Baker Avenue Asset Management LP Has $8.14 Million Stock Holdings in Norfolk Southern Corporation (NYSE:NSC)

Key Points

• Baker Avenue Asset Management LP has increased its stake in Norfolk Southern Corporation by 3.3%, accumulating a total of 34,378 shares valued at approximately $8.14 million.
• Norfolk Southern reported earnings per share (EPS) of $3.29 for the last quarter, exceeding analysts' expectations, with a net margin of 27.51% and a revenue of $3.11 billion.
• The company declared a quarterly dividend of $1.35, representing an annualized dividend yield of 1.9%, to be paid on August 20th to shareholders on record by August 1st.

Baker Avenue Asset Management LP raised its stake in Norfolk Southern Corporation (NYSE:NSC - Free Report) by 3.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 34,378 shares of the railroad operator's stock after purchasing an additional 1,103 shares during the quarter. Baker Avenue Asset Management LP's holdings in Norfolk Southern were worth $8,142,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of NSC. Strategic Investment Solutions Inc. IL raised its holdings in Norfolk Southern by 16.9% in the 4th quarter. Strategic Investment Solutions Inc. IL now owns 304 shares of the railroad operator's stock valued at $71,000 after acquiring an additional 44 shares in the last quarter. CoreCap Advisors LLC raised its holdings in Norfolk Southern by 1.5% in the 4th quarter. CoreCap Advisors LLC now owns 3,097 shares of the railroad operator's stock valued at $727,000 after acquiring an additional 45 shares in the last quarter. Canandaigua National Trust Co of Florida raised its holdings in Norfolk Southern by 4.9% in the 1st quarter. Canandaigua National Trust Co of Florida now owns 956 shares of the railroad operator's stock valued at $226,000 after acquiring an additional 45 shares in the last quarter. Capital Investment Advisory Services LLC raised its holdings in Norfolk Southern by 1.8% in the 1st quarter. Capital Investment Advisory Services LLC now owns 2,556 shares of the railroad operator's stock valued at $605,000 after acquiring an additional 45 shares in the last quarter. Finally, Certified Advisory Corp raised its holdings in Norfolk Southern by 1.0% in the 1st quarter. Certified Advisory Corp now owns 4,644 shares of the railroad operator's stock valued at $1,100,000 after acquiring an additional 47 shares in the last quarter. 75.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Baird R W raised Norfolk Southern to a "hold" rating in a report on Tuesday, July 1st. Stifel Nicolaus lowered their price target on Norfolk Southern from $265.00 to $247.00 and set a "hold" rating for the company in a report on Monday, April 14th. Jefferies Financial Group reissued a "hold" rating and set a $300.00 price target on shares of Norfolk Southern in a report on Friday, July 25th. Bank of America boosted their price target on Norfolk Southern from $290.00 to $305.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Finally, Robert W. Baird boosted their price target on Norfolk Southern from $255.00 to $300.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Fourteen investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $285.15.

Norfolk Southern Trading Down 1.2%

Shares of NYSE NSC traded down $3.43 during trading on Friday, reaching $274.57. The company had a trading volume of 2,727,424 shares, compared to its average volume of 2,852,299. The company's fifty day moving average price is $259.97 and its 200-day moving average price is $244.73. Norfolk Southern Corporation has a 12 month low of $201.63 and a 12 month high of $288.11. The stock has a market cap of $61.67 billion, a P/E ratio of 18.55, a PEG ratio of 2.44 and a beta of 1.31. The company has a quick ratio of 0.70, a current ratio of 0.79 and a debt-to-equity ratio of 1.11.

Norfolk Southern (NYSE:NSC - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The railroad operator reported $3.29 EPS for the quarter, beating analysts' consensus estimates of $3.24 by $0.05. Norfolk Southern had a return on equity of 19.35% and a net margin of 27.51%. The firm had revenue of $3.11 billion for the quarter, compared to analyst estimates of $3.10 billion. As a group, research analysts expect that Norfolk Southern Corporation will post 13 earnings per share for the current year.

Norfolk Southern Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Friday, August 1st will be paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, August 1st. Norfolk Southern's payout ratio is currently 36.49%.

Norfolk Southern Company Profile

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, beverages, and canned goods; chemicals consist of sulfur and related chemicals, petroleum products comprising crude oil, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, sand, and natural gas liquids; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal.