One68 Global Capital LLC Purchases New Position in Norfolk Southern Corporation $NSC

Key Points

• One68 Global Capital initiated a 7,000-share Norfolk Southern position worth approximately $2.19 million, representing 4.6% of its portfolio and its fifth-largest holding. Institutional investors and hedge funds collectively own 75.1% of NSC.
• Norfolk Southern exceeded quarterly expectations, reporting $3.52 EPS versus the $3.32 consensus and $3.46 billion in revenue, up 12.5% year over year.
• The company maintains a quarterly dividend of $1.35 per share, or $5.40 annualized, yielding about 1.6%. Analysts have an overall “Hold” consensus, with an average price target of $348.

One68 Global Capital LLC purchased a new position in shares of Norfolk Southern Corporation (NYSE:NSC - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 7,000 shares of the railroad operator's stock, valued at approximately $2,193,000. Norfolk Southern makes up 4.6% of One68 Global Capital LLC's investment portfolio, making the stock its 5th biggest position.

Several other institutional investors also recently bought and sold shares of NSC. JPL Wealth Management LLC purchased a new position in shares of Norfolk Southern during the 3rd quarter valued at approximately $25,000. BNP Paribas purchased a new stake in Norfolk Southern in the 2nd quarter worth $26,000. Edmond DE Rothschild Holding S.A. purchased a new stake in Norfolk Southern in the 2nd quarter worth $26,000. Meeder Asset Management Inc. raised its position in Norfolk Southern by 239.3% during the fourth quarter. Meeder Asset Management Inc. now owns 95 shares of the railroad operator's stock worth $27,000 after acquiring an additional 67 shares during the period. Finally, Comprehensive Financial Planning Inc. PA acquired a new position in Norfolk Southern during the second quarter worth $31,000. 75.10% of the stock is owned by institutional investors and hedge funds.

Norfolk Southern Stock Down 1.5%

NSC stock opened at $347.32 on Friday. The company has a market cap of $78.01 billion, a price-to-earnings ratio of 29.63, a PEG ratio of 5.29 and a beta of 1.27. The company has a current ratio of 0.83, a quick ratio of 0.73 and a debt-to-equity ratio of 0.98. Norfolk Southern Corporation has a 12 month low of $268.23 and a 12 month high of $358.60. The firm has a 50-day moving average of $331.90 and a two-hundred day moving average of $314.78.

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 for the quarter, topping the consensus estimate of $3.32 by $0.20. The business had revenue of $3.46 billion for 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 period in the previous year, the firm posted $3.29 EPS. As a group, analysts forecast that Norfolk Southern Corporation will post 12.74 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

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

Analyst Ratings Changes

NSC has been the topic of a number of research reports. Stephens raised shares of Norfolk Southern to a "hold" rating in a research note on Wednesday, July 8th. TD Cowen lifted their price target on Norfolk Southern from $337.00 to $376.00 and gave the stock a "buy" rating in a research note on Friday, July 24th. Wall Street Zen upgraded Norfolk Southern from a "sell" rating to a "hold" rating in a research report on Saturday, May 2nd. Wells Fargo & Company increased their price objective on Norfolk Southern from $365.00 to $385.00 and gave the company an "overweight" rating in a research note on Friday, July 24th. Finally, Citigroup raised their price objective on Norfolk Southern from $351.00 to $376.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Seven analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. According to MarketBeat, the company 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.

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