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

Nordstrom (NYSE:JWN)‘s stock had its “market perform” rating reaffirmed by stock analysts at Telsey Advisory Group in a research note issued on Wednesday,Benzinga reports. They currently have a $24.00 price objective on the specialty retailer’s stock. Telsey Advisory Group’s price target suggests a potential upside of 5.91% from the stock’s current price.

JWN has been the subject of several other research reports. StockNews.com raised shares of Nordstrom from a “hold” rating to a “buy” rating in a report on Thursday, August 8th. TD Cowen lifted their target price on shares of Nordstrom from $24.00 to $25.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Citigroup boosted their target price on Nordstrom from $22.00 to $23.00 and gave the stock a “neutral” rating in a research report on Tuesday. BMO Capital Markets lifted their price objective on shares of Nordstrom from $20.00 to $22.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 28th. Finally, Barclays raised Nordstrom from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $18.00 to $23.00 in a research report on Thursday, September 5th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Nordstrom presently has an average rating of “Hold” and a consensus price target of $20.58.

Nordstrom Trading Up 1.6 %

NYSE JWN opened at $22.66 on Wednesday. The company has a market capitalization of $3.72 billion, a PE ratio of 13.25 and a beta of 2.59. Nordstrom has a 1-year low of $13.68 and a 1-year high of $24.93. The company has a current ratio of 1.07, a quick ratio of 0.41 and a debt-to-equity ratio of 2.76. The firm’s fifty day simple moving average is $22.75 and its 200-day simple moving average is $22.11.

Nordstrom (NYSE:JWN) last issued its quarterly earnings results on Tuesday, August 27th. The specialty retailer reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.25. The company had revenue of $3.89 billion during the quarter, compared to analyst estimates of $3.88 billion. Nordstrom had a negative return on equity of 21.26% and a negative net margin of 1.44%. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.84 earnings per share. As a group, sell-side analysts anticipate that Nordstrom will post 1.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Alexis Depree sold 20,000 shares of Nordstrom stock in a transaction 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 in the company, valued at approximately $3,928,479.20. This trade represents a 10.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 5.78% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of JWN. CANADA LIFE ASSURANCE Co increased its stake in shares of Nordstrom by 0.6% in the first quarter. CANADA LIFE ASSURANCE Co now owns 90,144 shares of the specialty retailer’s stock worth $1,828,000 after acquiring an additional 520 shares during the period. Atlas Capital Advisors LLC raised its holdings in Nordstrom by 101.8% in the 2nd quarter. Atlas Capital Advisors LLC now owns 1,491 shares of the specialty retailer’s stock worth $32,000 after purchasing an additional 752 shares during the period. State of Alaska Department of Revenue grew its holdings in shares of Nordstrom by 7.3% during the third quarter. State of Alaska Department of Revenue now owns 11,236 shares of the specialty retailer’s stock worth $252,000 after buying an additional 760 shares in the last quarter. Stephens Inc. AR grew its position in shares of Nordstrom by 0.5% in the third quarter. Stephens Inc. AR now owns 153,061 shares of the specialty retailer’s stock valued at $3,442,000 after purchasing an additional 805 shares in the last quarter. Finally, CWM LLC raised its stake in Nordstrom by 28.7% during the third quarter. CWM LLC now owns 3,628 shares of the specialty retailer’s stock worth $82,000 after purchasing an additional 810 shares during the period. Institutional investors and hedge funds own 88.73% of the company’s stock.

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.