Citigroup Trims Nordstrom (JWN) Target Price to $37.00

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Nordstrom (NYSE:JWN) had its price objective decreased by Citigroup from $48.00 to $37.00 in a research note issued to investors on Wednesday, BenzingaRatingsTable reports. Citigroup currently has a neutral rating on the specialty retailer’s stock.

JWN has been the topic of a number of other reports. Deutsche Bank lowered shares of Nordstrom from a buy rating to a hold rating and set a $43.30 target price on the stock. in a research note on Friday, February 22nd. ValuEngine downgraded shares of Nordstrom from a sell rating to a strong sell rating in a report on Monday, April 29th. Piper Jaffray Companies set a $44.00 price target on shares of Nordstrom and gave the company a hold rating in a report on Friday, March 1st. Zacks Investment Research downgraded shares of Nordstrom from a buy rating to a hold rating in a report on Monday, May 13th. Finally, Bank of America set a $48.00 price target on shares of Nordstrom and gave the company a sell rating in a report on Friday, March 1st. Five equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and three have issued a buy rating to the company. Nordstrom has an average rating of Hold and an average price target of $43.73.

NYSE:JWN opened at $33.50 on Wednesday. Nordstrom has a 1 year low of $33.75 and a 1 year high of $67.75. The company has a current ratio of 1.00, a quick ratio of 0.41 and a debt-to-equity ratio of 3.07. The firm has a market capitalization of $5.19 billion, a P/E ratio of 9.44, a PEG ratio of 1.70 and a beta of 0.48.

Nordstrom (NYSE:JWN) last posted its earnings results on Tuesday, May 21st. The specialty retailer reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.20). Nordstrom had a net margin of 3.27% and a return on equity of 52.45%. The firm had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.54 billion. During the same quarter in the previous year, the business posted $0.51 earnings per share. Research analysts forecast that Nordstrom will post 3.72 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Monday, June 3rd will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.42%. The ex-dividend date of this dividend is Friday, May 31st. Nordstrom’s payout ratio is 41.69%.

In other news, insider Ken Worzel sold 17,125 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $45.00, for a total transaction of $770,625.00. Following the completion of the transaction, the insider now directly owns 102,588 shares of the company’s stock, valued at approximately $4,616,460. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Erik B. Nordstrom sold 17,762 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $44.07, for a total transaction of $782,771.34. Following the transaction, the insider now directly owns 2,653,314 shares of the company’s stock, valued at $116,931,547.98. The disclosure for this sale can be found here. Insiders have sold a total of 49,180 shares of company stock valued at $2,164,864 over the last ninety days. 5.21% of the stock is owned by insiders.

Several large investors have recently added to or reduced their stakes in JWN. CX Institutional bought a new position in shares of Nordstrom during the 1st quarter worth about $41,000. Zions Bancorporation N.A. bought a new position in shares of Nordstrom during the 1st quarter worth about $41,000. Quadrant Capital Group LLC bought a new position in shares of Nordstrom during the 1st quarter worth about $48,000. Pinnacle Financial Partners Inc. acquired a new stake in shares of Nordstrom during the 1st quarter worth about $51,000. Finally, Whittier Trust Co. acquired a new stake in shares of Nordstrom during the 1st quarter worth about $53,000. 60.17% of the stock is owned by institutional investors.

Nordstrom Company Profile

Nordstrom, Inc, a fashion retailer, provides apparel, shoes, cosmetics, and accessories 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 full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; Jeffrey boutiques; clearance stores that operate under the Last Chance name; Trunk Club clubhouses and TrunkClub.com; and Nordstrom Locals.

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Analyst Recommendations for Nordstrom (NYSE:JWN)

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