Guggenheim Begins Coverage on Nordstrom Inc. (JWN)
JWN has been the topic of a number of other reports. Cowen and Company reaffirmed an outperform rating and set a $55.00 price target on shares of Nordstrom in a research report on Monday, August 29th. Vetr raised Nordstrom from a hold rating to a buy rating and set a $47.50 price target on the stock in a research report on Tuesday, July 26th. RBC Capital Markets reaffirmed a sector perform rating and set a $47.00 price target (up from $38.00) on shares of Nordstrom in a research report on Monday, August 15th. Piper Jaffray Cos. reaffirmed a neutral rating and set a $45.00 price target on shares of Nordstrom in a research report on Monday, July 11th. Finally, Telsey Advisory Group upped their price target on Nordstrom from $40.00 to $53.00 and gave the stock a market perform rating in a research report on Friday, August 12th. Seven analysts have rated the stock with a sell rating, eighteen have given a hold rating and eight have issued a buy rating to the stock. Nordstrom presently has an average rating of Hold and an average target price of $47.23.
Nordstrom (NYSE:JWN) opened at 51.65 on Friday. Nordstrom has a 52-week low of $35.01 and a 52-week high of $69.70. The stock has a market capitalization of $8.96 billion, a P/E ratio of 22.01 and a beta of 1.04. The company’s 50-day moving average price is $51.25 and its 200 day moving average price is $46.43.
Nordstrom (NYSE:JWN) last posted its earnings results on Thursday, August 11th. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.11. The company earned $3.65 billion during the quarter, compared to analyst estimates of $3.67 billion. Nordstrom had a return on equity of 47.22% and a net margin of 2.95%. Nordstrom’s revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.93 earnings per share. On average, equities research analysts predict that Nordstrom will post $2.73 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 13th. Stockholders of record on Monday, August 29th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Thursday, August 25th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.87%. Nordstrom’s dividend payout ratio is currently 62.98%.
In other news, insider Daniel F. Little sold 5,270 shares of the firm’s stock in a transaction that occurred on Friday, September 23rd. The shares were sold at an average price of $52.00, for a total transaction of $274,040.00. Following the completion of the sale, the insider now owns 68,088 shares in the company, valued at approximately $3,540,576. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 7.03% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. M&T Bank Corp increased its stake in Nordstrom by 2.3% in the first quarter. M&T Bank Corp now owns 196,241 shares of the company’s stock valued at $11,227,000 after buying an additional 4,500 shares during the period. Royce & Associates LP increased its stake in Nordstrom by 0.6% in the first quarter. Royce & Associates LP now owns 171,000 shares of the company’s stock valued at $9,783,000 after buying an additional 1,000 shares during the period. Landscape Capital Management L.L.C. bought a new stake in Nordstrom during the first quarter valued at $3,771,000. NN Investment Partners Holdings N.V. bought a new stake in Nordstrom during the first quarter valued at $884,000. Finally, Peapack Gladstone Financial Corp bought a new stake in Nordstrom during the first quarter valued at $202,000. Institutional investors and hedge funds own 65.48% of the company’s stock.
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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