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  • Nordstrom (NYSE:JWN) PT Raised to $20.00 at Piper Sandler

    Nordstrom (NYSE:JWN) PT Raised to $20.00 at Piper Sandler

    Nordstrom (NYSE:JWN – Get Free Report) had its price objective increased by analysts at Piper Sandler from $17.00 to $20.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the specialty retailer’s stock. Piper Sandler’s price objective would suggest a potential upside of 18.34% from the stock’s current price.

    Other research analysts have also recently issued research reports about the stock. Morgan Stanley lowered their price target on shares of Nordstrom from $14.00 to $13.00 and set an “underweight” rating on the stock in a research report on Tuesday, November 28th. StockNews.com upgraded shares of Nordstrom from a “hold” rating to a “buy” rating in a report on Tuesday. The Goldman Sachs Group reduced their price objective on shares of Nordstrom from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, November 22nd. Citigroup reduced their price objective on shares of Nordstrom from $21.00 to $20.00 and set a “neutral” rating on the stock in a report on Wednesday. Finally, Telsey Advisory Group boosted their price objective on shares of Nordstrom from $17.00 to $19.00 and gave the company a “market perform” rating in a report on Wednesday. Five investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $17.00.

    Read Our Latest Report on Nordstrom

    Nordstrom Trading Down 3.6 %

    Shares of JWN stock opened at $16.90 on Wednesday. The company’s 50-day moving average price is $19.04 and its 200-day moving average price is $16.60. The company has a current ratio of 1.02, a quick ratio of 0.29 and a debt-to-equity ratio of 3.08. The stock has a market cap of $2.74 billion, a price-to-earnings ratio of 21.13, a PEG ratio of 1.90 and a beta of 2.59. Nordstrom has a twelve month low of $12.88 and a twelve month high of $23.53.

    Nordstrom (NYSE:JWN – Get Free Report) last announced its quarterly earnings results on Tuesday, March 5th. The specialty retailer reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.06. The firm had revenue of $4.29 billion for the quarter, compared to analysts’ expectations of $4.38 billion. Nordstrom had a net margin of 0.91% and a return on equity of 49.30%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.74 EPS. As a group, equities analysts predict that Nordstrom will post 1.89 earnings per share for the current year.

    Institutional Trading of Nordstrom

    Institutional investors and hedge funds have recently bought and sold shares of the business. Lazard Asset Management LLC purchased a new stake in shares of Nordstrom during the second quarter worth approximately $29,000. Hexagon Capital Partners LLC increased its stake in shares of Nordstrom by 77.6% during the fourth quarter. Hexagon Capital Partners LLC now owns 1,989 shares of the specialty retailer’s stock worth $37,000 after buying an additional 869 shares during the period. Advisory Services Network LLC increased its stake in shares of Nordstrom by 315.9% during the first quarter. Advisory Services Network LLC now owns 2,487 shares of the specialty retailer’s stock worth $40,000 after buying an additional 1,889 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in shares of Nordstrom during the third quarter worth approximately $45,000. Finally, Dark Forest Capital Management LP increased its stake in shares of Nordstrom by 194.2% during the first quarter. Dark Forest Capital Management LP now owns 3,195 shares of the specialty retailer’s stock worth $52,000 after buying an additional 2,109 shares during the period. 62.56% of the stock is currently owned by hedge funds and other institutional investors.

    About Nordstrom

    (Get Free Report)

    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; and clearance stores under the Last Chance name.

    See Also

    Analyst Recommendations for Nordstrom (NYSE:JWN)

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    ABMN Staff

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  • Apple, Amazon, Alphabet, Ford, Nordstrom, and More Stock Market Movers

    Apple, Amazon, Alphabet, Ford, Nordstrom, and More Stock Market Movers

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    https://www.barrons.com/articles/stock-market-movers-apple-amazon-google-ford-51675354870

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  • Nordstrom Report Hints at Weaker Spending by Wealthy Shoppers

    Nordstrom Report Hints at Weaker Spending by Wealthy Shoppers

    Nordstrom’s holiday season sales were softer than prepandemic levels, the company said.


    Craig Barritt/Getty Images for Nordstrom

    If
    Nordstrom’s
    latest sales update is anything to go by, high-income shoppers are finally starting to feel the pinch of a slowing economy.

