Nordstrom, Inc. (JWN) Earns Outperform Rating from Cowen and Company
Cowen and Company restated their outperform rating on shares of Nordstrom, Inc. (NYSE:JWN) in a research note released on Wednesday. They currently have a $53.00 price target on the specialty retailer’s stock, up from their prior price target of $49.00.
Other equities analysts have also issued reports about the stock. Vetr lowered shares of Nordstrom from a sell rating to a strong sell rating and set a $41.54 price objective on the stock. in a report on Wednesday, July 5th. UBS AG lowered shares of Nordstrom from a buy rating to a neutral rating and cut their price objective for the company from $51.00 to $46.00 in a report on Friday, June 9th. Northcoast Research restated a neutral rating on shares of Nordstrom in a report on Tuesday, May 16th. Robert W. Baird set a $50.00 price objective on shares of Nordstrom and gave the company a hold rating in a report on Saturday, August 12th. Finally, Guggenheim restated a neutral rating on shares of Nordstrom in a report on Friday, June 9th. Four research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $48.26.
Nordstrom (JWN) remained flat at $46.74 during mid-day trading on Wednesday. 3,005,112 shares of the stock traded hands. The company’s 50-day moving average price is $45.84 and its 200-day moving average price is $45.62. The stock has a market capitalization of $7.77 billion, a price-to-earnings ratio of 22.14 and a beta of 0.82. Nordstrom has a 52-week low of $39.53 and a 52-week high of $62.82.
Nordstrom (NYSE:JWN) last announced its quarterly earnings data on Thursday, August 10th. The specialty retailer reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.03. Nordstrom had a net margin of 2.44% and a return on equity of 71.57%. The business had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.70 billion. During the same period in the prior year, the business posted $0.67 earnings per share. Nordstrom’s revenue was up 3.5% compared to the same quarter last year. Equities research analysts forecast that Nordstrom will post $2.97 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Monday, August 28th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date of this dividend was Thursday, August 24th. Nordstrom’s dividend payout ratio (DPR) is currently 70.14%.
A number of institutional investors have recently added to or reduced their stakes in the stock. Gemmer Asset Management LLC grew its position in Nordstrom by 0.8% in the second quarter. Gemmer Asset Management LLC now owns 2,270 shares of the specialty retailer’s stock valued at $109,000 after purchasing an additional 18 shares in the last quarter. Global X Management Co. LLC grew its position in Nordstrom by 0.9% in the second quarter. Global X Management Co. LLC now owns 6,587 shares of the specialty retailer’s stock valued at $315,000 after purchasing an additional 59 shares in the last quarter. Mosaic Family Wealth LLC grew its position in Nordstrom by 3.8% in the first quarter. Mosaic Family Wealth LLC now owns 2,953 shares of the specialty retailer’s stock valued at $138,000 after purchasing an additional 109 shares in the last quarter. FineMark National Bank & Trust grew its position in Nordstrom by 2.1% in the second quarter. FineMark National Bank & Trust now owns 6,156 shares of the specialty retailer’s stock valued at $294,000 after purchasing an additional 128 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its position in Nordstrom by 1.5% in the second quarter. State of Alaska Department of Revenue now owns 9,520 shares of the specialty retailer’s stock valued at $455,000 after purchasing an additional 140 shares in the last quarter. 63.71% of the stock is owned by institutional investors and hedge funds.
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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