Wedbush Reiterates Positive Rating for Nordstrom (NYSE:JWN)

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Wedbush reaffirmed their positive rating on shares of Nordstrom (NYSE:JWN) in a report published on Thursday, The Fly reports. They currently have a $24.00 price target on the specialty retailer’s stock, down from their previous price target of $35.00.

Other equities research analysts have also issued research reports about the company. Deutsche Bank reduced their price objective on Nordstrom from $47.00 to $36.00 and set a hold rating on the stock in a research report on Wednesday, May 22nd. Telsey Advisory Group restated a market perform rating and set a $37.00 price objective (down previously from $56.00) on shares of Nordstrom in a research report on Wednesday, May 22nd. Zacks Investment Research lowered Nordstrom from a hold rating to a strong sell rating in a research report on Friday, May 24th. UBS Group lowered Nordstrom from a buy rating to a neutral rating and reduced their price objective for the stock from $65.00 to $33.00 in a research report on Tuesday, July 2nd. Finally, KeyCorp reduced their price objective on Nordstrom from $55.00 to $52.00 and set an overweight rating on the stock in a research report on Wednesday, May 22nd. Five analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the company’s stock. Nordstrom presently has an average rating of Hold and an average price target of $39.56.

Nordstrom stock opened at $25.32 on Thursday. The company has a debt-to-equity ratio of 6.34, a quick ratio of 0.24 and a current ratio of 0.76. Nordstrom has a 52 week low of $25.01 and a 52 week high of $67.75. The stock has a market capitalization of $3.92 billion, a P/E ratio of 7.13, a price-to-earnings-growth ratio of 1.29 and a beta of 0.66. The stock has a fifty day moving average of $30.29 and a 200-day moving average of $38.01.

Nordstrom (NYSE:JWN) last issued its quarterly earnings data on Tuesday, May 21st. The specialty retailer reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.20). The firm had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.54 billion. Nordstrom had a return on equity of 58.16% and a net margin of 3.27%. During the same quarter in the prior year, the firm earned $0.51 EPS. On average, research analysts forecast that Nordstrom will post 3.28 earnings per share for the current year.

In other Nordstrom news, insider Peter E. Nordstrom sold 3,380 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $32.46, for a total value of $109,714.80. Following the sale, the insider now owns 2,530,989 shares in the company, valued at approximately $82,155,902.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Christine Deputy sold 4,812 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $32.59, for a total value of $156,823.08. Following the completion of the sale, the insider now owns 60,056 shares in the company, valued at approximately $1,957,225.04. The disclosure for this sale can be found here. Insiders own 5.21% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Magnetar Financial LLC boosted its position in shares of Nordstrom by 8.0% during the 2nd quarter. Magnetar Financial LLC now owns 22,921 shares of the specialty retailer’s stock valued at $730,000 after purchasing an additional 1,699 shares in the last quarter. Stamos Capital Partners L.P. boosted its position in shares of Nordstrom by 454.5% during the 2nd quarter. Stamos Capital Partners L.P. now owns 61,000 shares of the specialty retailer’s stock valued at $1,921,000 after purchasing an additional 50,000 shares in the last quarter. Amundi Pioneer Asset Management Inc. boosted its position in shares of Nordstrom by 5.2% during the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 1,097,302 shares of the specialty retailer’s stock valued at $34,960,000 after purchasing an additional 54,715 shares in the last quarter. United Services Automobile Association boosted its position in shares of Nordstrom by 9.4% during the 2nd quarter. United Services Automobile Association now owns 411,596 shares of the specialty retailer’s stock valued at $13,113,000 after purchasing an additional 35,389 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its position in shares of Nordstrom by 8.1% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 9,444 shares of the specialty retailer’s stock valued at $301,000 after purchasing an additional 708 shares in the last quarter. Institutional investors own 63.94% of the company’s stock.

About Nordstrom

Nordstrom, Inc, a fashion retailer, provides apparel, shoes, cosmetics, and accessories 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 full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; Jeffrey boutiques; clearance stores that operate under the Last Chance name; Trunk Club clubhouses and TrunkClub.com; and Nordstrom Locals.

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Analyst Recommendations for Nordstrom (NYSE:JWN)

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