Nordstrom (NYSE:JWN – Get Rating) updated its FY23 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.30-2.60 for the period, compared to the consensus earnings per share estimate of $3.12. The company issued revenue guidance of ~$15.53-15.82 billion, compared to the consensus revenue estimate of $15.82 billion.
Wall Street Analyst Weigh In
Several research analysts have commented on the stock. Cowen cut their price target on shares of Nordstrom from $30.00 to $24.00 and set a market perform rating for the company in a report on Wednesday, May 25th. Bank of America dropped their price objective on shares of Nordstrom from $21.00 to $15.00 and set an underperform rating for the company in a report on Thursday, July 7th. Morgan Stanley lifted their price objective on shares of Nordstrom from $17.00 to $19.00 and gave the stock an underweight rating in a report on Wednesday, August 3rd. Piper Sandler started coverage on shares of Nordstrom in a report on Friday, July 22nd. They set an overweight rating and a $28.00 price objective for the company. Finally, Barclays dropped their price objective on shares of Nordstrom to $21.00 in a report on Thursday, May 26th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $26.59.
Nordstrom Trading Up 1.0 %
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Shares of JWN stock traded up $0.23 during mid-day trading on Tuesday, reaching $23.20. The stock had a trading volume of 10,283,233 shares, compared to its average volume of 5,892,771. The stock’s 50-day moving average price is $23.04 and its two-hundred day moving average price is $24.39. Nordstrom has a 52-week low of $18.65 and a 52-week high of $38.14. The firm has a market capitalization of $3.73 billion, a PE ratio of 10.36, a price-to-earnings-growth ratio of 1.27 and a beta of 2.21. The company has a current ratio of 0.99, a quick ratio of 0.31 and a debt-to-equity ratio of 4.85.
Nordstrom (NYSE:JWN – Get Rating) last released its quarterly earnings data on Tuesday, May 24th. The specialty retailer reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. Nordstrom had a net margin of 2.37% and a return on equity of 74.13%. The firm had revenue of $3.57 billion for the quarter, compared to analysts’ expectations of $3.29 billion. During the same quarter in the previous year, the company earned ($0.64) earnings per share. The company’s revenue for the quarter was up 18.6% compared to the same quarter last year. Equities analysts expect that Nordstrom will post 3.18 earnings per share for the current fiscal year.
Nordstrom Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 14th. Shareholders of record on Tuesday, August 30th will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend is Monday, August 29th. Nordstrom’s payout ratio is 33.93%.
Nordstrom declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 24th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to reacquire up to 15.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Insider Activity at Nordstrom
In related news, CFO Anne L. Bramman sold 13,333 shares of the business’s stock in a transaction dated Thursday, May 26th. The shares were sold at an average price of $24.20, for a total transaction of $322,658.60. Following the transaction, the chief financial officer now owns 106,804 shares in the company, valued at $2,584,656.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.45% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Nordstrom
Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Nordstrom by 1.6% in the first quarter. Vanguard Group Inc. now owns 10,276,748 shares of the specialty retailer’s stock worth $278,603,000 after purchasing an additional 160,514 shares during the period. State Street Corp grew its holdings in Nordstrom by 5.5% in the first quarter. State Street Corp now owns 4,552,284 shares of the specialty retailer’s stock worth $124,245,000 after purchasing an additional 239,120 shares during the period. Renaissance Technologies LLC grew its holdings in Nordstrom by 240.8% in the first quarter. Renaissance Technologies LLC now owns 1,988,500 shares of the specialty retailer’s stock worth $53,908,000 after purchasing an additional 1,405,000 shares during the period. Dimensional Fund Advisors LP grew its holdings in Nordstrom by 24.3% in the first quarter. Dimensional Fund Advisors LP now owns 827,526 shares of the specialty retailer’s stock worth $22,434,000 after purchasing an additional 161,739 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Nordstrom by 6.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 825,732 shares of the specialty retailer’s stock worth $22,386,000 after purchasing an additional 53,287 shares during the period. Hedge funds and other institutional investors own 57.27% of the company’s stock.
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; TrunkClub.com; Nordstrom.ca; Nordstrom stores; Nordstrom Rack stores; Nordstrom Locals; Nordstromrack.com and HauteLook; clearance stores under the Last Chance name; Trunk Club clubhouses; and Jeffrey boutiques.
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