Nordstrom (JWN) Given New $47.00 Price Target at Morgan Stanley
Nordstrom (NYSE:JWN) had its price target raised by Morgan Stanley from $44.00 to $47.00 in a report published on Friday. The firm currently has an underweight rating on the specialty retailer’s stock.
A number of other equities research analysts have also recently commented on the stock. Nomura raised their price objective on shares of Nordstrom from $53.00 to $54.00 and gave the stock a neutral rating in a research note on Thursday, July 12th. Deutsche Bank raised shares of Nordstrom from a hold rating to a buy rating and raised their price objective for the stock from $52.00 to $55.00 in a research note on Wednesday, May 23rd. Telsey Advisory Group raised shares of Nordstrom from a market perform rating to an outperform rating and set a $57.00 price objective on the stock in a research note on Wednesday, July 11th. Credit Suisse Group raised their price objective on shares of Nordstrom from $50.00 to $52.00 and gave the stock a neutral rating in a research note on Wednesday, July 11th. Finally, Zacks Investment Research raised shares of Nordstrom from a hold rating to a buy rating and set a $55.00 price objective on the stock in a research note on Tuesday, May 15th. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $54.72.
NYSE:JWN traded up $6.90 during midday trading on Friday, hitting $59.18. The company’s stock had a trading volume of 17,074,305 shares, compared to its average volume of 2,210,689. Nordstrom has a fifty-two week low of $37.79 and a fifty-two week high of $59.25. The company has a current ratio of 1.09, a quick ratio of 0.44 and a debt-to-equity ratio of 2.50. The company has a market cap of $8.80 billion, a PE ratio of 19.99, a price-to-earnings-growth ratio of 2.55 and a beta of 0.82.
In related news, insider Peter E. Nordstrom sold 118,161 shares of Nordstrom stock in a transaction on Monday, July 9th. The shares were sold at an average price of $53.27, for a total value of $6,294,436.47. Following the sale, the insider now owns 2,525,740 shares of the company’s stock, valued at approximately $134,546,169.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Robert Sari sold 7,671 shares of Nordstrom stock in a transaction on Friday, August 17th. The shares were sold at an average price of $55.65, for a total transaction of $426,891.15. Following the completion of the sale, the vice president now directly owns 25,178 shares in the company, valued at approximately $1,401,155.70. The disclosure for this sale can be found here. Insiders sold a total of 170,624 shares of company stock worth $9,072,951 in the last three months. 7.05% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Centaurus Financial Inc. acquired a new stake in Nordstrom in the 2nd quarter valued at $112,000. Whittier Trust Co. acquired a new stake in Nordstrom in the 2nd quarter valued at $147,000. Kiley Juergens Wealth Management LLC acquired a new stake in Nordstrom in the 2nd quarter valued at $118,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Nordstrom in the 1st quarter valued at $124,000. Finally, Perigon Wealth Management LLC acquired a new stake in Nordstrom in the 1st quarter valued at $152,000. 55.96% of the stock is currently owned by hedge funds and other institutional investors.
Nordstrom Company Profile
Nordstrom, Inc, a fashion retailer, provides apparel, shoes, cosmetics, and accessories for women, men, young adults, and children in the United States and Canada. The company operates in two segments, Retail and Credit. The Retail segment offers a range of brand name and private label merchandise through various channels, including Nordstrom branded full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; Trunk Club clubhouses and TrunkClub.com; Jeffrey boutiques; and clearance stores that operate under the Last Chance name.
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