Corient Private Wealth LP Has $25.62 Million Stock Position in Norfolk Southern Corporation $NSC

Key Points

• Corient Private Wealth reduced its Norfolk Southern stake by 7.7% in the second quarter, selling 6,776 shares and retaining 81,428 shares valued at approximately $25.62 million.
• Institutional ownership remains high at 75.1%, while analysts maintain a consensus “Hold” rating with an average price target of $348.00; Barclays recently raised its target to $400.00.
• Norfolk Southern exceeded quarterly expectations, reporting $3.52 EPS and $3.46 billion in revenue, up 12.5% year over year. The company also paid a quarterly dividend of $1.35 per share, representing a 1.7% annualized yield.

Corient Private Wealth LP reduced its stake in Norfolk Southern Corporation (NYSE:NSC - Free Report) by 7.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 81,428 shares of the railroad operator's stock after selling 6,776 shares during the quarter. Corient Private Wealth LP's holdings in Norfolk Southern were worth $25,617,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the company. California State Teachers Retirement System grew its holdings in Norfolk Southern by 34,371.9% in the 2nd quarter. California State Teachers Retirement System now owns 107,455,765 shares of the railroad operator's stock valued at $33,804,509,000 after buying an additional 107,144,045 shares in the last quarter. BlackRock Inc. bought a new position in Norfolk Southern during the second quarter worth about $5,033,549,000. Norges Bank acquired a new stake in Norfolk Southern in the 4th quarter worth about $1,084,701,000. Bank of America Corp DE bought a new stake in Norfolk Southern in the 2nd quarter valued at about $978,977,000. Finally, Pentwater Capital Management LP acquired a new position in shares of Norfolk Southern during the 3rd quarter worth approximately $826,128,000. Institutional investors own 75.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NSC. Evercore set a $358.00 price target on shares of Norfolk Southern in a research report on Thursday, July 23rd. TD Cowen raised their price objective on Norfolk Southern from $337.00 to $376.00 and gave the stock a "buy" rating in a research note on Friday, July 24th. UBS Group reaffirmed a "neutral" rating and issued a $363.00 price objective on shares of Norfolk Southern in a report on Friday, July 24th. Weiss Ratings raised shares of Norfolk Southern from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday. Finally, Barclays boosted their target price on shares of Norfolk Southern from $360.00 to $400.00 and gave the company an "overweight" rating in a research report on Friday, July 24th. Seven investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $348.00.

Norfolk Southern Stock Up 0.2%

Shares of NYSE:NSC opened at $320.78 on Monday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.73 and a current ratio of 0.83. Norfolk Southern Corporation has a 52-week low of $273.76 and a 52-week high of $358.60. The company has a market capitalization of $72.05 billion, a PE ratio of 27.37, a price-to-earnings-growth ratio of 4.76 and a beta of 1.27. The company has a fifty day moving average of $336.01 and a 200-day moving average of $316.00.

Norfolk Southern (NYSE:NSC - Get Free Report) last issued its earnings results on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.32 by $0.20. The business 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 for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.29 EPS. On average, equities analysts predict that Norfolk Southern Corporation will post 12.87 EPS for the current fiscal year.

Norfolk Southern Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Friday, August 7th were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Friday, August 7th. Norfolk Southern's payout ratio is presently 46.08%.

About Norfolk Southern

Norfolk Southern Corporation is a major freight railroad company serving the eastern United States. Through its railway network, the company transports raw materials, intermediate goods and finished products for industrial, agricultural, manufacturing and consumer markets. Its operations connect customers with domestic markets, major ports and other rail carriers.

The company transports a diverse range of commodities, including intermodal containers, coal, automotive products, agriculture and consumer goods, chemicals, metals, forest products and construction materials.

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