HBK Investments L P Buys 13,644 Shares of Norfolk Southern Corporation $NSC

Key Points

• HBK Investments increased its Norfolk Southern stake by 13,644 shares, bringing its holdings to 1.75 million shares worth approximately $550.5 million, or 0.78% of the railroad operator.
• Institutional ownership remains high at 75.1%, while analysts maintain a consensus “Hold” rating with an average price target of $352.38; several firms recently raised their targets.
• Norfolk Southern exceeded quarterly earnings expectations, reporting $3.52 in EPS and $3.46 billion in revenue, and pays a quarterly dividend of $1.35 per share, equivalent to a 1.7% yield.

HBK Investments L P boosted its stake in Norfolk Southern Corporation (NYSE:NSC - Free Report) by 0.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,750,000 shares of the railroad operator's stock after buying an additional 13,644 shares during the quarter. Norfolk Southern makes up about 5.3% of HBK Investments L P's holdings, making the stock its 4th biggest position. HBK Investments L P owned approximately 0.78% of Norfolk Southern worth $550,532,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of NSC. BlackRock Inc. acquired a new position in Norfolk Southern in the 2nd quarter worth about $5,033,549,000. Norges Bank purchased a new stake in shares of Norfolk Southern during the 4th quarter worth about $1,084,701,000. Bank of America Corp DE acquired a new stake in shares of Norfolk Southern during the 2nd quarter valued at about $978,977,000. Legal & General Group Plc acquired a new stake in shares of Norfolk Southern during the 2nd quarter valued at about $503,093,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Norfolk Southern in the 2nd quarter valued at approximately $364,414,000. Institutional investors and hedge funds own 75.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NSC. BMO Capital Markets raised 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 report on Monday, July 27th. Barclays lifted their target price on shares of Norfolk Southern from $360.00 to $400.00 and gave the company an "overweight" rating in a research note on Friday, July 24th. Evercore set a $358.00 target price on shares of Norfolk Southern in a research report on Thursday, July 23rd. Susquehanna increased their price target on shares of Norfolk Southern from $337.00 to $360.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 14th. Finally, Weiss Ratings raised shares of Norfolk Southern from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, September 10th. Seven analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $352.38.

Norfolk Southern Stock Performance

Norfolk Southern stock traded down $3.07 during trading hours on Wednesday, reaching $317.15. 793,568 shares of the company were exchanged, compared to its average volume of 1,225,936. Norfolk Southern Corporation has a 12 month low of $276.55 and a 12 month high of $358.60. The company has a current ratio of 0.83, a quick ratio of 0.73 and a debt-to-equity ratio of 0.98. The stock has a 50-day moving average of $335.93 and a 200 day moving average of $316.09. The firm has a market cap of $71.24 billion, a price-to-earnings ratio of 27.06, a PEG ratio of 4.75 and a beta of 1.27.

Norfolk Southern (NYSE:NSC - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The railroad operator reported $3.52 EPS for the quarter, beating analysts' consensus estimates of $3.32 by $0.20. The company had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.38 billion. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The company's quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the firm posted $3.29 earnings per share. As a group, research analysts anticipate that Norfolk Southern Corporation will post 12.87 earnings per share for the current year.

Norfolk Southern Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Friday, August 7th were given a dividend of $1.35 per share. 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 1.7%. Norfolk Southern's payout ratio is currently 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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