Nordstrom (NYSE:JWN) Shares Gap Down to $16.30

Posted by on Jun 2nd, 2023

Nordstrom, Inc. (NYSE:JWN – Get Rating) shares gapped down before the market opened on Wednesday . The stock had previously closed at $16.30, but opened at $15.84. Nordstrom shares last traded at $15.42, with a volume of 802,727 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Barclays dropped their target price on shares of Nordstrom from $16.00 to $14.00 in a report on Tuesday, May 2nd. Argus raised shares of Nordstrom from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a report on Wednesday, March 8th. Credit Suisse Group reissued a “neutral” rating and issued a $17.00 target price on shares of Nordstrom in a report on Friday, March 3rd. Deutsche Bank Aktiengesellschaft increased their target price on shares of Nordstrom from $17.00 to $19.00 in a report on Thursday. Finally, Citigroup dropped their target price on shares of Nordstrom from $20.00 to $17.00 in a report on Thursday, May 25th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Nordstrom has a consensus rating of “Hold” and an average target price of $18.88.

Nordstrom Stock Performance

The company has a 50-day moving average price of $15.74 and a two-hundred day moving average price of $17.82. The stock has a market capitalization of $2.59 billion, a P/E ratio of 10.62, a price-to-earnings-growth ratio of 1.37 and a beta of 2.22. The company has a current ratio of 1.07, a quick ratio of 0.42 and a debt-to-equity ratio of 3.86.

Nordstrom (NYSE:JWN – Get Rating) last announced its earnings results on Wednesday, May 31st. The specialty retailer reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.19. Nordstrom had a return on equity of 44.02% and a net margin of 0.13%. The firm had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.11 billion. During the same quarter in the previous year, the business earned ($0.06) EPS. On average, equities analysts forecast that Nordstrom, Inc. will post 1.93 earnings per share for the current year.

Nordstrom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 14th. Stockholders of record on Tuesday, May 30th will be paid a $0.19 dividend. The ex-dividend date is Friday, May 26th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 4.74%. Nordstrom’s payout ratio is presently 50.33%.

Institutional Investors Weigh In On Nordstrom

Hedge funds have recently modified their holdings of the stock. El Puerto de Liverpool S.A.B. de C.V. bought a new stake in Nordstrom during the 4th quarter valued at $254,286,000. Vanguard Group Inc. increased its holdings in shares of Nordstrom by 1.3% in the third quarter. Vanguard Group Inc. now owns 10,459,699 shares of the specialty retailer’s stock worth $174,992,000 after purchasing an additional 131,102 shares during the period. BlackRock Inc. increased its holdings in shares of Nordstrom by 0.3% in the first quarter. BlackRock Inc. now owns 10,002,029 shares of the specialty retailer’s stock worth $162,733,000 after purchasing an additional 27,000 shares during the period. State Street Corp increased its holdings in shares of Nordstrom by 9.8% in the first quarter. State Street Corp now owns 5,083,663 shares of the specialty retailer’s stock worth $82,711,000 after purchasing an additional 454,762 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Nordstrom by 119.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,933,201 shares of the specialty retailer’s stock worth $79,622,000 after purchasing an additional 2,682,248 shares during the period. Institutional investors own 66.41% of the company’s stock.

About Nordstrom

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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.

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