Morgan Stanley Increases Nordstrom (JWN) Price Target to $47.00

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Nordstrom (NYSE:JWN) had its target price increased by Morgan Stanley from $44.00 to $47.00 in a research report report published on Friday morning. The firm currently has an underweight rating on the specialty retailer’s stock.

A number of other research analysts also recently weighed in on the stock. Royal Bank of Canada set a $55.00 price objective on shares of Nordstrom and gave the company a hold rating in a research report on Friday. Zacks Investment Research downgraded shares of Nordstrom from a buy rating to a hold rating in a research report on Monday, May 21st. Telsey Advisory Group upgraded shares of Nordstrom from a market perform rating to an outperform rating and set a $57.00 price objective on the stock in a research report on Wednesday, July 11th. Piper Jaffray Companies restated a hold rating and set a $47.00 price objective on shares of Nordstrom in a research report on Tuesday, August 7th. Finally, Wedbush began coverage on shares of Nordstrom in a research report on Friday, August 10th. They set a neutral rating and a $55.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have assigned a buy rating to the stock. Nordstrom presently has an average rating of Hold and an average target price of $54.72.

Shares of NYSE JWN opened at $59.18 on Friday. The company has a market capitalization of $8.80 billion, a PE ratio of 19.99, a PEG ratio of 2.55 and a beta of 0.82. Nordstrom has a 52-week low of $37.79 and a 52-week high of $59.25. The company has a debt-to-equity ratio of 2.50, a quick ratio of 0.44 and a current ratio of 1.09.

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

In other Nordstrom news, insider James F. Nordstrom, Jr. sold 37,880 shares of the stock in a transaction that occurred 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 $25,291,526.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Robert Sari sold 7,671 shares of the stock in a transaction that occurred 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 completion of the transaction, the vice president now owns 25,178 shares in the company, valued at $1,401,155.70. The disclosure for this sale can be found here. Insiders sold 170,254 shares of company stock worth $9,055,994 over the last quarter. Insiders own 7.05% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in JWN. Financial Engines Advisors L.L.C. increased its stake in shares of Nordstrom by 58.3% in the first quarter. Financial Engines Advisors L.L.C. now owns 92,360 shares of the specialty retailer’s stock worth $4,471,000 after purchasing an additional 34,018 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH increased its stake in shares of Nordstrom by 198.9% in the first quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 16,660 shares of the specialty retailer’s stock worth $795,000 after purchasing an additional 11,087 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Nordstrom in the first quarter worth $124,000. Commerzbank Aktiengesellschaft FI increased its stake in shares of Nordstrom by 69.3% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 46,020 shares of the specialty retailer’s stock worth $2,228,000 after purchasing an additional 18,845 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its stake in shares of Nordstrom by 5.8% in the first quarter. Oppenheimer & Co. Inc. now owns 44,610 shares of the specialty retailer’s stock worth $2,159,000 after purchasing an additional 2,449 shares in the last quarter. 55.96% of the stock is 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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