    The luxury department store, whose product lineup is aimed mainly at wealthier people, said late on Thursday that holiday sales were softer than hoped. It is the latest retailer to warn that consumers took a more cautious approach to holiday shopping in 2022.

    “The holiday season was highly promotional, and sales were softer than prepandemic levels,” said CEO Erik Nordstrom in a news release late Thursday. “While we continue to see greater resilience in our higher income cohorts, it is clear that consumers are being more selective with their spending given the broader macro environment.”

    Shares of Nordstrom (ticker:
    JWN
    ) were largely unchanged in early Friday trading, with a gain of 0.1% to $17.47.

    The company also updated its financial forecasts for fiscal 2022, the 12 months ending January 2023. It now expects revenue growth to be at the low end of the range of 5% to 7% it had forecast. Holiday sales fell by 3.5% in 2022, driven by a 7.6% decline in the company’ Nordstrom Rack banner and a 1.7% decrease in core Nordstrom sales.

    Nordstrom also said that the need to sell off outdated inventory weighed heavily on profit and margins. Adjusted earnings per share will range between $1.50 and $1.70, compared with the company’s prior call for $2.30 to $2.60. The consensus call among analysts surveyed by FactSet was for earnings to land at $1.81 for fiscal 2022.

    Adjusted earnings before interest and taxes margin will be 3.1% to 3.3%, compared with the 4.3% to 4.7% management had predicted.

    While costly to the bottom line, discounting heavily during the holiday season may actually be better for Nordstrom in the long run. The company expects year-end inventory levels to be down by a double-digit percentage compared with last year, putting them roughly at 2019 levels.

    “We believe this reduction, coupled with cleaner inventory (~flat to 2019), may actually have been better than feared,” wrote BMO Capital Markets analyst Simon Siegel in a research note. Siegel maintained a Market Perform rating and trimmed his target for the stock price to $20 from $23.

    Still, it isn’t an easy time to be a department store. Nordstrom’s announcement comes weeks after
    Macy’s
    provided investors with a similar update, saying sales would come in at the low to middle end of the range it had forecast as a result of unexpected lulls in demand outside of the peak shopping weekends.

    On Wednesday, the Census Bureau reported that department stores’ retail sales fell by 6.6% in December from November, and were down 0.6% from December 2021.

    Analysts have also expressed concern about what Nordstrom’s guidance means for demand from high-end consumers, whose buying has remained fairly resilient despite macroeconomic challenges.

    For
    Piper Sandler
    ‘s Edward Yruma, who the revision indicates that high-income shoppers may be “undergoing a cyclical slowdown,” driven by layoffs in white-collar industries, a volatile stock market, and a weak housing market. He maintained a Neutral rating on the stock.

    Write to Sabrina Escobar at sabrina.escobar@barrons.com

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  • JWN Stock Price | Nordstrom Inc. Stock Quote (U.S.: NYSE) | MarketWatch

    JWN Stock Price | Nordstrom Inc. Stock Quote (U.S.: NYSE) | MarketWatch

    Nordstrom Inc.

    Nordstrom, Inc. engages in the manufacture and trade of clothes, shoes, and accessories. It operates through the following segments: Retail and Corporate/Other. The Retail segment consists of a selection of high-quality, brand-name, and private label merchandise, which includes apparel, shoes, cosmetics, and accessories for women, men, young adults, and children. The Corporate/Other segment includes unallocated corporate expenses and assets, inter-segment eliminations, and other adjustments to segment results. The company was founded by John W. Nordstrom in 1901 and is headquartered in Seattle, WA.

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  • JWN Stock Price | Nordstrom Inc. Stock Quote (U.S.: NYSE) | MarketWatch

    JWN Stock Price | Nordstrom Inc. Stock Quote (U.S.: NYSE) | MarketWatch

    Nordstrom Inc.

    Nordstrom, Inc. engages in the manufacture and trade of clothes, shoes, and accessories. It operates through the following segments: Retail and Corporate/Other. The Retail segment consists of a selection of high-quality, brand-name, and private label merchandise, which includes apparel, shoes, cosmetics, and accessories for women, men, young adults, and children. The Corporate/Other segment includes unallocated corporate expenses and assets, inter-segment eliminations, and other adjustments to segment results. The company was founded by John W. Nordstrom in 1901 and is headquartered in Seattle, WA.

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