Vetr downgraded shares of Nordstrom, Inc. (NYSE:JWN) from a neutral rating to an overweight rating in a report released on Thursday, May 4th. Buy rating has been given by 6 analysts to the company stock whereas 0 analyst given UNDERPERFORM rating to stock and 1 analyst given HOLD rating.
The target price for Nordstrom Inc.
A number of brokerages recently commented on JWN. Atlantic Securities raised shares of Nordstrom from a "neutral" rating to an "overweight" rating and upped their target price for the company from $45.00 to $58.00 in a report on Thursday, May 4th. BMO Capital Markets set a $48.00 price objective on shares of Nordstrom and gave the company a "hold" rating in a research note on Saturday, May 13th. Finally, Royal Bank of Canada reaffirmed a "hold" rating and issued a $47.00 target price on shares of Nordstrom in a report on Monday, March 27th.
In other news, insider Peter E. Nordstrom sold 3,297 shares of the business's stock in a transaction that occurred on Friday, March 10th. The shares were sold at an average price of $47.01, for a total transaction of $348,955.23. Following the completion of the transaction, the insider now owns 76,371 shares of the company's stock, valued at $3,590,200.71. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The stock was sold at an average price of $43.80, for a total value of $138,802.20. Following the sale, the president now owns 2,140,587 shares in the company, valued at $93,757,710.60. The disclosure for this sale can be found here.
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Several hedge funds and other institutional investors have recently modified their holdings of JWN. BlackRock Inc. now owns 8,021,009 shares of the specialty retailer's stock valued at $373,537,000 after buying an additional 7,689,800 shares during the last quarter.
Nordstrom in May reported first-quarter same-store sales that fell short of estimates, triggering a drop in its shares. Moreno Evelyn V increased its stake in Nordstrom by 6.9% in the first quarter. Fiera Capital Corp now owns 792,032 shares of the specialty retailer's stock worth $37,962,000 after buying an additional 742,899 shares during the last quarter. Skandinaviska Enskilda Banken AB publ now owns 3,354,037 shares of the specialty retailer's stock worth $156,198,000 after buying an additional 816,498 shares during the period. Skandinaviska Enskilda Banken AB publ increased its stake in Nordstrom by 20,761.0% in the third quarter.
Analysts and consultants were divided on how successful Nordstrom could be in going private.
"WARNING: "[[title]]" was originally published by [[site]] and is the property of of [[site]]. If you are reading this piece on another website, it was illegally stolen and reposted in violation of United States and worldwide copyright laws. On the other hand, Nordstrom shares have lost as much as 14.2% this year while the physical retail industry has slumped 21% due to the skyrocketing popularity of online shopping. Its low price was $87.36 and the highest price was $88.80. Shares price moved down from its 50 days moving average with -0.73% and remote negatively from 200 days moving average with -8.35%. The family owns 30% of the $7.5B mkt cap (current EV is $9.5B) and would need to raise ~$5.5B of outside capital. Nordstrom also was the target of unusually large options trading on Wednesday. Stock has got OUTPERFORM rating 2 analyst of Thomson Reuters, 4 analyst given HOLD rating to the stock and 0 given UNDERPERFORM rating. This represents an increase of approximately 147% compared to the average volume of 811 put options. The business also recently declared a quarterly dividend, which will be paid on Monday, June 12th. Shareholders of record on Friday, May 26th will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.32%. The ex-dividend date is Wednesday the 24th of May 2017. Nordstrom's payout ratio is now 79.14%. Finally, Sowell Financial Services LLC acquired a new stake in Nordstrom during the fourth quarter valued at approximately $123,000.
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