KeyCorp Trims Nordstrom (NYSE:JWN) Target Price to $22.00

Nordstrom (NYSE:JWNGet Rating) had its price objective decreased by investment analysts at KeyCorp from $30.00 to $22.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the specialty retailer’s stock. KeyCorp’s price target would suggest a potential upside of 25.93% from the stock’s current price.

Several other research firms have also issued reports on JWN. JPMorgan Chase & Co. dropped their price objective on Nordstrom from $15.00 to $13.00 and set an “underweight” rating for the company in a research note on Friday. BMO Capital Markets dropped their price objective on Nordstrom from $23.00 to $20.00 and set a “market perform” rating for the company in a research note on Friday. Piper Sandler lowered Nordstrom from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $26.00 to $20.00 in a research note on Thursday, January 5th. Credit Suisse Group dropped their price target on Nordstrom from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Friday. Finally, StockNews.com lowered Nordstrom from a “buy” rating to a “hold” rating in a research note on Monday, December 12th. Five research analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Nordstrom currently has an average rating of “Hold” and an average price target of $18.75.

Nordstrom Price Performance

Nordstrom stock opened at $17.47 on Friday. Nordstrom has a one year low of $15.52 and a one year high of $29.59. The business has a fifty day moving average price of $18.29 and a 200-day moving average price of $19.67. The company has a debt-to-equity ratio of 4.71, a current ratio of 0.99 and a quick ratio of 0.24. The firm has a market capitalization of $2.80 billion, a P/E ratio of 8.74, a PEG ratio of 0.42 and a beta of 2.17.

Nordstrom (NYSE:JWNGet Rating) last posted its quarterly earnings data on Tuesday, November 22nd. The specialty retailer reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.06. The company had revenue of $3.50 billion during the quarter, compared to analyst estimates of $3.49 billion. Nordstrom had a return on equity of 58.09% and a net margin of 2.08%. The firm’s quarterly revenue was down 3.8% on a year-over-year basis. During the same quarter last year, the company earned $0.39 earnings per share. As a group, equities research analysts forecast that Nordstrom will post 2.4 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of JWN. JPMorgan Chase & Co. increased its holdings in Nordstrom by 6.7% during the 1st quarter. JPMorgan Chase & Co. now owns 203,428 shares of the specialty retailer’s stock valued at $5,515,000 after purchasing an additional 12,787 shares during the period. Raymond James & Associates boosted its position in Nordstrom by 13.4% during the 1st quarter. Raymond James & Associates now owns 106,379 shares of the specialty retailer’s stock valued at $2,884,000 after acquiring an additional 12,582 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in Nordstrom by 8.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 11,622 shares of the specialty retailer’s stock valued at $315,000 after acquiring an additional 903 shares in the last quarter. American Century Companies Inc. boosted its position in Nordstrom by 27.1% during the 1st quarter. American Century Companies Inc. now owns 19,066 shares of the specialty retailer’s stock valued at $517,000 after acquiring an additional 4,063 shares in the last quarter. Finally, HighTower Advisors LLC boosted its position in Nordstrom by 0.8% during the 1st quarter. HighTower Advisors LLC now owns 58,656 shares of the specialty retailer’s stock valued at $1,592,000 after acquiring an additional 494 shares in the last quarter. Hedge funds and other institutional investors own 66.41% of the company’s stock.

About Nordstrom

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Nordstrom, Inc engages in the manufacture and trade of clothes, shoes, and accessories. It operates through the following segments: Retail and Corporate/Other. The Retail segment consists of a selection of high-quality, brand-name, and private label merchandise, which includes apparel, shoes, cosmetics, and accessories for women, men, young adults, and children.

Further Reading

Analyst Recommendations for Nordstrom (NYSE:JWN)

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