Nordstrom, Inc. (NYSE:JWN – Get Rating) – Investment analysts at Telsey Advisory Group boosted their Q1 2024 earnings per share (EPS) estimates for Nordstrom in a research note issued on Wednesday, May 25th. Telsey Advisory Group analyst D. Telsey now expects that the specialty retailer will earn $0.02 per share for the quarter, up from their previous forecast of ($0.12). Telsey Advisory Group currently has a “Market Perform” rating and a $30.00 target price on the stock.
Several other equities research analysts also recently weighed in on JWN. JPMorgan Chase & Co. reduced their price target on Nordstrom from $24.00 to $22.00 in a report on Monday, May 16th. Citigroup cut their price target on shares of Nordstrom from $27.00 to $22.00 and set a “neutral” rating on the stock in a report on Wednesday. BMO Capital Markets raised their price objective on shares of Nordstrom from $23.00 to $30.00 and gave the stock a “market perform” rating in a research note on Wednesday, March 2nd. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Nordstrom from $31.00 to $32.00 in a research note on Wednesday. Finally, Zacks Investment Research upgraded Nordstrom from a “hold” rating to a “buy” rating and set a $26.00 price objective on the stock in a report on Wednesday, May 18th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $27.29.
Nordstrom (NYSE:JWN – Get Rating) last announced its quarterly earnings data on Tuesday, May 24th. The specialty retailer reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The firm had revenue of $3.57 billion for the quarter, compared to the consensus estimate of $3.29 billion. Nordstrom had a net margin of 1.20% and a return on equity of 70.74%. The firm’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.64) earnings per share.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 15th. Shareholders of record on Tuesday, May 31st will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date is Friday, May 27th. Nordstrom’s dividend payout ratio is presently 71.70%.
Nordstrom declared that its Board of Directors has initiated a stock buyback program on Tuesday, May 24th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the specialty retailer to purchase up to 15.2% of its stock through open market purchases. Stock buyback programs are typically a sign 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 Nordstrom stock in a transaction on Monday, April 18th. The shares were sold at an average price of $28.74, for a total value of $383,219.16. Following the transaction, the chief financial officer now owns 120,137 shares in the company, valued at approximately $3,452,737.38. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Anne L. Bramman sold 13,333 shares of the company’s stock in a transaction dated Thursday, May 26th. The stock was sold at an average price of $24.20, for a total value of $322,658.60. Following the sale, the chief financial officer now owns 106,804 shares of the company’s stock, valued at $2,584,656.80. The disclosure for this sale can be found here. 5.45% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in JWN. BlackRock Inc. increased its stake in shares of Nordstrom by 22.2% in the fourth quarter. BlackRock Inc. now owns 11,512,934 shares of the specialty retailer’s stock worth $260,422,000 after buying an additional 2,088,891 shares during the last quarter. Vanguard Group Inc. grew its stake in Nordstrom by 1.6% in the first quarter. Vanguard Group Inc. now owns 10,276,748 shares of the specialty retailer’s stock worth $278,603,000 after purchasing an additional 160,514 shares in the last quarter. State Street Corp grew its stake in Nordstrom by 5.5% in the first quarter. State Street Corp now owns 4,552,284 shares of the specialty retailer’s stock worth $124,245,000 after purchasing an additional 239,120 shares in the last quarter. Tremblant Capital Group increased its holdings in Nordstrom by 14.9% in the third quarter. Tremblant Capital Group now owns 4,449,517 shares of the specialty retailer’s stock valued at $117,690,000 after buying an additional 577,248 shares during the last quarter. Finally, Morgan Stanley raised its stake in Nordstrom by 31.8% during the third quarter. Morgan Stanley now owns 2,948,949 shares of the specialty retailer’s stock valued at $78,000,000 after buying an additional 711,193 shares in the last quarter. Institutional investors and hedge funds own 57.27% of the company’s stock.
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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