Bank of America Issues Positive Forecast for Nordstrom (NYSE:JWN) Stock Price

Nordstrom (NYSE:JWN) had its price objective hoisted by Bank of America from $20.00 to $22.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “underperform” rating on the specialty retailer’s stock. Bank of America‘s target price would suggest a potential downside of 2.31% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. KeyCorp cut shares of Nordstrom from an “overweight” rating to a “sector weight” rating in a report on Thursday, September 26th. JPMorgan Chase & Co. lifted their target price on shares of Nordstrom from $19.00 to $20.00 and gave the company an “underweight” rating in a research note on Wednesday, August 28th. Citigroup increased their price target on shares of Nordstrom from $22.00 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. StockNews.com raised shares of Nordstrom from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Finally, The Goldman Sachs Group increased their target price on shares of Nordstrom from $19.00 to $21.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 28th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Nordstrom currently has a consensus rating of “Hold” and a consensus target price of $20.92.

Nordstrom Price Performance

JWN opened at $22.52 on Wednesday. The firm has a market capitalization of $3.70 billion, a P/E ratio of 14.19 and a beta of 2.59. The stock has a fifty day moving average of $22.86 and a 200-day moving average of $22.22. The company has a quick ratio of 0.41, a current ratio of 1.07 and a debt-to-equity ratio of 2.76. Nordstrom has a 12-month low of $14.80 and a 12-month high of $24.99.

Nordstrom (NYSE:JWN) last released its earnings results on Tuesday, November 26th. The specialty retailer reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.11. The company had revenue of $3.35 billion for the quarter, compared to analysts’ expectations of $3.34 billion. Nordstrom had a negative return on equity of 21.26% and a negative net margin of 1.44%. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.25 EPS. Equities analysts forecast that Nordstrom will post 1.91 EPS for the current fiscal year.

Insider Buying and Selling at Nordstrom

In other news, COO Alexis Depree sold 20,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $23.20, for a total value of $464,000.00. Following the sale, the chief operating officer now 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 5.78% of the company’s stock.

Institutional Trading of Nordstrom

A number of hedge funds have recently bought and sold shares of JWN. Tidal Investments LLC raised its holdings in Nordstrom by 47.8% in the 3rd quarter. Tidal Investments LLC now owns 17,602 shares of the specialty retailer’s stock valued at $396,000 after acquiring an additional 5,690 shares in the last quarter. Sanctuary Advisors LLC raised its stake in shares of Nordstrom by 160.9% in the third quarter. Sanctuary Advisors LLC now owns 51,071 shares of the specialty retailer’s stock valued at $1,187,000 after purchasing an additional 31,498 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Nordstrom in the third quarter valued at $451,000. Geode Capital Management LLC lifted its position in Nordstrom by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,625,616 shares of the specialty retailer’s stock worth $36,570,000 after purchasing an additional 5,407 shares during the period. Finally, MML Investors Services LLC boosted its stake in Nordstrom by 24.7% during the third quarter. MML Investors Services LLC now owns 20,097 shares of the specialty retailer’s stock worth $452,000 after buying an additional 3,981 shares in the last quarter. 88.73% of the stock is owned by institutional investors.

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.