Wealthfront Advisers LLC Takes $7.22 Million Position in Norfolk Southern Corporation $NSC

Wealthfront Advisers LLC purchased a new position in shares of Norfolk Southern Corporation (NYSE:NSC) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 22,955 shares of the railroad operator’s stock, valued at approximately $7,221,000.

Several other hedge funds and other institutional investors have also modified their holdings of NSC. JPL Wealth Management LLC purchased a new position in Norfolk Southern in the third quarter valued at approximately $25,000. BNP Paribas purchased a new position in Norfolk Southern in the 2nd quarter valued at about $26,000. Meeder Asset Management Inc. purchased a new position in Norfolk Southern in the second quarter valued at about $27,000. Financial Life Planners purchased a new position in shares of Norfolk Southern during the 1st quarter valued at approximately $33,000. Finally, Bayban acquired a new position in Norfolk Southern during the 4th quarter worth $34,000. 75.10% of the stock is owned by institutional investors and hedge funds.

Norfolk Southern Trading Up 2.0%

Shares of NYSE NSC opened at $345.56 on Thursday. The business has a 50-day moving average price of $326.76 and a two-hundred day moving average price of $312.66. Norfolk Southern Corporation has a one year low of $268.23 and a one year high of $358.60. The firm has a market capitalization of $77.62 billion, a PE ratio of 29.48, a PEG ratio of 6.00 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 (NYSE:NSC) last released its quarterly earnings data on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share for the quarter, beating 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 net margin of 21.02% and a return on equity of 18.21%. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.29 EPS. As a group, analysts predict that Norfolk Southern Corporation will post 12.66 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on NSC. BMO Capital Markets lifted their target price on Norfolk Southern from $310.00 to $355.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. UBS Group restated a “neutral” rating and issued a $363.00 target price on shares of Norfolk Southern in a research report on Friday, July 24th. Robert W. Baird raised their price target on Norfolk Southern from $360.00 to $377.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Benchmark reissued a “hold” rating on shares of Norfolk Southern in a report on Friday, July 24th. Finally, Weiss Ratings upgraded shares of Norfolk Southern from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 24th. Seven investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $348.00.

Norfolk Southern Company 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.