HBK Sorce Advisory LLC Takes $1.73 Million Position in Norfolk Southern Corporation $NSC

Key Points

• HBK Sorce Advisory LLC acquired 5,074 Norfolk Southern shares during the second quarter, establishing a position worth approximately $1.73 million. Institutional investors collectively own 75.1% of the company.
• Norfolk Southern exceeded quarterly expectations, reporting $3.52 in EPS versus the $3.32 consensus and $3.46 billion in revenue, up 12.5% year over year.
• The company declared a quarterly dividend of $1.35 per share, equivalent to $5.40 annually and a 1.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $348.

HBK Sorce Advisory LLC bought a new stake in shares of Norfolk Southern Corporation (NYSE:NSC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,074 shares of the railroad operator's stock, valued at approximately $1,734,000.

Several other large investors have also added to or reduced their stakes in NSC. JPL Wealth Management LLC acquired a new position in Norfolk Southern in the third quarter valued at approximately $25,000. Meeder Asset Management Inc. boosted its holdings in shares of Norfolk Southern by 239.3% during the 4th quarter. Meeder Asset Management Inc. now owns 95 shares of the railroad operator's stock worth $27,000 after buying an additional 67 shares in the last quarter. BNP Paribas acquired a new stake in shares of Norfolk Southern during the 2nd quarter worth approximately $26,000. Financial Life Planners acquired a new stake in shares of Norfolk Southern during the 1st quarter worth approximately $33,000. Finally, Bayban bought a new stake in shares of Norfolk Southern in the 4th quarter valued at $34,000. Institutional investors and hedge funds own 75.10% of the company's stock.

Norfolk Southern Price Performance

Shares of NSC opened at $334.69 on Monday. The business's fifty day moving average is $324.87 and its 200 day moving average is $311.52. Norfolk Southern Corporation has a 12-month low of $268.23 and a 12-month high of $358.60. The company has a quick ratio of 0.73, a current ratio of 0.83 and a debt-to-equity ratio of 0.98. The stock has a market cap of $75.17 billion, a P/E ratio of 28.56, a P/E/G ratio of 5.92 and a beta of 1.27.

Norfolk Southern (NYSE:NSC - Get Free Report) last announced 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 business had revenue of $3.46 billion during 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%. Norfolk Southern's quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.29 EPS. Sell-side analysts anticipate that Norfolk Southern Corporation will post 12.66 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Friday, August 7th will be issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, August 7th. Norfolk Southern's dividend payout ratio (DPR) is currently 46.08%.

Analyst Ratings Changes

NSC has been the topic of a number of research reports. BMO Capital Markets boosted their target price 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. JPMorgan Chase & Co. lifted their price target on shares of Norfolk Southern from $316.00 to $338.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. Robert W. Baird upped their price objective on shares of Norfolk Southern from $360.00 to $377.00 and gave the company a "neutral" rating in a report on Monday, July 27th. TD Cowen increased their price objective on shares of Norfolk Southern from $337.00 to $376.00 and gave the stock a "buy" rating in a research report on Friday, July 24th. Finally, Rothschild & Co Redburn raised their target price on Norfolk Southern from $308.00 to $315.00 and gave the company a "neutral" rating in a research note on Wednesday, April 29th. Seven equities research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company. Based on data from MarketBeat.com, Norfolk Southern currently has an average 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source