Nordstrom (NYSE:JWN) Stock Price Expected to Rise, Citigroup Analyst Says

Nordstrom (NYSE:JWN) had its price target upped by investment analysts at Citigroup from $22.00 to $23.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the specialty retailer’s stock. Citigroup’s price target points to a potential upside of 3.35% from the stock’s previous close.

A number of other equities analysts have also weighed in on JWN. StockNews.com upgraded shares of Nordstrom from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. BMO Capital Markets upped their target price on shares of Nordstrom from $20.00 to $22.00 and gave the stock a “market perform” rating in a report on Wednesday, August 28th. Telsey Advisory Group increased 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, August 28th. KeyCorp downgraded Nordstrom from an “overweight” rating to a “sector weight” rating in a research report on Thursday, September 26th. Finally, JPMorgan Chase & Co. increased their target price on Nordstrom from $19.00 to $20.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 28th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Nordstrom has an average rating of “Hold” and an average price target of $20.58.

Nordstrom Trading Down 1.8 %

JWN opened at $22.26 on Tuesday. The company has a quick ratio of 0.41, a current ratio of 1.07 and a debt-to-equity ratio of 2.76. Nordstrom has a 52 week low of $13.68 and a 52 week high of $24.93. The stock has a market cap of $3.65 billion, a PE ratio of 13.01 and a beta of 2.59. The business has a 50 day moving average of $22.75 and a 200-day moving average of $22.11.

Nordstrom (NYSE:JWN) last announced 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. Nordstrom had a negative net margin of 1.44% and a negative return on equity of 21.26%. The company had revenue of $3.89 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter last year, the firm earned $0.84 earnings per share. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. Equities research analysts predict that Nordstrom will post 1.91 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Alexis Depree sold 20,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $23.20, for a total value of $464,000.00. Following the completion of the sale, the chief operating officer now owns 169,331 shares in the company, valued at approximately $3,928,479.20. The trade was a 10.56 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.78% of the stock is owned by insiders.

Hedge Funds Weigh In On Nordstrom

Several institutional investors have recently bought and sold shares of JWN. Cyndeo Wealth Partners LLC acquired a new position in Nordstrom during the 3rd quarter valued at about $6,248,000. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in Nordstrom by 2.1% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 199,586 shares of the specialty retailer’s stock valued at $4,024,000 after purchasing an additional 4,187 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Nordstrom in the second quarter worth approximately $1,174,000. Olympiad Research LP acquired a new position in Nordstrom during the third quarter worth about $508,000. Finally, Comerica Bank increased its stake in shares of Nordstrom by 59.9% in the 1st quarter. Comerica Bank now owns 75,806 shares of the specialty retailer’s stock worth $1,537,000 after acquiring an additional 28,411 shares during the last quarter. 88.73% of the stock is owned by hedge funds and other institutional investors.

About Nordstrom

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.