Norfolk Southern Corporation $NSC Holdings Reduced by Harvest Management LLC

Key Points

• Harvest Management LLC cut its Norfolk Southern stake by 30.7% in the second quarter, selling 22,300 shares and retaining 50,300 shares valued at approximately $15.8 million.
• Norfolk Southern reported quarterly EPS of $3.52, exceeding estimates by $0.20, while revenue rose 12.5% year over year to $3.46 billion.
• The company maintains a quarterly dividend of $1.35, equivalent to a $5.40 annualized payout and 1.5% yield; analysts’ consensus rating is “Hold” with a $348 price target.

Harvest Management LLC trimmed its holdings in Norfolk Southern Corporation (NYSE:NSC - Free Report) by 30.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 50,300 shares of the railroad operator's stock after selling 22,300 shares during the period. Norfolk Southern makes up about 6.2% of Harvest Management LLC's holdings, making the stock its 6th largest holding. Harvest Management LLC's holdings in Norfolk Southern were worth $15,824,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NSC. Edmond DE Rothschild Holding S.A. purchased a new stake in Norfolk Southern in the second quarter valued at approximately $26,000. JPL Wealth Management LLC purchased a new position in shares of Norfolk Southern in the 3rd quarter valued at about $25,000. Meeder Asset Management Inc. acquired a new stake in shares of Norfolk Southern in the 2nd quarter valued at $27,000. Comprehensive Financial Planning Inc. PA acquired a new position in Norfolk Southern in the second quarter valued at approximately $31,000. Finally, Kimelman & Baird LLC purchased a new stake in Norfolk Southern in the second quarter valued at $31,000. Hedge funds and other institutional investors own 75.10% of the company's stock.

Norfolk Southern Trading Up 0.2%

NYSE:NSC opened at $348.67 on Friday. Norfolk Southern Corporation has a 12 month low of $268.23 and a 12 month high of $358.60. The business's 50-day moving average is $332.87 and its two-hundred day moving average is $315.01. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.83 and a quick ratio of 0.73. The firm has a market capitalization of $78.31 billion, a PE ratio of 29.75, a price-to-earnings-growth ratio of 5.23 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, topping the consensus estimate of $3.32 by $0.20. The firm had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.38 billion. Norfolk Southern had a return on equity of 18.21% and a net margin of 21.02%.Norfolk Southern's revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the previous year, the company posted $3.29 EPS. Research analysts predict that Norfolk Southern Corporation will post 12.74 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Friday, August 7th were given a $1.35 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $5.40 annualized dividend and a dividend yield of 1.5%. Norfolk Southern's payout ratio is presently 46.08%.

Wall Street Analysts Forecast Growth

NSC has been the subject of a number of recent research reports. Evercore set a $358.00 price target on shares of Norfolk Southern in a research note on Thursday, July 23rd. Royal Bank Of Canada raised their price objective on Norfolk Southern from $320.00 to $360.00 and gave the stock a "sector perform" rating in a report on Friday, July 24th. Barclays upped their target price on Norfolk Southern from $360.00 to $400.00 and gave the company an "overweight" rating in a research note on Friday, July 24th. Robert W. Baird increased their target price on Norfolk Southern from $360.00 to $377.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. Finally, Susquehanna lifted their price target on Norfolk Southern from $337.00 to $360.00 and gave the company a "neutral" rating in a report on Tuesday, July 14th. Seven equities research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $348.00.

About Norfolk Southern

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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