Nordstrom (NYSE:JWN) Updates Fiscal 23 Earnings Forecast

Nordstrom Inc (NYSE:JWN – Get Rating) updated its fiscal 23 earnings forecast on Tuesday. The company provided earnings guidance of $2.30 to $2.60 per share for the period, compared to the consensus estimate of earnings per share of $3.12. The company released a revenue forecast of around $15.53 billion to $15.82 billion, compared to the consensus revenue estimate of $15.82 billion.

A Wall Street analyst gives his opinion

Several research analysts commented on the title. Cowen cut his price target on Nordstrom shares from $30.00 to $24.00 and set a market performance rating for the company in a Wednesday, May 25 report. Bank of America lowered its price target on Nordstrom shares from $21.00 to $15.00 and set an underperformance rating for the company in a Thursday, July 7 report. Morgan Stanley raised its price target on Nordstrom shares from $17.00 to $19.00 and gave the stock an underweight rating in a Wednesday, Aug. 3 report. Piper Sandler began covering Nordstrom shares in a report on Friday, July 22. They set an overweight rating and a price target of $28.00 for the company. Finally, Barclays lowered its price target on Nordstrom shares to $21.00 in a Thursday May 26 report. Three investment analysts gave the stock a sell rating, eleven gave the company a hold rating and four gave the company a buy rating. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $26.59.

Nordstrom is trading up 1.0%

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Shares of JWN traded up $0.23 at midday on Tuesday, hitting $23.20. The stock recorded a trading volume of 10,283,233 shares, compared to an average volume of 5,892,771 shares. 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 company has a market capitalization of $3.73 billion, a PE ratio of 10.36, a growth price-earnings 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 ratio of 4.85.

Nordstrom (NYSE:JWN – Get Rating) last released its quarterly earnings data on Tuesday, May 24. The specialty retailer reported ($0.06) earnings per share (EPS) for the quarter, beating analyst 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 company posted revenue of $3.57 billion for the quarter, versus $3.29 billion expected by analysts. In the same quarter of the previous year, the company made ($0.64) earnings per share. The company’s revenue for the quarter increased by 18.6% compared to the same quarter last year. Stock analysts expect Nordstrom to post earnings per share of 3.18 for the current fiscal year.

Nordstrom announces dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 14. Shareholders of record on Tuesday, August 30 will receive a dividend of $0.19. This represents a dividend of $0.76 on an annualized basis and a dividend yield of 3.28%. The ex-date of this dividend is Monday, August 29. Nordstrom’s payout ratio is 33.93%.

Nordstrom said its board launched a stock repurchase plan on Tuesday, May 24 that authorizes the company to repurchase $500.00 million of outstanding stock. This repurchase authorization authorizes the specialized distributor to repurchase up to 15.2% of its stock through purchases on the open market. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

Insider Activity at Nordstrom

Separately, Chief Financial Officer Anne L. Bramman sold 13,333 shares of the company in a transaction dated Thursday, May 26. The shares were sold at an average price of $24.20, for a total transaction of $322,658.60. Following the transaction, the CFO now owns 106,804 shares of the company, valued at $2,584,656.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available via this link. 5.45% of the shares are held by company insiders.

Hedge funds weigh on Nordstrom

Hedge funds and other institutional investors have recently changed their stock holdings. Vanguard Group Inc. increased its holdings in Nordstrom by 1.6% in the first quarter. Vanguard Group Inc. now owns 10,276,748 shares of the specialty retailer worth $278,603,000 after purchasing an additional 160,514 shares during the period. State Street Corp increased its stake in Nordstrom by 5.5% in the first quarter. State Street Corp now owns 4,552,284 shares of the specialty retailer worth $124,245,000 after purchasing an additional 239,120 shares during the period. Renaissance Technologies LLC increased its holdings in Nordstrom by 240.8% in the first quarter. Renaissance Technologies LLC now owns 1,988,500 shares of the specialty retailer worth $53,908,000 after purchasing an additional 1,405,000 shares during the period. Dimensional Fund Advisors LP increased its holdings in Nordstrom by 24.3% in the first quarter. Dimensional Fund Advisors LP now owns 827,526 shares of the specialty retailer worth $22,434,000 after purchasing an additional 161,739 shares during the period. Finally, Charles Schwab Investment Management Inc. increased 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 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 shares.

About Nordstrom

(Get an evaluation)

Nordstrom, Inc, a fashion retailer, offers apparel, footwear, beauty, accessories and homeware for women, men, young adults and children. It offers a range of branded and private label products 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 name Last Chance; the Trunk Club pavilions; and Jeffrey Shops.

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Earnings history and estimates for Nordstrom (NYSE:JWN)

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