Nordstrom (NYSE:JWN) Price Target Raised to $23.00

Nordstrom (NYSE:JWN) had its price target lifted by Citigroup from $22.00 to $23.00 in a research note published on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the specialty retailer’s stock.

Other equities research analysts have also issued research reports about the company. StockNews.com upgraded Nordstrom from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. BMO Capital Markets increased their price target on Nordstrom from $20.00 to $22.00 and gave the stock a “market perform” rating in a report on Wednesday, August 28th. KeyCorp cut Nordstrom from an “overweight” rating to a “sector weight” rating in a research note on Thursday, September 26th. TD Cowen increased their price target on Nordstrom from $24.00 to $25.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Nordstrom from $19.00 to $20.00 and gave the company an “underweight” rating in a research report on Wednesday, August 28th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $20.58.

Nordstrom Price Performance

Nordstrom stock opened at $22.37 on Tuesday. Nordstrom has a one year low of $13.68 and a one year high of $24.93. The stock’s fifty day moving average price is $22.75 and its two-hundred day moving average price is $22.11. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.07 and a quick ratio of 0.41. The firm has a market cap of $3.67 billion, a PE ratio of 13.08 and a beta of 2.59.

Nordstrom (NYSE:JWN) last released its quarterly earnings data on Tuesday, August 27th. The specialty retailer reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.25. The business had revenue of $3.89 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Nordstrom had a negative net margin of 1.44% and a negative return on equity of 21.26%. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.84 EPS. As a group, research analysts expect that Nordstrom will post 1.91 EPS for the current fiscal year.

Nordstrom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Tuesday, December 3rd will be issued a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.40%. Nordstrom’s dividend payout ratio is presently 44.44%.

Insider Buying and Selling at Nordstrom

In other Nordstrom news, COO Alexis Depree sold 20,000 shares of the company’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $23.20, for a total value of $464,000.00. Following the completion of the transaction, the chief operating officer now owns 169,331 shares in the company, valued at $3,928,479.20. This represents a 10.56 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.78% of the company’s stock.

Hedge Funds Weigh In On Nordstrom

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Virtu Financial LLC bought a new stake in shares of Nordstrom in the third quarter valued at $451,000. Geode Capital Management LLC raised its stake in Nordstrom by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,625,616 shares of the specialty retailer’s stock valued at $36,570,000 after acquiring an additional 5,407 shares during the period. MML Investors Services LLC lifted its holdings in Nordstrom by 24.7% during the third quarter. MML Investors Services LLC now owns 20,097 shares of the specialty retailer’s stock valued at $452,000 after purchasing an additional 3,981 shares during the last quarter. Orion Portfolio Solutions LLC bought a new position in Nordstrom during the third quarter worth about $215,000. Finally, XTX Topco Ltd increased its stake in shares of Nordstrom by 87.9% in the third quarter. XTX Topco Ltd now owns 40,353 shares of the specialty retailer’s stock worth $908,000 after purchasing an additional 18,881 shares in the last quarter. 88.73% of the stock is owned by hedge funds and other institutional investors.

About Nordstrom

Nordstrom, Inc, a fashion retailer, provides apparels, shoes, beauty, accessories, and home goods for women, men, young adults, and children. It offers a range of brand-name and private-label merchandise through various channels, such as Nordstrom branded stores and online at Nordstrom.com; Nordstrom.ca; Nordstrom stores; Nordstrom Rack stores; Nordstrom Locals; ASOS; Nordstromrack.com; mobile application; and clearance stores under the Last Chance name.