Nordstrom (JWN) Sets New 52-Week High at $66.48

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Nordstrom, Inc. (NYSE:JWN)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $66.48 and last traded at $66.04, with a volume of 1978018 shares trading hands. The stock had previously closed at $62.59.

A number of equities analysts have recently issued reports on the stock. Wedbush upgraded shares of Nordstrom from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $55.00 to $75.00 in a research note on Tuesday. Nomura increased their price objective on shares of Nordstrom from $54.00 to $59.00 and gave the company a “neutral” rating in a research note on Friday, August 17th. Piper Jaffray Companies restated a “hold” rating and issued a $47.00 target price on shares of Nordstrom in a research note on Tuesday, August 7th. Royal Bank of Canada set a $55.00 target price on shares of Nordstrom and gave the company a “hold” rating in a research note on Friday, August 17th. Finally, Cowen downgraded shares of Nordstrom from an “outperform” rating to a “market perform” rating in a research note on Monday, July 2nd. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $57.39.

The firm has a market capitalization of $10.30 billion, a PE ratio of 22.60, a price-to-earnings-growth ratio of 2.86 and a beta of 0.87. The company has a current ratio of 1.10, a quick ratio of 0.54 and a debt-to-equity ratio of 2.35.

Nordstrom (NYSE:JWN) last posted its quarterly earnings results on Thursday, August 16th. The specialty retailer reported $0.95 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.11. The business had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $3.96 billion. Nordstrom had a net margin of 3.24% and a return on equity of 56.00%. The business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the company posted $0.65 earnings per share. Analysts predict that Nordstrom, Inc. will post 3.57 earnings per share for the current fiscal year.

Nordstrom declared that its board has initiated a share buyback program on Wednesday, August 22nd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the specialty retailer to buy up to 14.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

In related news, VP Robert Sari sold 8,795 shares of the firm’s stock in a transaction on Wednesday, October 10th. The shares were sold at an average price of $62.50, for a total transaction of $549,687.50. Following the completion of the transaction, the vice president now owns 14,960 shares of the company’s stock, valued at $935,000. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Christine Deputy sold 11,534 shares of the firm’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $65.87, for a total transaction of $759,744.58. Following the transaction, the insider now directly owns 76,463 shares of the company’s stock, valued at approximately $5,036,617.81. The disclosure for this sale can be found here. In the last ninety days, insiders sold 208,275 shares of company stock valued at $13,048,270. Corporate insiders own 7.05% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Centaurus Financial Inc. purchased a new position in shares of Nordstrom during the second quarter worth $112,000. First Hawaiian Bank purchased a new position in Nordstrom in the third quarter valued at $113,000. Kiley Juergens Wealth Management LLC purchased a new position in Nordstrom in the second quarter valued at $118,000. Whittier Trust Co. purchased a new position in Nordstrom in the second quarter valued at $147,000. Finally, Mount Yale Investment Advisors LLC purchased a new position in Nordstrom in the first quarter valued at $154,000. 55.70% of the stock is owned by hedge funds and other institutional investors.

About Nordstrom (NYSE:JWN)

Nordstrom, Inc, a fashion retailer, provides apparel, shoes, cosmetics, and accessories for women, men, young adults, and children in the United States and Canada. The company operates in two segments, Retail and Credit. The Retail segment offers a range of brand name and private label merchandise through various channels, including Nordstrom branded full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; Trunk Club clubhouses and TrunkClub.com; Jeffrey boutiques; and clearance stores that operate under the Last Chance name.

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