Nordstrom (JWN) Given New $59.00 Price Target at Nomura
Nordstrom (NYSE:JWN) had its price objective hoisted by research analysts at Nomura from $54.00 to $59.00 in a research note issued to investors on Friday, The Fly reports. The brokerage currently has a “neutral” rating on the specialty retailer’s stock. Nomura’s price objective would indicate a potential downside of 0.30% from the company’s current price.
A number of other analysts have also recently commented on JWN. Wedbush began coverage on Nordstrom in a research report on Friday, August 10th. They set a “neutral” rating and a $55.00 price objective for the company. Piper Jaffray Companies reiterated a “hold” rating and set a $47.00 price objective on shares of Nordstrom in a research report on Tuesday, August 7th. Guggenheim reiterated a “hold” rating on shares of Nordstrom in a research report on Thursday. ValuEngine cut Nordstrom from a “hold” rating to a “sell” rating in a research report on Thursday, August 2nd. Finally, Zacks Investment Research cut Nordstrom from a “buy” rating to a “hold” rating in a research report on Monday, May 21st. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have given a buy rating to the stock. Nordstrom has an average rating of “Hold” and a consensus price target of $54.72.
Nordstrom stock opened at $59.18 on Friday. The firm has a market cap of $8.80 billion, a P/E ratio of 19.99, a PEG ratio of 2.55 and a beta of 0.82. The company has a debt-to-equity ratio of 2.50, a current ratio of 1.09 and a quick ratio of 0.44. Nordstrom has a one year low of $37.79 and a one year high of $59.25.
In other Nordstrom news, VP Robert Sari sold 7,671 shares of the company’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $55.65, for a total value of $426,891.15. Following the completion of the sale, the vice president now owns 25,178 shares in the company, valued at $1,401,155.70. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Erik B. Nordstrom sold 3,379 shares of the company’s stock in a transaction dated Monday, June 11th. The stock was sold at an average price of $53.00, for a total value of $179,087.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 170,624 shares of company stock valued at $9,072,951. Company insiders own 7.05% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Bank of Montreal Can bought a new position in shares of Nordstrom in the second quarter worth about $50,353,000. Millennium Management LLC boosted its stake in shares of Nordstrom by 199.1% in the second quarter. Millennium Management LLC now owns 945,422 shares of the specialty retailer’s stock worth $48,954,000 after acquiring an additional 629,307 shares during the period. BlackRock Inc. boosted its stake in shares of Nordstrom by 7.1% in the second quarter. BlackRock Inc. now owns 8,931,836 shares of the specialty retailer’s stock worth $462,490,000 after acquiring an additional 592,278 shares during the period. Neuberger Berman Group LLC boosted its stake in shares of Nordstrom by 253.1% in the first quarter. Neuberger Berman Group LLC now owns 813,031 shares of the specialty retailer’s stock worth $39,359,000 after acquiring an additional 582,768 shares during the period. Finally, Worldquant Millennium Quantitative Strategies LLC bought a new position in shares of Nordstrom in the second quarter worth about $24,713,000. Institutional investors and hedge funds own 55.96% of the company’s stock.
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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