Nordstrom (JWN) Releases FY19 Earnings Guidance
Nordstrom (NYSE:JWN) updated its FY19 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $3.55-3.65 for the period, compared to the Thomson Reuters consensus estimate of $3.60. Nordstrom also updated its FY 2018 guidance to $3.55-3.65 EPS.
A number of research firms have recently commented on JWN. Gordon Haskett cut Nordstrom from a hold rating to a reduce rating in a research report on Thursday, November 8th. Wedbush began coverage on Nordstrom in a research report on Wednesday, October 31st. They issued a $59.00 price objective for the company. ValuEngine upgraded Nordstrom from a hold rating to a buy rating in a research report on Thursday, October 11th. Morgan Stanley boosted their price objective on Nordstrom from $47.00 to $50.00 and gave the company an underweight rating in a research report on Monday, September 17th. Finally, Telsey Advisory Group boosted their price objective on Nordstrom from $65.00 to $72.00 and gave the company an outperform rating in a research report on Monday, September 10th. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $57.76.
Shares of NYSE:JWN traded down $2.11 during trading on Thursday, reaching $58.99. The stock had a trading volume of 4,881,141 shares, compared to its average volume of 2,308,053. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.10 and a quick ratio of 0.54. The firm has a market capitalization of $10.84 billion, a PE ratio of 19.93, a P/E/G ratio of 2.99 and a beta of 0.59. Nordstrom has a 1-year low of $39.03 and a 1-year high of $67.75.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 11th. Stockholders of record on Monday, November 26th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date is Friday, November 23rd. Nordstrom’s dividend payout ratio is presently 50.00%.
Nordstrom announced that its Board of Directors has initiated a share buyback program on Wednesday, August 22nd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the specialty retailer to purchase up to 14.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.
In other Nordstrom news, insider Blake W. Nordstrom sold 127,251 shares of the business’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $61.51, for a total transaction of $7,827,209.01. Following the transaction, the insider now owns 2,519,436 shares of the company’s stock, valued at $154,970,508.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Robert Sari sold 7,671 shares of the business’s stock in a transaction on Friday, August 17th. The stock was sold at an average price of $55.65, for a total value of $426,891.15. Following the transaction, the vice president now directly owns 25,178 shares in the company, valued at approximately $1,401,155.70. The disclosure for this sale can be found here. Insiders sold 208,275 shares of company stock worth $13,048,270 over the last ninety days. Corporate insiders own 7.05% of the company’s stock.
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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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