Nordstrom (NYSE:JWN) Price Target Lowered to $22.00 at Citigroup

Nordstrom (NYSE:JWNGet Rating) had its target price lowered by Citigroup from $27.00 to $22.00 in a research note issued to investors on Wednesday, The Fly reports. Citigroup currently has a neutral rating on the specialty retailer’s stock.

Other equities analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft raised their price target on Nordstrom from $31.00 to $32.00 in a report on Wednesday. StockNews.com began coverage on Nordstrom in a report on Thursday, March 31st. They set a buy rating for the company. Zacks Investment Research upgraded Nordstrom from a hold rating to a buy rating and set a $26.00 price target for the company in a report on Wednesday, May 18th. Cowen raised their price objective on Nordstrom from $25.00 to $30.00 and gave the company a market perform rating in a research note on Wednesday, March 2nd. Finally, JPMorgan Chase & Co. lowered their price objective on Nordstrom from $24.00 to $22.00 in a research note on Monday, May 16th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $27.29.

NYSE:JWN opened at $26.56 on Wednesday. The company has a current ratio of 0.96, a quick ratio of 0.27 and a debt-to-equity ratio of 4.91. Nordstrom has a 12-month low of $18.65 and a 12-month high of $38.48. The stock has a 50-day moving average price of $26.12 and a 200 day moving average price of $24.34. The stock has a market capitalization of $4.23 billion, a P/E ratio of 25.06, a P/E/G ratio of 1.14 and a beta of 2.25.

Nordstrom (NYSE:JWNGet Rating) last released its earnings results on Tuesday, May 24th. The specialty retailer reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The business had revenue of $3.57 billion for the quarter, compared to analysts’ expectations of $3.29 billion. Nordstrom had a return on equity of 70.74% and a net margin of 1.20%. The business’s revenue for the quarter was up 18.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.64) EPS. On average, research analysts predict that Nordstrom will post 3.3 earnings per share for the current fiscal year.

Nordstrom announced that its Board of Directors has initiated a share buyback program on Tuesday, May 24th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the specialty retailer to repurchase up to 15.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 15th. Investors of record on Tuesday, May 31st will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend is Friday, May 27th. Nordstrom’s dividend payout ratio is currently 71.70%.

In other Nordstrom news, CFO Anne L. Bramman sold 13,333 shares of Nordstrom stock in a transaction on Thursday, May 26th. The stock was sold at an average price of $24.20, for a total transaction of $322,658.60. Following the completion of the sale, the chief financial officer now directly owns 106,804 shares of the company’s stock, valued at approximately $2,584,656.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Anne L. Bramman sold 13,334 shares of Nordstrom stock in a transaction on Monday, April 18th. The shares were sold at an average price of $28.74, for a total value of $383,219.16. Following the sale, the chief financial officer now directly owns 120,137 shares of the company’s stock, valued at $3,452,737.38. The disclosure for this sale can be found here. 5.45% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Natixis raised its position in Nordstrom by 18.8% during the 3rd quarter. Natixis now owns 447,545 shares of the specialty retailer’s stock valued at $11,838,000 after purchasing an additional 70,849 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its position in Nordstrom by 124.6% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 39,360 shares of the specialty retailer’s stock valued at $890,000 after purchasing an additional 21,837 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Nordstrom by 1,420.9% in the 4th quarter. Russell Investments Group Ltd. now owns 92,745 shares of the specialty retailer’s stock valued at $2,096,000 after acquiring an additional 86,647 shares during the period. Rafferty Asset Management LLC increased its holdings in shares of Nordstrom by 28.2% in the 4th quarter. Rafferty Asset Management LLC now owns 46,273 shares of the specialty retailer’s stock valued at $1,047,000 after acquiring an additional 10,187 shares during the period. Finally, Moors & Cabot Inc. purchased a new position in shares of Nordstrom in the 3rd quarter valued at $214,000. 57.27% of the stock is owned by institutional investors and hedge funds.

About Nordstrom (Get Rating)

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; TrunkClub.com; Nordstrom.ca; Nordstrom stores; Nordstrom Rack stores; Nordstrom Locals; Nordstromrack.com and HauteLook; clearance stores under the Last Chance name; Trunk Club clubhouses; and Jeffrey boutiques.

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