Nordstrom, Inc. (NYSE:JWN) – Equities research analysts at KeyCorp dropped their Q2 2020 earnings per share estimates for shares of Nordstrom in a research note issued on Thursday, November 15th. KeyCorp analyst E. Yruma now forecasts that the specialty retailer will post earnings of $0.97 per share for the quarter, down from their previous forecast of $0.98. KeyCorp also issued estimates for Nordstrom’s Q3 2020 earnings at $0.70 EPS and Q4 2020 earnings at $1.50 EPS.
JWN has been the topic of a number of other research reports. Wedbush started coverage on shares of Nordstrom in a research report on Wednesday, October 31st. They issued a $59.00 price objective on the stock. UBS Group lifted their price objective on shares of Nordstrom from $69.00 to $73.00 and gave the stock a “buy” rating in a research report on Friday, August 17th. Deutsche Bank lifted their target price on shares of Nordstrom from $56.00 to $61.00 and gave the stock a “buy” rating in a research note on Friday, August 17th. ValuEngine upgraded shares of Nordstrom from a “hold” rating to a “buy” rating in a research note on Monday, August 20th. Finally, Goldman Sachs Group initiated coverage on shares of Nordstrom in a research note on Monday, September 3rd. They issued a “buy” rating and a $73.00 target price for the company. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $57.71.
Nordstrom (NYSE:JWN) last posted its earnings results on Thursday, November 15th. The specialty retailer reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.03. The business had revenue of $3.75 billion for the quarter, compared to the consensus estimate of $3.68 billion. Nordstrom had a net margin of 2.92% and a return on equity of 51.66%.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Prospera Financial Services Inc purchased a new stake in Nordstrom in the 2nd quarter worth $304,000. Amalgamated Bank increased its holdings in Nordstrom by 9.5% in the 2nd quarter. Amalgamated Bank now owns 29,365 shares of the specialty retailer’s stock worth $1,521,000 after acquiring an additional 2,558 shares in the last quarter. Nisa Investment Advisors LLC purchased a new stake in Nordstrom in the 2nd quarter worth $2,494,000. Whittier Trust Co. purchased a new stake in Nordstrom in the 2nd quarter worth $147,000. Finally, Sumitomo Life Insurance Co. increased its holdings in Nordstrom by 54.2% in the 2nd quarter. Sumitomo Life Insurance Co. now owns 34,000 shares of the specialty retailer’s stock worth $1,761,000 after acquiring an additional 11,949 shares in the last quarter. Hedge funds and other institutional investors own 56.32% of the company’s stock.
In related news, insider Christine Deputy sold 11,534 shares of the business’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $65.87, for a total value of $759,744.58. Following the completion of the transaction, the insider now directly owns 76,463 shares in the company, valued at approximately $5,036,617.81. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Blake W. Nordstrom sold 127,251 shares of the business’s stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $61.51, for a total transaction of $7,827,209.01. Following the completion of the transaction, the insider now owns 2,519,436 shares of the company’s stock, valued at $154,970,508.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 200,604 shares of company stock valued at $12,621,378. Company insiders own 7.05% of the company’s stock.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 11th. Investors of record on Monday, November 26th will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 2.89%. The ex-dividend date is Friday, November 23rd. Nordstrom’s dividend payout ratio is currently 50.00%.
Nordstrom announced that its Board of Directors has approved a stock repurchase 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 often an indication that the company’s board believes its shares are undervalued.
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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