Nordstrom Inc. (JWN) Posts Quarterly Earnings Results, Beats Estimates By $0.32 EPS
Nordstrom Inc. (NYSE:JWN) issued its quarterly earnings results on Thursday. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.32. The company earned $3.47 billion during the quarter, compared to analysts’ expectations of $3.49 billion. Nordstrom had a net margin of 2.95% and a return on equity of 47.22%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the business earned $0.57 EPS. Nordstrom updated its FY17 guidance to $2.85-2.95 EPS.
Nordstrom (NYSE:JWN) opened at 56.03 on Friday. Nordstrom has a 1-year low of $35.01 and a 1-year high of $59.37. The firm has a market capitalization of $9.72 billion, a price-to-earnings ratio of 23.87 and a beta of 1.02. The company has a 50 day moving average price of $52.70 and a 200-day moving average price of $46.38.
Several brokerages have recently weighed in on JWN. Zacks Investment Research cut shares of Nordstrom from a “buy” rating to a “hold” rating in a research note on Monday, October 24th. 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 note on Monday, August 15th. Deutsche Bank AG cut shares of Nordstrom from a “buy” rating to a “hold” rating and decreased their price target for the stock from $57.00 to $56.00 in a research note on Monday, October 31st. They noted that the move was a valuation call. Vetr cut shares of Nordstrom from a “sell” rating to a “strong sell” rating and set a $46.00 price target for the company. in a research note on Tuesday, September 6th. Finally, Guggenheim began coverage on shares of Nordstrom in a research note on Friday, September 30th. They set a “buy” rating and a $60.00 price target for the company. Seven analysts have rated the stock with a sell rating, nineteen have issued a hold rating and seven have issued a buy rating to the stock. Nordstrom currently has an average rating of “Hold” and a consensus price target of $47.20.
In related news, insider Daniel F. Little sold 5,277 shares of the stock in a transaction dated Friday, October 7th. The stock was sold at an average price of $55.00, for a total transaction of $290,235.00. Following the sale, the insider now owns 68,223 shares of the company’s stock, valued at approximately $3,752,265. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel F. Little sold 5,270 shares of the stock in a transaction dated Thursday, October 6th. The stock was sold at an average price of $54.00, for a total value of $284,580.00. Following the sale, the insider now directly owns 68,216 shares in the company, valued at approximately $3,683,664. The disclosure for this sale can be found here. Corporate insiders own 7.03% of the company’s stock.
A number of hedge funds have recently modified their holdings of JWN. Pacer Advisors Inc. boosted its stake in shares of Nordstrom by 5.6% in the second quarter. Pacer Advisors Inc. now owns 2,632 shares of the company’s stock worth $100,000 after buying an additional 140 shares during the period. Evercore Wealth Management LLC raised its position in shares of Nordstrom by 9.1% in the second quarter. Evercore Wealth Management LLC now owns 2,779 shares of the company’s stock worth $106,000 after buying an additional 231 shares in the last quarter. WFG Advisors LP raised its position in shares of Nordstrom by 51.7% in the second quarter. WFG Advisors LP now owns 2,906 shares of the company’s stock worth $111,000 after buying an additional 991 shares in the last quarter. Blue Chip Partners Inc. acquired a new position in shares of Nordstrom during the second quarter worth $114,000. Finally, Gemmer Asset Management LLC raised its position in shares of Nordstrom by 1.2% in the third quarter. Gemmer Asset Management LLC now owns 2,219 shares of the company’s stock worth $115,000 after buying an additional 26 shares in the last quarter. 65.60% of the stock is currently owned by institutional investors and hedge funds.
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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