Nordstrom, Inc. (NYSE:JWN – Get Free Report)’s share price gapped down before the market opened on Wednesday after Citigroup lowered their price target on the stock from $21.00 to $20.00. The stock had previously closed at $20.90, but opened at $18.73. Citigroup currently has a neutral rating on the stock. Nordstrom shares last traded at $18.08, with a volume of 2,775,243 shares trading hands.
Several other brokerages have also recently weighed in on JWN. Evercore ISI started coverage on shares of Nordstrom in a research report on Tuesday, November 7th. They issued an “inline” rating and a $14.00 price target on the stock. Barclays boosted their price objective on Nordstrom from $14.00 to $15.00 and gave the stock an “underweight” rating in a research note on Wednesday. Bank of America boosted their price objective on Nordstrom from $13.00 to $15.00 and gave the stock an “underperform” rating in a research note on Wednesday. Piper Sandler cut their target price on Nordstrom from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 22nd. Finally, StockNews.com raised Nordstrom from a “hold” rating to a “buy” rating in a research report on Tuesday. Five investment analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $16.85.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the stock. Winslow Asset Management Inc. grew its stake in Nordstrom by 5.4% in the 4th quarter. Winslow Asset Management Inc. now owns 167,896 shares of the specialty retailer’s stock worth $3,098,000 after acquiring an additional 8,626 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in Nordstrom by 2.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 47,784 shares of the specialty retailer’s stock worth $882,000 after purchasing an additional 1,306 shares in the last quarter. Legal & General Group Plc grew its stake in Nordstrom by 1.9% in the fourth quarter. Legal & General Group Plc now owns 155,363 shares of the specialty retailer’s stock worth $2,866,000 after purchasing an additional 2,871 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Nordstrom by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 10,074,006 shares of the specialty retailer’s stock worth $185,865,000 after buying an additional 46,980 shares in the last quarter. Finally, Voloridge Investment Management LLC grew its position in shares of Nordstrom by 970.9% during the 4th quarter. Voloridge Investment Management LLC now owns 547,895 shares of the specialty retailer’s stock worth $10,109,000 after buying an additional 496,731 shares in the last quarter. 62.56% of the stock is currently owned by institutional investors.
Nordstrom Stock Down 14.3 %
The company has a current ratio of 1.00, a quick ratio of 0.29 and a debt-to-equity ratio of 3.58. The business has a 50-day moving average price of $19.11 and a 200-day moving average price of $16.59. The firm has a market cap of $2.91 billion, a P/E ratio of 25.11, a P/E/G ratio of 2.10 and a beta of 2.59.
Nordstrom (NYSE:JWN – Get Free Report) last released its quarterly earnings data on Tuesday, March 5th. The specialty retailer reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.06. Nordstrom had a net margin of 0.81% and a return on equity of 45.64%. The firm had revenue of $4.29 billion for the quarter, compared to the consensus estimate of $4.38 billion. During the same period last year, the firm earned $0.74 earnings per share. The company’s quarterly revenue was up 2.2% on a year-over-year basis. On average, equities analysts forecast that Nordstrom, Inc. will post 2.07 EPS for the current fiscal year.
Nordstrom Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 27th. Shareholders of record on Tuesday, March 12th will be given a dividend of $0.19 per share. The ex-dividend date is Monday, March 11th. This represents a $0.76 annualized dividend and a yield of 4.24%. Nordstrom’s dividend payout ratio (DPR) is presently 105.56%.
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; and clearance stores under the Last Chance name.