Bank of America Corporation Cuts Nordstrom, Inc. (JWN) Price Target to $35.00
Nordstrom, Inc. (NYSE:JWN) had its price objective lowered by Bank of America Corporation from $40.00 to $35.00 in a research note released on Friday morning. The firm currently has an underperform rating on the specialty retailer’s stock.
JWN has been the topic of a number of other research reports. Zacks Investment Research upgraded shares of Nordstrom from a sell rating to a hold rating and set a $45.00 target price on the stock in a research report on Wednesday, November 8th. Robert W. Baird decreased their target price on shares of Nordstrom from $50.00 to $43.00 and set a neutral rating on the stock in a research report on Friday. Cowen and Company restated an outperform rating and set a $53.00 target price (up previously from $49.00) on shares of Nordstrom in a research report on Wednesday, September 13th. KeyCorp set a $55.00 target price on shares of Nordstrom and gave the stock a buy rating in a research report on Wednesday, October 11th. Finally, BidaskClub lowered shares of Nordstrom from a buy rating to a hold rating in a research report on Saturday, August 12th. Four investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $45.33.
Nordstrom (JWN) traded down $1.31 during mid-day trading on Friday, hitting $38.72. 2,871,800 shares of the stock traded hands, compared to its average volume of 2,928,584. The firm has a market capitalization of $6,669.00, a price-to-earnings ratio of 12.83, a PEG ratio of 2.26 and a beta of 0.84. Nordstrom has a twelve month low of $37.79 and a twelve month high of $62.82. The company has a quick ratio of 0.30, a current ratio of 1.00 and a debt-to-equity ratio of 3.14.
Nordstrom (NYSE:JWN) last released its quarterly earnings results on Thursday, November 9th. The specialty retailer reported $0.67 EPS for the quarter, beating the consensus estimate of $0.63 by $0.04. The business had revenue of $3.54 billion for the quarter, compared to analyst estimates of $3.50 billion. Nordstrom had a net margin of 3.25% and a return on equity of 67.44%. The company’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.84 earnings per share. sell-side analysts expect that Nordstrom will post 2.95 EPS for the current year.
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A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its holdings in Nordstrom by 37.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 10,882,305 shares of the specialty retailer’s stock valued at $520,501,000 after purchasing an additional 2,985,551 shares in the last quarter. BlackRock Inc. grew its holdings in Nordstrom by 1.9% during the 2nd quarter. BlackRock Inc. now owns 8,171,548 shares of the specialty retailer’s stock valued at $390,843,000 after purchasing an additional 150,539 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Nordstrom by 7.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,967,191 shares of the specialty retailer’s stock valued at $92,752,000 after purchasing an additional 136,053 shares in the last quarter. York Capital Management Global Advisors LLC acquired a new stake in Nordstrom during the 2nd quarter valued at $75,623,000. Finally, APG Asset Management N.V. grew its holdings in Nordstrom by 6.8% during the 3rd quarter. APG Asset Management N.V. now owns 1,519,455 shares of the specialty retailer’s stock valued at $71,642,000 after purchasing an additional 97,000 shares in the last quarter. 62.35% of the stock is owned by institutional investors and hedge funds.
Nordstrom, Inc is a fashion specialty retailer in the United States. The Company’s segments include Retail and Credit. As of March 20, 2017, the Company operated 344 the United States stores located in 40 states as well as an e-commerce business. The Company also offers its customers a variety of payment products and services, including credit and debit cards.
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