Nordstrom (JWN) Receives “Hold” Rating from Piper Jaffray Companies

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Nordstrom (NYSE:JWN)‘s stock had its “hold” rating restated by Piper Jaffray Companies in a research note issued to investors on Friday. They presently have a $49.00 target price on the specialty retailer’s stock. Piper Jaffray Companies’ target price would indicate a potential downside of 17.20% from the company’s previous close. Piper Jaffray Companies also issued estimates for Nordstrom’s Q3 2019 earnings at $0.63 EPS and Q1 2020 earnings at $0.56 EPS.

Several other brokerages also recently issued reports on JWN. Royal Bank of Canada set a $55.00 price target on Nordstrom and gave the stock a “hold” rating in a report on Friday. Nomura upped their price target on Nordstrom from $53.00 to $54.00 and gave the stock a “neutral” rating in a report on Thursday, July 12th. Credit Suisse Group upped their price target on Nordstrom from $50.00 to $52.00 and gave the stock a “neutral” rating in a report on Wednesday, July 11th. Deutsche Bank upgraded Nordstrom from a “hold” rating to a “buy” rating and upped their price target for the stock from $52.00 to $55.00 in a report on Wednesday, May 23rd. Finally, UBS Group upped their price target on Nordstrom from $69.00 to $73.00 and gave the stock a “buy” rating in a report on Friday. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $54.72.

Nordstrom stock traded up $6.90 during trading on Friday, hitting $59.18. 17,074,305 shares of the company were exchanged, compared to its average volume of 2,210,689. Nordstrom has a 52 week low of $37.79 and a 52 week high of $59.25. The company has a market capitalization of $8.80 billion, a P/E ratio of 19.99, a price-to-earnings-growth ratio of 2.55 and a beta of 0.82. The company has a current ratio of 1.09, a quick ratio of 0.44 and a debt-to-equity ratio of 2.50.

Nordstrom (NYSE:JWN) last announced its quarterly earnings results on Thursday, August 16th. The specialty retailer reported $0.95 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.11. Nordstrom had a return on equity of 55.75% and a net margin of 2.96%. The business had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter in the prior year, the company posted $0.65 earnings per share. Nordstrom’s revenue was up 7.1% compared to the same quarter last year. analysts predict that Nordstrom will post 3.44 EPS for the current year.

In other news, VP Robert Sari sold 7,671 shares of the company’s stock in a transaction on Friday, August 17th. The stock was sold at an average price of $55.65, for a total transaction of $426,891.15. Following the transaction, the vice president now owns 25,178 shares of the company’s stock, valued at approximately $1,401,155.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James F. Nordstrom, Jr. sold 37,880 shares of the company’s stock in a transaction on Friday, June 29th. The shares were sold at an average price of $52.55, for a total value of $1,990,594.00. Following the transaction, the insider now directly owns 481,285 shares in the company, valued at approximately $25,291,526.75. The disclosure for this sale can be found here. In the last three months, insiders sold 170,624 shares of company stock worth $9,072,951. Insiders own 7.05% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. DnB Asset Management AS purchased a new position in shares of Nordstrom during the 2nd quarter valued at $578,000. GWM Advisors LLC lifted its position in shares of Nordstrom by 17.8% during the 1st quarter. GWM Advisors LLC now owns 7,960 shares of the specialty retailer’s stock valued at $378,000 after buying an additional 1,200 shares during the last quarter. XR Securities LLC purchased a new position in shares of Nordstrom during the 2nd quarter valued at $236,000. Cubist Systematic Strategies LLC purchased a new position in shares of Nordstrom during the 1st quarter valued at $1,443,000. Finally, Financial Engines Advisors L.L.C. lifted its position in shares of Nordstrom by 58.3% during the 1st quarter. Financial Engines Advisors L.L.C. now owns 92,360 shares of the specialty retailer’s stock valued at $4,471,000 after buying an additional 34,018 shares during the last quarter. 55.96% of the stock is currently owned by hedge funds and other institutional investors.

About Nordstrom

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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Analyst Recommendations for Nordstrom (NYSE:JWN)

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