Nordstrom (NYSE:JWN) PT Raised to $20.00 at Bank of America

Nordstrom (NYSE:JWN) had its target price raised by equities researchers at Bank of America from $18.00 to $20.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an “underperform” rating on the specialty retailer’s stock. Bank of America‘s price objective would suggest a potential downside of 9.03% from the stock’s current price.

JWN has been the subject of a number of other research reports. JPMorgan Chase & Co. lifted their target price on Nordstrom from $15.00 to $17.00 and gave the stock an “underweight” rating in a report on Friday, May 17th. Telsey Advisory Group raised their price target on Nordstrom from $23.00 to $24.00 and gave the stock a “market perform” rating in a research note on Wednesday. StockNews.com raised Nordstrom from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Barclays raised their price target on Nordstrom from $15.00 to $18.00 and gave the stock an “underweight” rating in a research note on Friday, May 31st. Finally, Evercore ISI raised their price target on Nordstrom from $17.00 to $19.00 and gave the stock an “in-line” rating in a research note on Friday, May 31st. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $19.85.

Nordstrom Stock Performance

NYSE:JWN opened at $21.99 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 0.36 and a debt-to-equity ratio of 3.13. Nordstrom has a 12-month low of $12.88 and a 12-month high of $24.03. The stock has a 50-day moving average price of $21.93 and a 200 day moving average price of $20.68. The stock has a market capitalization of $3.60 billion, a P/E ratio of 12.01, a P/E/G ratio of 2.55 and a beta of 2.62.

Nordstrom (NYSE:JWN) last released its quarterly earnings results on Tuesday, August 27th. The specialty retailer reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.25. The business had revenue of $3.89 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Nordstrom had a negative return on equity of 26.45% and a negative net margin of 1.35%. The firm’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.84 EPS. Equities research analysts forecast that Nordstrom will post 1.79 EPS for the current fiscal year.

Institutional Investors Weigh In On Nordstrom

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Nordstrom by 5.7% during the first quarter. Vanguard Group Inc. now owns 10,653,007 shares of the specialty retailer’s stock worth $215,936,000 after buying an additional 579,001 shares during the period. Victory Capital Management Inc. raised its stake in shares of Nordstrom by 1.7% in the second quarter. Victory Capital Management Inc. now owns 3,371,988 shares of the specialty retailer’s stock worth $71,554,000 after purchasing an additional 57,546 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Nordstrom by 4.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,136,639 shares of the specialty retailer’s stock worth $66,557,000 after purchasing an additional 137,094 shares during the period. Schroder Investment Management Group boosted its position in Nordstrom by 44.9% in the fourth quarter. Schroder Investment Management Group now owns 2,648,637 shares of the specialty retailer’s stock valued at $48,867,000 after buying an additional 820,390 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in Nordstrom by 66.2% in the 2nd 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 during the period. 88.73% of the stock is currently owned by institutional investors and hedge funds.

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.