Q3 2019 Earnings Forecast for Nordstrom, Inc. Issued By Wedbush (JWN)

Nordstrom, Inc. (NYSE:JWN) – Equities researchers at Wedbush boosted their Q3 2019 EPS estimates for shares of Nordstrom in a report issued on Tuesday, October 30th. Wedbush analyst J. Redding now expects that the specialty retailer will earn $0.74 per share for the quarter, up from their prior estimate of $0.70. Wedbush also issued estimates for Nordstrom’s Q3 2020 earnings at $0.81 EPS.

Nordstrom (NYSE:JWN) last announced its quarterly earnings data on Thursday, August 16th. The specialty retailer reported $0.95 EPS for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.11. The firm had revenue of $3.98 billion during the quarter, compared to analyst estimates of $3.96 billion. Nordstrom had a return on equity of 56.00% and a net margin of 3.24%. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period last year, the company posted $0.65 EPS.

Several other brokerages have also issued reports on JWN. Royal Bank of Canada set a $55.00 price target on Nordstrom and gave the company a “hold” rating in a report on Friday, August 17th. Goldman Sachs Group started coverage on Nordstrom in a report on Monday, September 3rd. They set a “buy” rating and a $73.00 price target for the company. Nomura lifted their price target on Nordstrom from $53.00 to $54.00 and gave the company a “neutral” rating in a report on Thursday, July 12th. Credit Suisse Group lifted their price target on Nordstrom from $50.00 to $52.00 and gave the company a “neutral” rating in a report on Wednesday, July 11th. Finally, ValuEngine upgraded Nordstrom from a “hold” rating to a “buy” rating in a report on Tuesday, September 4th. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $56.50.

Shares of Nordstrom stock opened at $66.49 on Friday. The stock has a market cap of $11.09 billion, a PE ratio of 19.75, a PEG ratio of 3.07 and a beta of 0.59. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.10 and a quick ratio of 0.54. Nordstrom has a 52-week low of $37.79 and a 52-week high of $67.70.

Nordstrom declared that its Board of Directors has approved a stock buyback program on Wednesday, August 22nd that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the specialty retailer to repurchase up to 14.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

In related news, VP Robert Sari sold 8,795 shares of the business’s stock in a transaction that occurred on Wednesday, October 10th. The stock was sold at an average price of $62.50, for a total value of $549,687.50. Following the completion of the sale, the vice president now directly owns 14,960 shares in the company, valued at approximately $935,000. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Blake W. Nordstrom sold 127,251 shares of the business’s stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $61.51, for a total value of $7,827,209.01. Following the completion of the sale, the insider now owns 2,519,436 shares of the company’s stock, valued at $154,970,508.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 208,275 shares of company stock valued at $13,048,270. Corporate insiders own 7.05% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. increased its position in Nordstrom by 7.1% in the 2nd quarter. BlackRock Inc. now owns 8,931,836 shares of the specialty retailer’s stock worth $462,490,000 after buying an additional 592,278 shares during the period. Bank of Montreal Can increased its position in Nordstrom by 6.7% in the 3rd quarter. Bank of Montreal Can now owns 1,037,741 shares of the specialty retailer’s stock worth $62,067,000 after buying an additional 65,289 shares during the period. Schwab Charles Investment Management Inc. increased its position in Nordstrom by 3.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,032,291 shares of the specialty retailer’s stock worth $53,453,000 after buying an additional 37,057 shares during the period. Schroder Investment Management Group increased its position in Nordstrom by 39.9% in the 2nd quarter. Schroder Investment Management Group now owns 999,303 shares of the specialty retailer’s stock worth $52,344,000 after buying an additional 285,008 shares during the period. Finally, Millennium Management LLC increased its position in Nordstrom by 199.1% in the 2nd quarter. Millennium Management LLC now owns 945,422 shares of the specialty retailer’s stock worth $48,954,000 after buying an additional 629,307 shares during the period. 55.70% of the stock is currently owned by institutional investors.

About Nordstrom

Nordstrom, Inc, a fashion retailer, provides apparel, shoes, cosmetics, and accessories for women, men, young adults, and children in the United States and Canada. The company operates in two segments, Retail and Credit. The Retail segment offers a range of brand name and private label merchandise through various channels, including Nordstrom branded full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; Trunk Club clubhouses and TrunkClub.com; Jeffrey boutiques; and clearance stores that operate under the Last Chance name.

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Earnings History and Estimates for Nordstrom (NYSE:JWN)

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