Evercore Issues Positive Forecast for Norfolk Southern (NYSE:NSC) Stock Price

Key Points

• Evercore raised Norfolk Southern’s price target from $358 to $360, implying 15.04% upside from the stock’s current price, while maintaining a broader analyst consensus rating of “Hold.”
• Norfolk Southern exceeded quarterly expectations, reporting $3.52 in earnings per share versus the $3.32 consensus estimate and $3.46 billion in revenue, up 12.5% year over year.
• Institutional investors own 75.1% of the company, with major funds including BlackRock and Bank of America recently establishing sizable positions.

Norfolk Southern (NYSE:NSC - Get Free Report) had its price target boosted by stock analysts at Evercore from $358.00 to $360.00 in a research note issued on Wednesday. Evercore's price target suggests a potential upside of 15.04% from the company's current price.

A number of other research firms have also recently issued reports on NSC. BMO Capital Markets increased their price objective 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. UBS Group reaffirmed a "neutral" rating and issued a $363.00 target price on shares of Norfolk Southern in a research report on Friday, July 24th. Robert W. Baird increased their price target on Norfolk Southern from $360.00 to $377.00 and gave the stock a "neutral" rating in a report on Monday, July 27th. JPMorgan Chase & Co. raised their price objective on Norfolk Southern from $316.00 to $338.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. Finally, Susquehanna boosted their price objective on Norfolk Southern from $337.00 to $360.00 and gave the company a "neutral" rating in a report on Tuesday, July 14th. Seven research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $350.62.

Norfolk Southern Price Performance

Norfolk Southern stock opened at $312.92 on Wednesday. The stock has a market capitalization of $70.29 billion, a price-to-earnings ratio of 26.70, a PEG ratio of 4.65 and a beta of 1.27. Norfolk Southern has a 52-week low of $277.80 and a 52-week high of $358.60. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.73 and a current ratio of 0.83. The stock's 50 day moving average price is $332.80 and its two-hundred day moving average price is $316.43.

Norfolk Southern (NYSE:NSC - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share 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 analyst estimates of $3.38 billion. During the same quarter in the previous year, the business posted $3.29 EPS. Norfolk Southern's revenue for the quarter was up 12.5% compared to the same quarter last year. On average, equities analysts predict that Norfolk Southern will post 12.87 earnings per share for the current year.

Hedge Funds Weigh In On Norfolk Southern

A number of hedge funds and other institutional investors have recently modified their holdings of NSC. BlackRock Inc. bought a new stake in shares of Norfolk Southern during the 2nd quarter worth $5,033,549,000. Bank of America Corp DE bought a new stake in Norfolk Southern in the second quarter worth about $978,977,000. Dimensional Fund Advisors LP boosted its stake in Norfolk Southern by 2.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,259,558 shares of the railroad operator's stock valued at $648,429,000 after acquiring an additional 46,127 shares during the last quarter. Amundi increased its stake in shares of Norfolk Southern by 24.2% during the 1st quarter. Amundi now owns 2,226,885 shares of the railroad operator's stock worth $639,116,000 after purchasing an additional 434,074 shares during the last quarter. Finally, London Co. of Virginia raised its holdings in shares of Norfolk Southern by 0.3% in the 4th quarter. London Co. of Virginia now owns 1,810,853 shares of the railroad operator's stock worth $522,838,000 after purchasing an additional 5,729 shares during the period. Hedge funds and other institutional investors own 75.10% of the company's stock.

Norfolk Southern Company Profile

Norfolk Southern Corporation NYSE: NSC is a transportation company that operates one of the largest rail networks in the eastern United States. Through its principal subsidiary, Norfolk Southern Railway, the company provides freight rail transportation and related services for industrial, agricultural and consumer markets.

Norfolk Southern's network serves 22 states and the District of Columbia, connecting major ports, manufacturing centers and distribution hubs across the East Coast and the Midwest.

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