Citigroup Forecasts Strong Price Appreciation for Nordstrom (NYSE:JWN) Stock

Nordstrom (NYSE:JWN) had its price target lifted by Citigroup from $22.00 to $23.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a neutral rating on the specialty retailer’s stock.

A number of other brokerages have also issued reports on JWN. BMO Capital Markets upped their target price on Nordstrom from $20.00 to $22.00 and gave the company a “market perform” rating in a research report on Wednesday, August 28th. JPMorgan Chase & Co. upped their price target on Nordstrom from $19.00 to $20.00 and gave the company an “underweight” rating in a research report on Wednesday, August 28th. StockNews.com raised Nordstrom from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. TD Cowen upped their price target on Nordstrom from $24.00 to $25.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Finally, The Goldman Sachs Group upped their price target on Nordstrom from $19.00 to $21.00 and gave the company a “neutral” rating in a research report on Wednesday, August 28th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Nordstrom has a consensus rating of “Hold” and a consensus target price of $20.58.

Nordstrom Stock Performance

Shares of JWN opened at $22.66 on Tuesday. The business’s 50 day moving average is $22.74 and its two-hundred day moving average is $22.09. Nordstrom has a 52-week low of $13.68 and a 52-week high of $24.93. The firm has a market cap of $3.72 billion, a price-to-earnings ratio of 13.25 and a beta of 2.59. 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 (NYSE:JWN) last announced its earnings results on Tuesday, August 27th. The specialty retailer reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.25. Nordstrom had a negative return on equity of 21.26% and a negative net margin of 1.44%. The company had revenue of $3.89 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the company posted $0.84 EPS. Nordstrom’s quarterly revenue was up 3.2% on a year-over-year basis. Analysts forecast that Nordstrom will post 1.91 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Alexis Depree sold 20,000 shares of the stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $23.20, for a total value of $464,000.00. Following the completion of the transaction, the chief operating officer now owns 169,331 shares of the company’s stock, valued at approximately $3,928,479.20. This represents a 10.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 5.78% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. CANADA LIFE ASSURANCE Co grew its stake in shares of Nordstrom by 0.6% in the first quarter. CANADA LIFE ASSURANCE Co now owns 90,144 shares of the specialty retailer’s stock worth $1,828,000 after purchasing an additional 520 shares in the last quarter. Atlas Capital Advisors LLC grew its stake in shares of Nordstrom by 101.8% in the second quarter. Atlas Capital Advisors LLC now owns 1,491 shares of the specialty retailer’s stock worth $32,000 after purchasing an additional 752 shares in the last quarter. State of Alaska Department of Revenue grew its stake in shares of Nordstrom by 7.3% in the third quarter. State of Alaska Department of Revenue now owns 11,236 shares of the specialty retailer’s stock worth $252,000 after purchasing an additional 760 shares in the last quarter. Stephens Inc. AR grew its stake in shares of Nordstrom by 0.5% in the third quarter. Stephens Inc. AR now owns 153,061 shares of the specialty retailer’s stock worth $3,442,000 after purchasing an additional 805 shares in the last quarter. Finally, CWM LLC grew its stake in shares of Nordstrom by 28.7% in the third quarter. CWM LLC now owns 3,628 shares of the specialty retailer’s stock worth $82,000 after purchasing an additional 810 shares in 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.