold” rating for the company in a research report on Monday, November 14th. Finally, Barclays cut their price objective on Nordstrom from $21.00 to $18.00 and set an “underweight” rating for the company in a research report on Thursday, August 25th. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $24.38.

About Nordstrom

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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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