Evercore ISI Issues Positive Forecast for Nordstrom (NYSE:JWN) Stock Price

Nordstrom (NYSE:JWN) had its price objective increased by investment analysts at Evercore ISI from $22.00 to $24.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “in-line” rating on the specialty retailer’s stock. Evercore ISI’s target price would indicate a potential downside of 0.54% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Telsey Advisory Group reiterated a “market perform” rating and issued a $24.00 price target on shares of Nordstrom in a research note on Monday. KeyCorp cut shares of Nordstrom from an “overweight” rating to a “sector weight” rating in a research report on Thursday, September 26th. StockNews.com assumed coverage on Nordstrom in a report on Friday, January 10th. They issued a “buy” rating on the stock. Argus downgraded Nordstrom from a “buy” rating to a “sell” rating in a report on Monday, December 30th. Finally, Citigroup increased their price objective on Nordstrom from $22.00 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $22.08.

Nordstrom Price Performance

Nordstrom stock opened at $24.13 on Monday. The company’s 50 day moving average is $23.46 and its two-hundred day moving average is $22.76. The firm has a market cap of $3.98 billion, a PE ratio of 15.37 and a beta of 2.52. The company has a quick ratio of 0.35, a current ratio of 1.14 and a debt-to-equity ratio of 2.65. Nordstrom has a 52-week low of $16.78 and a 52-week high of $24.99.

Nordstrom (NYSE:JWN) last released its earnings results on Tuesday, November 26th. The specialty retailer reported $0.33 EPS for the quarter, topping the consensus estimate of $0.22 by $0.11. The firm had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $3.34 billion. Nordstrom had a negative return on equity of 18.04% and a negative net margin of 1.57%. Nordstrom’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.25 EPS. On average, research analysts expect that Nordstrom will post 1.94 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Venturi Wealth Management LLC raised its holdings in shares of Nordstrom by 355.9% in the third 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 during the last quarter. Point72 Hong Kong Ltd purchased a new stake in Nordstrom during the 2nd quarter valued at approximately $71,000. CWM LLC raised its stake in Nordstrom by 28.7% during the 3rd quarter. CWM LLC now owns 3,628 shares of the specialty retailer’s stock valued at $82,000 after acquiring an additional 810 shares during the last quarter. Blue Trust Inc. lifted its position in Nordstrom by 57.7% during the 3rd quarter. Blue Trust Inc. now owns 3,839 shares of the specialty retailer’s stock worth $81,000 after acquiring an additional 1,404 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its stake in shares of Nordstrom by 70.5% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 5,387 shares of the specialty retailer’s stock valued at $112,000 after purchasing an additional 2,227 shares during the last quarter. 88.73% of the stock is owned by hedge funds and other institutional investors.

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.