Telsey Advisory Group Cuts Nordstrom (NYSE:JWN) Price Target to $24.00

Nordstrom (NYSE:JWN) had its price target cut by Telsey Advisory Group from $26.00 to $24.00 in a report issued on Tuesday,Benzinga reports. They currently have a market perform rating on the specialty retailer’s stock.

A number of other equities analysts have also recently weighed in on JWN. StockNews.com cut Nordstrom from a “strong-buy” rating to a “buy” rating in a report on Thursday, December 5th. The Goldman Sachs Group upped their target price on Nordstrom from $19.00 to $21.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 28th. Barclays raised shares of Nordstrom from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $18.00 to $23.00 in a research note on Thursday, September 5th. TD Cowen upped their price objective on shares of Nordstrom from $24.00 to $25.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Finally, Citigroup lifted their target price on shares of Nordstrom from $22.00 to $23.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $21.13.

Nordstrom Price Performance

NYSE:JWN opened at $24.22 on Tuesday. The company has a debt-to-equity ratio of 2.65, a current ratio of 1.14 and a quick ratio of 0.35. The company has a 50 day moving average price of $23.20 and a 200-day moving average price of $22.48. Nordstrom has a 1-year low of $16.63 and a 1-year high of $24.99. The firm has a market cap of $3.99 billion, a price-to-earnings ratio of 15.43 and a beta of 2.56.

Nordstrom (NYSE:JWN) last released its quarterly earnings results on Tuesday, November 26th. The specialty retailer reported $0.33 EPS 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 analyst estimates of $3.34 billion. Nordstrom had a negative net margin of 1.57% and a negative return on equity of 18.04%. The firm’s revenue was up 4.6% on a year-over-year basis. During the same quarter last year, the business earned $0.25 earnings per share. Equities research analysts forecast that Nordstrom will post 1.94 EPS for the current year.

Nordstrom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Tuesday, December 3rd were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 3.14%. The ex-dividend date was Tuesday, December 3rd. Nordstrom’s dividend payout ratio is currently 48.41%.

Institutional Investors Weigh In On Nordstrom

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Venturi Wealth Management LLC grew its holdings in Nordstrom by 355.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,272 shares of the specialty retailer’s stock valued at $29,000 after buying an additional 993 shares in the last quarter. Atlas Capital Advisors LLC grew its holdings 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 during the period. Rothschild Investment LLC acquired a new stake in Nordstrom during the second quarter worth about $39,000. Point72 Hong Kong Ltd purchased a new position in Nordstrom during the second quarter worth about $71,000. Finally, Blue Trust Inc. boosted its holdings in Nordstrom by 57.7% in the 3rd quarter. Blue Trust Inc. now owns 3,839 shares of the specialty retailer’s stock valued at $81,000 after purchasing an additional 1,404 shares during the last quarter. Institutional investors and hedge funds 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.