Credit Suisse Group Lowers Nordstrom (NYSE:JWN) Price Target to $26.00

Nordstrom (NYSE:JWNGet Rating) had its price target reduced by equities research analysts at Credit Suisse Group to $26.00 in a research note issued to investors on Wednesday, Stock Target Advisor reports. Credit Suisse Group’s target price suggests a potential upside of 10.45% from the stock’s current price.

Other research analysts have also issued research reports about the company. Cowen reduced their price target on Nordstrom from $30.00 to $24.00 in a research note on Wednesday. Zacks Investment Research upgraded Nordstrom from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a report on Wednesday, May 18th. Citigroup dropped their price objective on Nordstrom from $27.00 to $22.00 and set a “neutral” rating for the company in a report on Wednesday. Bank of America dropped their price objective on Nordstrom from $26.00 to $21.00 and set an “underperform” rating for the company in a report on Wednesday. Finally, JPMorgan Chase & Co. dropped their price objective on Nordstrom from $24.00 to $22.00 in a report on Monday, May 16th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $27.53.

Shares of Nordstrom stock traded up $2.86 during trading hours on Wednesday, reaching $23.54. 992,865 shares of the company’s stock were exchanged, compared to its average volume of 6,156,102. Nordstrom has a 52-week low of $18.65 and a 52-week high of $38.48. The firm has a market capitalization of $3.75 billion, a price-to-earnings ratio of 22.26, a price-to-earnings-growth ratio of 1.14 and a beta of 2.25. The company has a fifty day moving average of $26.21 and a 200-day moving average of $24.52. The company has a current ratio of 0.96, a quick ratio of 0.27 and a debt-to-equity ratio of 4.91.

Nordstrom (NYSE:JWNGet Rating) last issued its quarterly earnings results on Tuesday, May 24th. The specialty retailer reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). Nordstrom had a return on equity of 70.74% and a net margin of 1.20%. The business had revenue of $3.57 billion for the quarter, compared to analysts’ expectations of $3.29 billion. During the same period in the prior year, the company earned ($0.64) EPS. The company’s revenue for the quarter was up 18.6% compared to the same quarter last year. On average, equities research analysts anticipate that Nordstrom will post 3.3 earnings per share for the current fiscal year.

Nordstrom declared that its board has authorized a share repurchase plan on Tuesday, May 24th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the specialty retailer to purchase up to 15.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

In other Nordstrom news, CFO Anne L. Bramman sold 13,334 shares of the company’s stock in a transaction dated Monday, April 18th. The shares were sold at an average price of $28.74, for a total value of $383,219.16. Following the completion of the transaction, the chief financial officer now directly owns 120,137 shares of the company’s stock, valued at approximately $3,452,737.38. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 5.45% of the company’s stock.

Several hedge funds have recently modified their holdings of JWN. Tcwp LLC bought a new position in shares of Nordstrom during the first quarter worth about $26,000. Counterpoint Mutual Funds LLC bought a new position in shares of Nordstrom during the fourth quarter worth about $29,000. Allworth Financial LP lifted its position in shares of Nordstrom by 63.4% during the first quarter. Allworth Financial LP now owns 1,186 shares of the specialty retailer’s stock worth $32,000 after purchasing an additional 460 shares during the last quarter. Charter Oak Capital Management LLC lifted its position in shares of Nordstrom by 209.1% during the fourth quarter. Charter Oak Capital Management LLC now owns 1,626 shares of the specialty retailer’s stock worth $37,000 after purchasing an additional 1,100 shares during the last quarter. Finally, Kozak & Associates Inc. bought a new position in shares of Nordstrom during the third quarter worth about $45,000. 57.27% of the stock is currently owned by institutional investors and hedge funds.

Nordstrom Company Profile (Get Rating)

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; TrunkClub.com; Nordstrom.ca; Nordstrom stores; Nordstrom Rack stores; Nordstrom Locals; Nordstromrack.com and HauteLook; clearance stores under the Last Chance name; Trunk Club clubhouses; and Jeffrey boutiques.

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