Norfolk Southern (NYSE:NSC) Price Target Raised to $360.00

Norfolk Southern (NYSE:NSC) had its price objective lifted by Evercore from $358.00 to $360.00 in a report released on Wednesday.

NSC has been the topic of several other research reports. Barclays upped their target price on Norfolk Southern from $360.00 to $400.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. Benchmark restated a “hold” rating on shares of Norfolk Southern in a research note on Friday, July 24th. Wells Fargo & Company boosted their price target on Norfolk Southern from $365.00 to $385.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Susquehanna upped their price objective on Norfolk Southern from $337.00 to $360.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 14th. Finally, Stephens raised Norfolk Southern to a “hold” rating in a report on Wednesday, July 8th. Seven equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to MarketBeat.com, Norfolk Southern has a consensus rating of “Hold” and a consensus target price of $350.00.

Norfolk Southern Stock Up 2.2%

Norfolk Southern stock opened at $317.20 on Wednesday. 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 has a 1-year low of $277.80 and a 1-year high of $358.60. The company has a fifty day simple moving average of $330.93 and a 200 day simple moving average of $316.72. The company has a market cap of $71.25 billion, a P/E ratio of 27.06, a price-to-earnings-growth ratio of 4.61 and a beta of 1.29.

Norfolk Southern (NYSE:NSC) last issued 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. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The firm had revenue of $3.46 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same period in the previous year, the firm posted $3.29 EPS. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. Research analysts anticipate that Norfolk Southern will post 12.87 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Friday, August 7th were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, August 7th. Norfolk Southern’s dividend payout ratio (DPR) is presently 46.08%.

Institutional Investors Weigh In On Norfolk Southern

Large investors have recently added to or reduced their stakes in the business. CX Institutional boosted its holdings in shares of Norfolk Southern by 7.4% during the 3rd quarter. CX Institutional now owns 5,294 shares of the railroad operator’s stock worth $1,636,000 after buying an additional 365 shares during the period. Versant Capital Management Inc raised its holdings in Norfolk Southern by 57.7% in the 3rd quarter. Versant Capital Management Inc now owns 1,120 shares of the railroad operator’s stock valued at $346,000 after acquiring an additional 410 shares during the period. QRG Capital Management Inc. raised its holdings in Norfolk Southern by 7.6% in the 2nd quarter. QRG Capital Management Inc. now owns 16,637 shares of the railroad operator’s stock valued at $5,234,000 after acquiring an additional 1,175 shares during the period. Envestnet Portfolio Solutions Inc. lifted its position in Norfolk Southern by 47.1% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 2,707 shares of the railroad operator’s stock worth $852,000 after acquiring an additional 867 shares during the last quarter. Finally, Security National Bank of Sioux City Iowa IA acquired a new stake in Norfolk Southern during the second quarter worth approximately $93,000. Institutional investors own 75.10% of the company’s stock.

About Norfolk Southern

Norfolk Southern Corporation (NYSE: NSC) is a transportation company that operates one of the largest rail networks in the eastern United States. Through its principal subsidiary, Norfolk Southern Railway, the company provides freight rail transportation and related services for industrial, agricultural and consumer markets.

Norfolk Southern’s network serves 22 states and the District of Columbia, connecting major ports, manufacturing centers and distribution hubs across the East Coast and the Midwest.