Goldman Sachs Group Reiterates $73.00 Price Target for Nordstrom (JWN)
Several other analysts have also commented on the company. Telsey Advisory Group raised their target price on Nordstrom from $65.00 to $72.00 and gave the stock an outperform rating in a report on Monday, September 10th. Morgan Stanley increased their price target on Nordstrom from $47.00 to $50.00 and gave the stock an underweight rating in a research report on Monday, September 17th. Deutsche Bank increased their price target on Nordstrom from $56.00 to $61.00 and gave the stock a buy rating in a research report on Friday, August 17th. ValuEngine upgraded Nordstrom from a hold rating to a buy rating in a research report on Thursday, October 11th. Finally, Cowen reiterated a hold rating and set a $56.00 price target on shares of Nordstrom in a research report on Friday, August 17th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the company. Nordstrom presently has a consensus rating of Hold and an average price target of $57.71.
Nordstrom stock opened at $51.69 on Friday. The stock has a market cap of $8.59 billion, a P/E ratio of 17.46, a P/E/G ratio of 2.35 and a beta of 0.59. Nordstrom has a 52 week low of $40.32 and a 52 week high of $67.75. The company has a current ratio of 1.12, a quick ratio of 0.44 and a debt-to-equity ratio of 2.23.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 11th. Shareholders of record on Monday, November 26th will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, November 23rd. This represents a $1.48 dividend on an annualized basis and a yield of 2.86%. Nordstrom’s dividend payout ratio is currently 50.00%.
Nordstrom declared that its board has authorized a stock repurchase plan on Wednesday, August 22nd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the specialty retailer to buy up to 14.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, VP Robert Sari sold 8,795 shares of the firm’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 transaction, the vice president now owns 14,960 shares in the company, valued at $935,000. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Christine Deputy sold 11,534 shares of the firm’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $65.87, for a total value of $759,744.58. Following the completion of the transaction, the insider now owns 76,463 shares in the company, valued at approximately $5,036,617.81. The disclosure for this sale can be found here. In the last 90 days, insiders sold 200,604 shares of company stock worth $12,621,378. Company insiders own 7.05% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. IFM Investors Pty Ltd lifted its position in Nordstrom by 36.3% during the second quarter. IFM Investors Pty Ltd now owns 5,670 shares of the specialty retailer’s stock worth $294,000 after buying an additional 1,511 shares in the last quarter. State of Alaska Department of Revenue lifted its position in Nordstrom by 14.4% during the second quarter. State of Alaska Department of Revenue now owns 45,560 shares of the specialty retailer’s stock worth $2,357,000 after buying an additional 5,730 shares in the last quarter. NN Investment Partners Holdings N.V. lifted its position in Nordstrom by 12.1% during the second quarter. NN Investment Partners Holdings N.V. now owns 21,120 shares of the specialty retailer’s stock worth $1,094,000 after buying an additional 2,275 shares in the last quarter. Bank of Montreal Can purchased a new position in Nordstrom during the second quarter worth approximately $50,353,000. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH lifted its position in Nordstrom by 80.6% during the second quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 30,091 shares of the specialty retailer’s stock worth $1,589,000 after buying an additional 13,431 shares in the last quarter. Institutional investors and hedge funds own 56.32% of the company’s stock.
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.
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