Nordstrom (NYSE:JWN) Price Target Raised to $24.00

Nordstrom (NYSE:JWN) had its price target upped by Barclays from $23.00 to $24.00 in a report published on Thursday,Benzinga reports. The firm currently has an equal weight rating on the specialty retailer’s stock.

Other analysts also recently issued reports about the company. Citigroup increased their target price on Nordstrom from $22.00 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. Bank of America raised their price target on Nordstrom from $20.00 to $22.00 and gave the stock an “underperform” rating in a research note on Wednesday, November 27th. Telsey Advisory Group restated a “market perform” rating and issued a $24.00 price target on shares of Nordstrom in a research note on Monday, January 13th. UBS Group upgraded Nordstrom from a “sell” rating to a “neutral” rating and raised their price target for the stock from $14.50 to $24.00 in a research note on Friday, January 10th. Finally, Argus downgraded Nordstrom from a “buy” rating to a “sell” rating in a research note on Monday, December 30th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $22.17.

Nordstrom Stock Performance

Nordstrom stock opened at $24.12 on Thursday. The company has a quick ratio of 0.35, a current ratio of 1.14 and a debt-to-equity ratio of 2.65. The company has a market capitalization of $3.98 billion, a P/E ratio of 15.36 and a beta of 2.52. The stock’s 50 day moving average is $23.55 and its 200 day moving average is $22.81. Nordstrom has a twelve month low of $16.78 and a twelve month high of $24.99.

Nordstrom (NYSE:JWN) last issued its 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. Nordstrom had a negative return on equity of 18.04% and a negative net margin of 1.57%. The business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.34 billion. During the same period last year, the business posted $0.25 EPS. The company’s revenue was up 4.6% compared to the same quarter last year. On average, equities research analysts predict that Nordstrom will post 1.95 earnings per share for the current fiscal year.

Nordstrom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Tuesday, December 3rd were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Tuesday, December 3rd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.15%. Nordstrom’s payout ratio is 48.41%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its position in shares of Nordstrom by 4.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,136,639 shares of the specialty retailer’s stock valued at $66,557,000 after purchasing an additional 137,094 shares in the last quarter. Hennessy Advisors Inc. purchased a new position in shares of Nordstrom during the fourth quarter valued at about $56,026,000. Geode Capital Management LLC grew its position in shares of Nordstrom by 0.3% during the third quarter. Geode Capital Management LLC now owns 1,625,616 shares of the specialty retailer’s stock valued at $36,570,000 after purchasing an additional 5,407 shares in the last quarter. Marshall Wace LLP grew its position in Nordstrom by 38.4% in the second quarter. Marshall Wace LLP now owns 1,479,414 shares of the specialty retailer’s stock worth $31,393,000 after acquiring an additional 410,152 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Nordstrom by 17.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,422,856 shares of the specialty retailer’s stock worth $32,000,000 after acquiring an additional 208,193 shares in the last quarter. Hedge funds and other 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.