Nordstrom (JWN) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Nordstrom (NYSE:JWN) from a hold rating to a buy rating in a report released on Monday morning. The brokerage currently has $56.00 price objective on the specialty retailer’s stock.
According to Zacks, “Nordstrom has been gaining from the smooth execution of customer strategy along with disciplined inventory and expense management. Also, the company is enhancing market share through persistent store expansion and strengthening capabilities through further investments, particularly in digital growth. Notably, its third-quarter fiscal 2017 results marked sixth straight time of earnings beat, sales topped estimates for the second consecutive quarter. Moreover, the company’s solid holiday season feat and raised earnings guidance for fiscal 2017, also increases hopes for a spectacular 2018. However, the company has underperformed the industry in the last six months due to higher expenses. Higher investments toward occupancy, technology, supply chain and marketing continue to weigh upon near term costs and margins. Further, the company expects these hurdles to continue hurting results in fiscal 2017.”
A number of other brokerages also recently commented on JWN. BMO Capital Markets set a $50.00 price target on shares of Nordstrom and gave the company a hold rating in a report on Friday. Piper Jaffray Companies set a $45.00 price target on shares of Nordstrom and gave the company a hold rating in a report on Wednesday, January 10th. Robert W. Baird set a $49.00 price target on shares of Nordstrom and gave the company a hold rating in a report on Friday, December 22nd. ValuEngine downgraded shares of Nordstrom from a buy rating to a hold rating in a report on Sunday, December 31st. Finally, JPMorgan Chase & Co. raised shares of Nordstrom from an underweight rating to a neutral rating and increased their price target for the company from $33.00 to $48.00 in a report on Tuesday, January 2nd. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and eight have given a buy rating to the company. Nordstrom currently has an average rating of Hold and an average price target of $47.11.
Shares of Nordstrom (JWN) traded down $1.64 during trading hours on Monday, hitting $50.18. 1,968,736 shares of the company were exchanged, compared to its average volume of 2,517,224. The company has a current ratio of 1.00, a quick ratio of 0.30 and a debt-to-equity ratio of 3.14. Nordstrom has a 1 year low of $37.79 and a 1 year high of $53.00. The company has a market cap of $8,360.00, a P/E ratio of 17.61, a price-to-earnings-growth ratio of 2.90 and a beta of 0.89.
Nordstrom (NYSE:JWN) last announced its quarterly earnings results on Thursday, November 9th. The specialty retailer reported $0.67 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.04. Nordstrom had a net margin of 3.25% and a return on equity of 67.44%. The firm had revenue of $3.54 billion during the quarter, compared to the consensus estimate of $3.50 billion. During the same quarter last year, the firm earned $0.84 EPS. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. equities research analysts predict that Nordstrom will post 2.98 earnings per share for the current fiscal year.
Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its position in shares of Nordstrom by 1.9% during the second quarter. BlackRock Inc. now owns 8,171,548 shares of the specialty retailer’s stock worth $390,843,000 after acquiring an additional 150,539 shares during the period. Principal Financial Group Inc. increased its position in shares of Nordstrom by 7.4% during the third quarter. Principal Financial Group Inc. now owns 1,967,191 shares of the specialty retailer’s stock worth $92,752,000 after acquiring an additional 136,053 shares during the period. York Capital Management Global Advisors LLC purchased a new position in shares of Nordstrom during the second quarter worth approximately $75,623,000. APG Asset Management N.V. increased its position in shares of Nordstrom by 6.8% during the third quarter. APG Asset Management N.V. now owns 1,519,455 shares of the specialty retailer’s stock worth $71,642,000 after acquiring an additional 97,000 shares during the period. Finally, Disciplined Growth Investors Inc. MN increased its position in shares of Nordstrom by 1,155.2% during the second quarter. Disciplined Growth Investors Inc. MN now owns 893,200 shares of the specialty retailer’s stock worth $42,722,000 after acquiring an additional 822,038 shares during the period. 57.70% of the stock is currently owned by institutional investors.
Nordstrom Company Profile
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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