Equitable Holdings Inc. Invests $2.27 Million in Norfolk Southern Corporation $NSC

Key Points

• Equitable Holdings acquired 7,224 Norfolk Southern shares worth approximately $2.27 million in the second quarter. Institutional investors collectively own 75.1% of the railroad operator.
• Norfolk Southern reported quarterly EPS of $3.52, exceeding estimates of $3.32, while revenue rose 12.5% year over year to $3.46 billion.
• The company declared a quarterly dividend of $1.35, equivalent to $5.40 annually and a 1.5% yield. Analysts have a consensus “Hold” rating with an average price target of $348.

Equitable Holdings Inc. acquired a new stake in Norfolk Southern Corporation (NYSE:NSC - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 7,224 shares of the railroad operator's stock, valued at approximately $2,273,000.

Several other large investors have also recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System purchased a new position in shares of Norfolk Southern during the first quarter worth approximately $3,272,000. O Shaughnessy Asset Management LLC grew its holdings in shares of Norfolk Southern by 9.8% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 43,408 shares of the railroad operator's stock valued at $12,533,000 after purchasing an additional 3,887 shares during the last quarter. B. Metzler seel. Sohn & Co. AG purchased a new position in Norfolk Southern in the 2nd quarter worth $3,669,000. SCS Capital Management LLC purchased a new position in Norfolk Southern in the 2nd quarter worth $13,837,000. Finally, Focus Partners Advisor Solutions LLC bought a new stake in Norfolk Southern in the second quarter worth $1,376,000. 75.10% of the stock is currently owned by hedge funds and other institutional investors.

Norfolk Southern Stock Up 0.2%

NYSE NSC opened at $348.67 on Friday. The business's 50-day moving average is $332.87 and its 200 day moving average is $315.01. The stock has a market capitalization of $78.31 billion, a PE ratio of 29.75, a PEG ratio of 5.22 and a beta of 1.27. 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.

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, topping the consensus estimate 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 was up 12.5% on a year-over-year basis. During the same quarter last year, the business posted $3.29 EPS. Sell-side analysts forecast that Norfolk Southern Corporation will post 12.74 earnings per share for the current year.

Norfolk Southern Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Friday, August 7th were paid a $1.35 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $5.40 dividend on an annualized basis and a yield of 1.5%. Norfolk Southern's dividend payout ratio (DPR) is presently 46.08%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on NSC shares. Stephens raised Norfolk Southern to a "hold" rating in a research note on Wednesday, July 8th. Weiss Ratings upgraded Norfolk Southern from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, July 24th. Susquehanna raised their price target on Norfolk Southern from $337.00 to $360.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 14th. TD Cowen boosted their price objective on Norfolk Southern from $337.00 to $376.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Finally, Evercore set a $358.00 price objective on Norfolk Southern in a research note on Thursday, July 23rd. Seven equities research 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 company has a consensus rating of "Hold" and an average target price of $348.00.

Norfolk Southern Profile

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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