Nordstrom, Inc. (JWN) Price Target Cut to $35.00

Nordstrom, Inc. (NYSE:JWN) had its price target dropped by equities research analysts at Bank of America Corporation from $40.00 to $35.00 in a research report issued on Friday. The firm currently has an “underperform” rating on the specialty retailer’s stock. Bank of America Corporation’s target price would indicate a potential downside of 12.57% from the stock’s current price.

Several other equities analysts have also recently weighed in on the company. ValuEngine cut Nordstrom from a “buy” rating to a “hold” rating in a report on Friday, September 1st. William Blair reaffirmed an “outperform” rating on shares of Nordstrom in a report on Tuesday, September 12th. Gordon Haskett cut Nordstrom from an “accumulate” rating to a “hold” rating in a report on Wednesday, September 13th. KeyCorp set a $55.00 price objective on Nordstrom and gave the company a “buy” rating in a report on Wednesday, October 11th. Finally, Cowen and Company reaffirmed an “outperform” rating and issued a $53.00 price objective (up from $49.00) on shares of Nordstrom in a report on Wednesday, September 13th. Four analysts have rated the stock with a sell rating, seventeen have given a hold rating and seven have assigned a buy rating to the company. Nordstrom currently has a consensus rating of “Hold” and an average target price of $45.50.

Nordstrom (NYSE JWN) remained flat at $$40.03 on Friday. 7,114,800 shares of the company’s stock were exchanged, compared to its average volume of 2,870,333. The firm has a market capitalization of $6,654.59, a P/E ratio of 12.83, a P/E/G ratio of 2.24 and a beta of 0.84. Nordstrom has a 52-week low of $37.79 and a 52-week high of $62.82. The company has a current ratio of 1.01, a quick ratio of 0.40 and a debt-to-equity ratio of 3.48.

Nordstrom (NYSE:JWN) last announced its quarterly earnings data on Thursday, November 9th. The specialty retailer reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.04. The firm had revenue of $3.54 billion during the quarter, compared to analysts’ expectations of $3.50 billion. Nordstrom had a return on equity of 69.10% and a net margin of 3.25%. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.84 EPS. sell-side analysts forecast that Nordstrom will post 2.95 EPS for the current fiscal year.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in JWN. Teachers Advisors LLC grew its position in shares of Nordstrom by 23.6% in the 1st quarter. Teachers Advisors LLC now owns 204,754 shares of the specialty retailer’s stock valued at $9,535,000 after buying an additional 39,100 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Nordstrom by 0.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 677,200 shares of the specialty retailer’s stock valued at $31,536,000 after buying an additional 5,095 shares during the last quarter. Xact Kapitalforvaltning AB grew its position in shares of Nordstrom by 3.0% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 22,718 shares of the specialty retailer’s stock valued at $1,087,000 after buying an additional 670 shares during the last quarter. Fulton Bank N.A. bought a new stake in shares of Nordstrom in the 2nd quarter valued at about $207,000. Finally, NN Investment Partners Holdings N.V. grew its position in shares of Nordstrom by 2,394.7% in the 2nd quarter. NN Investment Partners Holdings N.V. now owns 19,883 shares of the specialty retailer’s stock valued at $951,000 after buying an additional 19,086 shares during the last quarter. Hedge funds and other institutional investors own 63.03% of the company’s stock.

About Nordstrom

Nordstrom, Inc is a fashion specialty retailer in the United States. The Company’s segments include Retail and Credit. As of March 20, 2017, the Company operated 344 the United States stores located in 40 states as well as an e-commerce business. The Company also offers its customers a variety of payment products and services, including credit and debit cards.

Analyst Recommendations for Nordstrom (NYSE:JWN)

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