Telsey Advisory Group Reaffirms “Market Perform” Rating for Nordstrom (NYSE:JWN)

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

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

Nordstrom Stock Down 3.1 %

Shares of NYSE JWN opened at $21.44 on Tuesday. Nordstrom has a 12-month low of $12.88 and a 12-month high of $24.03. The company has a quick ratio of 0.36, a current ratio of 1.03 and a debt-to-equity ratio of 3.13. The firm 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’s fifty day simple moving average is $21.92 and its 200 day simple moving average is $20.57.

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

Hedge Funds Weigh In On Nordstrom

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. CANADA LIFE ASSURANCE Co lifted its stake in shares of Nordstrom by 0.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 90,144 shares of the specialty retailer’s stock valued at $1,828,000 after buying an additional 520 shares in the last quarter. State of Michigan Retirement System raised its holdings in Nordstrom by 2.6% during the 1st quarter. State of Michigan Retirement System now owns 23,908 shares of the specialty retailer’s stock valued at $485,000 after acquiring an additional 600 shares during the period. Personal CFO Solutions LLC lifted its position in shares of Nordstrom by 5.7% during the fourth quarter. Personal CFO Solutions LLC now owns 11,882 shares of the specialty retailer’s stock worth $219,000 after acquiring an additional 636 shares in the last quarter. Hexagon Capital Partners LLC boosted its holdings in shares of Nordstrom by 33.1% in the first quarter. Hexagon Capital Partners LLC now owns 2,648 shares of the specialty retailer’s stock worth $54,000 after acquiring an additional 659 shares during the period. Finally, Atlas Capital Advisors LLC grew its position 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 valued at $32,000 after purchasing an additional 752 shares in the last quarter. Institutional investors own 88.73% of the company’s stock.

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.