Longfellow Investment Management Co. LLC purchased a new stake in Norfolk Southern Corporation (NYSE:NSC – Free Report) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 3,695 shares of the railroad operator’s stock, valued at approximately $1,162,000.
Other institutional investors also recently bought and sold shares of the company. Moss Adams Wealth Advisors LLC increased its position in shares of Norfolk Southern by 4.6% in the fourth quarter. Moss Adams Wealth Advisors LLC now owns 791 shares of the railroad operator’s stock worth $228,000 after acquiring an additional 35 shares in the last quarter. Confluence Wealth Services Inc. boosted its position in Norfolk Southern by 1.1% during the 4th quarter. Confluence Wealth Services Inc. now owns 3,090 shares of the railroad operator’s stock worth $892,000 after purchasing an additional 35 shares during the period. Exencial Wealth Advisors LLC boosted its position in Norfolk Southern by 1.1% during the 4th quarter. Exencial Wealth Advisors LLC now owns 3,216 shares of the railroad operator’s stock worth $929,000 after purchasing an additional 35 shares during the period. Sovereign Financial Group Inc. raised its position in Norfolk Southern by 3.3% in the first quarter. Sovereign Financial Group Inc. now owns 1,108 shares of the railroad operator’s stock valued at $318,000 after purchasing an additional 35 shares during the period. Finally, Bar Harbor Wealth Management lifted its stake in shares of Norfolk Southern by 0.6% during the first quarter. Bar Harbor Wealth Management now owns 6,290 shares of the railroad operator’s stock worth $1,805,000 after purchasing an additional 36 shares in the last quarter. 75.10% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
NSC has been the subject of several analyst reports. Wall Street Zen raised Norfolk Southern from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Evercore set a $358.00 price target on Norfolk Southern in a research report on Thursday, July 23rd. Benchmark restated a “hold” rating on shares of Norfolk Southern in a report on Friday, July 24th. UBS Group reaffirmed a “neutral” rating and issued a $363.00 price objective on shares of Norfolk Southern in a research report on Friday, July 24th. Finally, BMO Capital Markets boosted their target price on shares of Norfolk Southern from $310.00 to $355.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Seven analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $348.00.
Norfolk Southern Stock Performance
Shares of NSC opened at $334.69 on Monday. The business’s 50 day moving average is $324.87 and its two-hundred day moving average is $311.52. Norfolk Southern Corporation has a 52-week low of $268.23 and a 52-week high of $358.60. The firm has a market cap of $75.17 billion, a price-to-earnings ratio of 28.56, a PEG ratio of 5.92 and a beta of 1.27. The company has a quick ratio of 0.73, a current ratio of 0.83 and a debt-to-equity ratio of 0.98.
Norfolk Southern (NYSE:NSC – Get Free Report) last released its earnings results on Thursday, July 23rd. The railroad operator reported $3.52 EPS for the quarter, beating the consensus estimate of $3.32 by $0.20. The company had revenue of $3.46 billion during the quarter, compared to analysts’ expectations of $3.38 billion. Norfolk Southern had a return on equity of 18.21% and a net margin of 21.02%.The business’s revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the business posted $3.29 EPS. Analysts forecast that Norfolk Southern Corporation will post 12.66 EPS for the current fiscal year.
Norfolk Southern Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Friday, August 7th will be paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Friday, August 7th. Norfolk Southern’s dividend payout ratio is 46.08%.
About Norfolk Southern
Norfolk Southern Corporation is a major U.S. freight railroad company that provides rail transportation and related logistics services. As a Class I carrier, the company operates an extensive network across the eastern United States and offers scheduled freight service for a broad range of industries. Its core operations include long-haul and regional rail freight transportation, intermodal services that move containers and trailers between rail and other modes, and terminal and switching services that support efficient rail shipments for industrial and port customers.
The company transports a variety of commodities, serving sectors such as coal and energy, automotive and automotive parts, chemicals, agriculture, metals and construction materials, and consumer goods.
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