Telsey Advisory Group Reaffirms Market Perform Rating for Nordstrom (NYSE:JWN)

Nordstrom (NYSE:JWN)‘s stock had its “market perform” rating reaffirmed by Telsey Advisory Group in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $24.00 price target on the specialty retailer’s stock. Telsey Advisory Group’s target price would indicate a potential upside of 7.29% from the stock’s previous close.

JWN has been the topic of a number of other reports. BMO Capital Markets boosted their price objective on Nordstrom from $20.00 to $22.00 and gave the company a “market perform” rating in a research note on Wednesday, August 28th. The Goldman Sachs Group boosted their price target on Nordstrom from $19.00 to $21.00 and gave the company a “neutral” rating in a research note on Wednesday, August 28th. Barclays raised shares of Nordstrom from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $18.00 to $23.00 in a research report on Thursday, September 5th. JPMorgan Chase & Co. boosted their target price on shares of Nordstrom from $19.00 to $20.00 and gave the company an “underweight” rating in a research report on Wednesday, August 28th. Finally, Citigroup lifted their price target on shares of Nordstrom from $22.00 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $20.58.

Nordstrom Stock Performance

NYSE:JWN opened at $22.37 on Wednesday. The company has a debt-to-equity ratio of 2.76, a quick ratio of 0.41 and a current ratio of 1.07. Nordstrom has a fifty-two week low of $13.68 and a fifty-two week high of $24.93. The company has a 50 day simple moving average of $22.76 and a two-hundred day simple moving average of $22.11. The company has a market capitalization of $3.67 billion, a PE ratio of 13.08 and a beta of 2.59.

Nordstrom (NYSE:JWN) last posted its quarterly earnings data 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. The company had revenue of $3.89 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Nordstrom had a negative net margin of 1.44% and a negative return on equity of 21.26%. Nordstrom’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.84 earnings per share. Research analysts anticipate that Nordstrom will post 1.91 earnings per share for the current year.

Insider Activity at Nordstrom

In related news, COO Alexis Depree sold 20,000 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $3,928,479.20. This trade represents a 10.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.78% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Nordstrom

Large investors have recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Nordstrom by 2.1% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 199,586 shares of the specialty retailer’s stock valued at $4,024,000 after acquiring an additional 4,187 shares during the last quarter. Vanguard Group Inc. grew its stake in Nordstrom by 5.7% in the first quarter. Vanguard Group Inc. now owns 10,653,007 shares of the specialty retailer’s stock worth $215,936,000 after purchasing an additional 579,001 shares during the period. Acadian Asset Management LLC increased its stake in shares of Nordstrom by 217.5% in the 1st quarter. Acadian Asset Management LLC now owns 4,670 shares of the specialty retailer’s stock worth $94,000 after acquiring an additional 3,199 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in shares of Nordstrom by 0.6% during the first quarter. CANADA LIFE ASSURANCE Co now owns 90,144 shares of the specialty retailer’s stock valued at $1,828,000 after purchasing an additional 520 shares in the last quarter. Finally, EP Wealth Advisors LLC purchased a new position in Nordstrom during the first quarter valued at $275,000. Hedge funds and other institutional investors own 88.73% of the company’s stock.

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.