Nordstrom (JWN) Given New $33.00 Price Target at Piper Jaffray Companies

Nordstrom (NYSE:JWN) had its target price lowered by Piper Jaffray Companies from $40.00 to $33.00 in a research report report published on Wednesday, The Fly reports. The firm currently has a neutral rating on the specialty retailer’s stock. Piper Jaffray Companies also issued estimates for Nordstrom’s Q2 2020 earnings at $0.75 EPS, Q3 2020 earnings at $0.80 EPS, Q4 2020 earnings at $1.51 EPS, FY2020 earnings at $3.30 EPS, Q1 2021 earnings at $0.25 EPS, Q2 2021 earnings at $0.79 EPS, Q3 2021 earnings at $0.83 EPS, Q4 2021 earnings at $1.54 EPS and FY2021 earnings at $3.40 EPS.

Other equities research analysts also recently issued reports about the stock. Gordon Haskett downgraded shares of Nordstrom from a hold rating to an underperform rating and set a $43.00 price target for the company. in a report on Thursday, March 21st. Wedbush downgraded shares of Nordstrom from an outperform rating to a neutral rating and cut their price target for the company from $65.00 to $40.00 in a report on Thursday, May 9th. Telsey Advisory Group reissued a market perform rating and issued a $37.00 price target (down from $56.00) on shares of Nordstrom in a report on Wednesday. Bank of America reissued an underperform rating and issued a $40.00 price target (down from $48.00) on shares of Nordstrom in a report on Wednesday, May 15th. Finally, Deutsche Bank cut their price target on shares of Nordstrom from $51.00 to $49.00 and set a hold rating for the company in a report on Friday, March 1st. Five analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $43.73.

Shares of JWN opened at $33.50 on Wednesday. The stock has a market capitalization of $5.19 billion, a P/E ratio of 9.44, a P/E/G ratio of 1.70 and a beta of 0.48. The company has a debt-to-equity ratio of 3.07, a current ratio of 1.00 and a quick ratio of 0.41. Nordstrom has a 52-week low of $33.75 and a 52-week high of $67.75.

Nordstrom (NYSE:JWN) last issued its quarterly earnings results on Tuesday, May 21st. The specialty retailer reported $0.23 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.20). Nordstrom had a net margin of 3.27% and a return on equity of 52.45%. The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.54 billion. During the same period in the previous year, the company posted $0.51 earnings per share. Equities research analysts expect that Nordstrom will post 3.72 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Monday, June 3rd will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date is Friday, May 31st. Nordstrom’s dividend payout ratio is presently 41.69%.

In other Nordstrom news, insider Erik B. Nordstrom sold 17,762 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $44.07, for a total transaction of $782,771.34. Following the completion of the sale, the insider now directly owns 2,653,314 shares of the company’s stock, valued at $116,931,547.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Ken Worzel sold 17,125 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $45.00, for a total transaction of $770,625.00. Following the sale, the insider now directly owns 102,588 shares of the company’s stock, valued at $4,616,460. The disclosure for this sale can be found here. Insiders have sold 49,180 shares of company stock valued at $2,164,864 over the last ninety days. Insiders own 5.21% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Oregon Public Employees Retirement Fund lifted its position in shares of Nordstrom by 4,156.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,898,862 shares of the specialty retailer’s stock worth $62,000 after purchasing an additional 2,830,753 shares in the last quarter. Boston Partners lifted its position in shares of Nordstrom by 57.5% in the fourth quarter. Boston Partners now owns 6,346,355 shares of the specialty retailer’s stock worth $295,804,000 after purchasing an additional 2,318,179 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Nordstrom by 23.0% in the first quarter. JPMorgan Chase & Co. now owns 7,339,382 shares of the specialty retailer’s stock worth $325,721,000 after purchasing an additional 1,374,779 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Nordstrom in the first quarter worth approximately $57,872,000. Finally, Norges Bank purchased a new stake in shares of Nordstrom in the fourth quarter worth approximately $55,352,000. 60.17% of the stock is owned by institutional investors.

About Nordstrom

Nordstrom, Inc, a fashion retailer, provides apparel, shoes, cosmetics, and accessories 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 full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; Jeffrey boutiques; clearance stores that operate under the Last Chance name; Trunk Club clubhouses and TrunkClub.com; and Nordstrom Locals.

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