Citigroup Issues Positive Forecast for Nordstrom (NYSE:JWN) Stock Price

Nordstrom (NYSE:JWN) had its price target upped by Citigroup from $22.00 to $23.00 in a research report released on Tuesday,Benzinga reports. Citigroup currently has a neutral rating on the specialty retailer’s stock.

A number of other research analysts also recently weighed in on JWN. JPMorgan Chase & Co. upped their target price on Nordstrom from $19.00 to $20.00 and gave the stock an “underweight” rating in a report on Wednesday, August 28th. KeyCorp lowered Nordstrom from an “overweight” rating to a “sector weight” rating in a research report on Thursday, September 26th. TD Cowen lifted their price target on shares of Nordstrom from $24.00 to $25.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. The Goldman Sachs Group upped their price objective on shares of Nordstrom from $19.00 to $21.00 and gave the stock a “neutral” rating in a report on Wednesday, August 28th. Finally, StockNews.com raised Nordstrom from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $20.58.

Nordstrom Price Performance

Shares of Nordstrom stock opened at $22.37 on Tuesday. The business’s 50-day moving average price is $22.75 and its 200-day moving average price is $22.11. The firm has a market capitalization of $3.67 billion, a PE ratio of 13.08 and a beta of 2.59. Nordstrom has a 12 month low of $13.68 and a 12 month high of $24.93. The company has a current ratio of 1.07, a quick ratio of 0.41 and a debt-to-equity ratio of 2.76.

Nordstrom (NYSE:JWN) last posted its quarterly earnings results on Tuesday, August 27th. The specialty retailer reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.25. Nordstrom had a negative net margin of 1.44% and a negative return on equity of 21.26%. The business had revenue of $3.89 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the previous year, the firm posted $0.84 earnings per share. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. Sell-side analysts forecast that Nordstrom will post 1.91 EPS for the current fiscal year.

Nordstrom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Tuesday, December 3rd will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $0.76 annualized dividend and a yield of 3.40%. Nordstrom’s payout ratio is presently 44.44%.

Insider Buying and Selling at Nordstrom

In other news, COO Alexis Depree sold 20,000 shares of Nordstrom stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $23.20, for a total transaction of $464,000.00. Following the completion of the sale, the chief operating officer now directly owns 169,331 shares in the company, valued at approximately $3,928,479.20. This trade represents a 10.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 5.78% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Nordstrom by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 10,653,007 shares of the specialty retailer’s stock valued at $215,936,000 after purchasing an additional 579,001 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Nordstrom by 1.7% during the second quarter. Victory Capital Management Inc. now owns 3,371,988 shares of the specialty retailer’s stock valued at $71,554,000 after purchasing an additional 57,546 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Nordstrom by 4.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,136,639 shares of the specialty retailer’s stock valued at $66,557,000 after buying an additional 137,094 shares during the period. American Century Companies Inc. raised its stake in Nordstrom by 66.2% in the second quarter. American Century Companies Inc. now owns 1,661,227 shares of the specialty retailer’s stock worth $35,251,000 after buying an additional 661,769 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Nordstrom by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,625,616 shares of the specialty retailer’s stock worth $36,570,000 after buying an additional 5,407 shares in the last quarter. 88.73% of the stock is currently owned by hedge funds and other institutional investors.

Nordstrom Company Profile

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; Nordstrom.ca; Nordstrom stores; Nordstrom Rack stores; Nordstrom Locals; ASOS; Nordstromrack.com; mobile application; and clearance stores under the Last Chance name.