Zacks Investment Research upgraded shares of Nordstrom (NYSE:JWN) from a hold rating to a buy rating in a research note issued to investors on Monday morning. They currently have $56.00 price objective on the specialty retailer’s stock.
According to Zacks, “Nordstrom has been gaining from the smooth execution of customer strategy along with disciplined inventory and expense management. Also, the company is enhancing market share through persistent store expansion and strengthening capabilities through further investments, particularly in digital growth. Notably, its third-quarter fiscal 2017 results marked sixth straight time of earnings beat, sales topped estimates for the second consecutive quarter. Moreover, the company’s solid holiday season feat and raised earnings guidance for fiscal 2017, also increases hopes for a spectacular 2018. However, the company has underperformed the industry in the last six months due to higher expenses. Higher investments toward occupancy, technology, supply chain and marketing continue to weigh upon near term costs and margins. Further, the company expects these hurdles to continue hurting results in fiscal 2017.”
A number of other brokerages have also weighed in on JWN. Robert W. Baird decreased their target price on shares of Nordstrom from $50.00 to $43.00 and set a neutral rating for the company in a research note on Friday, November 10th. KeyCorp set a $55.00 price objective on Nordstrom and gave the stock a buy rating in a research note on Wednesday, October 11th. Bank of America reduced their price objective on Nordstrom from $40.00 to $35.00 and set an underperform rating for the company in a research note on Friday, November 10th. ValuEngine lowered Nordstrom from a buy rating to a hold rating in a research note on Sunday, December 31st. Finally, Royal Bank of Canada restated a hold rating and issued a $45.00 price objective on shares of Nordstrom in a research note on Thursday, October 5th. Three equities 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 company. The company presently has a consensus rating of Hold and an average price target of $47.11.
Shares of Nordstrom (NYSE:JWN) traded down $1.64 on Monday, reaching $50.18. 1,968,736 shares of the company’s stock were exchanged, compared to its average volume of 2,517,224. The stock has a market cap of $8,360.00, a price-to-earnings ratio of 17.61, a PEG ratio of 2.90 and a beta of 0.89. The company has a debt-to-equity ratio of 3.14, a quick ratio of 0.30 and a current ratio of 1.00. Nordstrom has a 1-year low of $37.79 and a 1-year high of $53.00.
Nordstrom (NYSE:JWN) last announced its earnings results on Thursday, November 9th. The specialty retailer reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04. The business had revenue of $3.54 billion during the quarter, compared to analyst estimates of $3.50 billion. Nordstrom had a net margin of 3.25% and a return on equity of 67.44%. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.84 EPS. research analysts expect that Nordstrom will post 2.98 earnings per share for the current fiscal year.
A number of institutional investors have recently modified their holdings of JWN. LSV Asset Management bought a new position in Nordstrom in the 2nd quarter worth $559,000. Aberdeen Asset Management PLC UK boosted its holdings in Nordstrom by 32.0% in the 2nd quarter. Aberdeen Asset Management PLC UK now owns 49,107 shares of the specialty retailer’s stock worth $2,349,000 after buying an additional 11,899 shares during the period. Stephens Inc. AR boosted its holdings in Nordstrom by 10.3% in the 2nd quarter. Stephens Inc. AR now owns 7,525 shares of the specialty retailer’s stock worth $360,000 after buying an additional 700 shares during the period. Teachers Advisors LLC boosted its holdings in Nordstrom by 8.2% in the 2nd quarter. Teachers Advisors LLC now owns 221,548 shares of the specialty retailer’s stock worth $10,597,000 after buying an additional 16,794 shares during the period. Finally, Nationwide Fund Advisors boosted its holdings in Nordstrom by 374.2% in the 2nd quarter. Nationwide Fund Advisors now owns 154,011 shares of the specialty retailer’s stock worth $7,366,000 after buying an additional 121,533 shares during the period. 57.70% of the stock is owned by institutional investors.
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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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