NINE MASTS CAPITAL Ltd bought a new position in shares of Norfolk Southern Corporation (NYSE:NSC – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 51,169 shares of the railroad operator’s stock, valued at approximately $16,097,000. Norfolk Southern makes up 1.6% of NINE MASTS CAPITAL Ltd’s holdings, making the stock its 11th largest position.
Several other hedge funds have also modified their holdings of NSC. JPL Wealth Management LLC acquired a new position in Norfolk Southern during the third quarter worth $25,000. Meeder Asset Management Inc. lifted its holdings in Norfolk Southern by 239.3% in the fourth quarter. Meeder Asset Management Inc. now owns 95 shares of the railroad operator’s stock valued at $27,000 after acquiring an additional 67 shares during the period. BNP Paribas purchased a new stake in Norfolk Southern during the second quarter worth about $26,000. Financial Life Planners purchased a new stake in shares of Norfolk Southern during the 1st quarter worth approximately $33,000. Finally, Bayban purchased a new stake in Norfolk Southern during the fourth quarter worth $34,000. 75.10% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research analysts have recently weighed in on NSC shares. Evercore set a $358.00 price objective on shares of Norfolk Southern in a research note on Thursday, July 23rd. Rothschild & Co Redburn increased their target price on Norfolk Southern from $308.00 to $315.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 29th. Benchmark reissued a “hold” rating on shares of Norfolk Southern in a research note on Friday, July 24th. BMO Capital Markets upped their price objective on shares of Norfolk Southern from $310.00 to $355.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Finally, TD Cowen increased their price objective on shares of Norfolk Southern from $337.00 to $376.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Seven analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $348.00.
Norfolk Southern Price Performance
Shares of NYSE NSC opened at $340.90 on Tuesday. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.83 and a quick ratio of 0.73. Norfolk Southern Corporation has a 1-year low of $268.23 and a 1-year high of $358.60. The company has a market capitalization of $76.57 billion, a price-to-earnings ratio of 29.09, a PEG ratio of 5.92 and a beta of 1.27. The business has a 50-day moving average of $325.50 and a 200-day moving average of $311.88.
Norfolk Southern (NYSE:NSC – Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.32 by $0.20. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The company had revenue of $3.46 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter last year, the company earned $3.29 earnings per share. Norfolk Southern’s revenue for the quarter was up 12.5% on a year-over-year basis. On average, equities analysts anticipate that Norfolk Southern Corporation will post 12.66 EPS for the current fiscal year.
Norfolk Southern Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Friday, August 7th will be given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, August 7th. Norfolk Southern’s dividend payout ratio is presently 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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