Nordstrom (NYSE:JWN) Price Target Raised to $24.00

Nordstrom (NYSE:JWN) had its target price lifted by research analysts at Barclays from $23.00 to $24.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the specialty retailer’s stock. Barclays‘s target price suggests a potential downside of 0.60% from the company’s current price.

Several other brokerages have also commented on JWN. UBS Group raised Nordstrom from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $14.50 to $24.00 in a report on Friday, January 10th. Telsey Advisory Group reissued a “market perform” rating and issued a $24.00 price target on shares of Nordstrom in a research note on Monday. KeyCorp cut shares of Nordstrom from an “overweight” rating to a “sector weight” rating in a research report on Thursday, September 26th. Evercore ISI upped their target price on shares of Nordstrom from $22.00 to $24.00 and gave the stock an “in-line” rating in a research report on Monday. Finally, Bank of America raised their price target on Nordstrom from $20.00 to $22.00 and gave the company an “underperform” rating in a research report on Wednesday, November 27th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $22.17.

Nordstrom Price Performance

Nordstrom stock traded up $0.04 during midday trading on Thursday, reaching $24.15. 785,591 shares of the stock were exchanged, compared to its average volume of 3,671,046. The company’s fifty day moving average is $23.49 and its 200-day moving average is $22.77. The company has a debt-to-equity ratio of 2.65, a quick ratio of 0.35 and a current ratio of 1.14. Nordstrom has a 52 week low of $16.78 and a 52 week high of $24.99. The firm has a market cap of $3.99 billion, a PE ratio of 15.38 and a beta of 2.52.

Nordstrom (NYSE:JWN) last issued its quarterly earnings data on Tuesday, November 26th. The specialty retailer reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.11. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.34 billion. Nordstrom had a negative return on equity of 18.04% and a negative net margin of 1.57%. The firm’s revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.25 earnings per share. On average, sell-side analysts forecast that Nordstrom will post 1.95 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in JWN. Venturi Wealth Management LLC boosted its position in Nordstrom by 355.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,272 shares of the specialty retailer’s stock valued at $29,000 after buying an additional 993 shares during the period. Point72 Hong Kong Ltd purchased a new stake in Nordstrom in the second quarter worth $71,000. Blue Trust Inc. boosted its holdings in Nordstrom by 57.7% in the third quarter. Blue Trust Inc. now owns 3,839 shares of the specialty retailer’s stock valued at $81,000 after acquiring an additional 1,404 shares in the last quarter. CWM LLC increased its position in Nordstrom by 28.7% during the 3rd quarter. CWM LLC now owns 3,628 shares of the specialty retailer’s stock valued at $82,000 after purchasing an additional 810 shares during the period. Finally, DekaBank Deutsche Girozentrale raised its holdings in Nordstrom by 70.5% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 5,387 shares of the specialty retailer’s stock worth $112,000 after purchasing an additional 2,227 shares in 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.