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

Nordstrom (NYSE:JWN)‘s stock had its “market perform” rating restated by investment analysts at Telsey Advisory Group in a note issued to investors on Tuesday, Benzinga reports. They currently have a $23.00 price objective on the specialty retailer’s stock. Telsey Advisory Group’s target price indicates a potential upside of 7.28% from the company’s previous close.

JWN has been the topic of several other research reports. StockNews.com raised Nordstrom from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Bank of America upped their target price on shares of Nordstrom from $15.00 to $18.00 and gave the stock an “underperform” rating in a report on Friday, May 31st. Evercore ISI increased their target price on shares of Nordstrom from $17.00 to $19.00 and gave the stock an “in-line” rating in a research report on Friday, May 31st. JPMorgan Chase & Co. boosted their price target on shares of Nordstrom from $15.00 to $17.00 and gave the company an “underweight” rating in a research report on Friday, May 17th. Finally, Barclays raised their price objective on shares of Nordstrom from $15.00 to $18.00 and gave the stock an “underweight” rating in a report on Friday, May 31st. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Nordstrom currently has a consensus rating of “Hold” and an average target price of $17.75.

Nordstrom Stock Performance

JWN opened at $21.44 on Tuesday. Nordstrom has a 1 year low of $12.88 and a 1 year high of $24.03. The stock has a market cap of $3.51 billion, a PE ratio of 11.72, a P/E/G ratio of 2.55 and a beta of 2.62. The company has a current ratio of 1.03, a quick ratio of 0.36 and a debt-to-equity ratio of 3.13. The stock’s 50 day simple moving average is $21.92 and its 200-day simple moving average is $20.57.

Nordstrom (NYSE:JWN) last posted its earnings results on Thursday, May 30th. The specialty retailer reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.16). The business had revenue of $3.34 billion during the quarter, compared to the consensus estimate of $3.19 billion. Nordstrom had a negative net margin of 1.35% and a negative return on equity of 26.45%. The business’s revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.07 EPS. Sell-side analysts forecast that Nordstrom will post 1.79 EPS for the current year.

Hedge Funds Weigh In On Nordstrom

Several hedge funds have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System acquired a new position in Nordstrom during the 4th quarter valued at about $502,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Nordstrom by 25.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,257 shares of the specialty retailer’s stock valued at $448,000 after buying an additional 4,893 shares during the period. Wedge Capital Management L L P NC boosted its stake in Nordstrom by 26.0% in the fourth quarter. Wedge Capital Management L L P NC now owns 87,184 shares of the specialty retailer’s stock valued at $1,609,000 after acquiring an additional 18,013 shares during the last quarter. Alaska Permanent Fund Corp grew its holdings in Nordstrom by 3.8% during the 4th quarter. Alaska Permanent Fund Corp now owns 122,593 shares of the specialty retailer’s stock worth $2,262,000 after acquiring an additional 4,493 shares during the period. Finally, Truist Financial Corp increased its holdings in Nordstrom by 14.8% in the fourth quarter. Truist Financial Corp now owns 55,614 shares of the specialty retailer’s stock valued at $1,026,000 after purchasing an additional 7,161 shares during the last quarter. 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.