Norfolk Southern (NYSE:NSC) Hits New 52-Week High – Here’s Why

Norfolk Southern Corporation (NYSE:NSC) shares hit a new 52-week high on Wednesday . The company traded as high as $323.38 and last traded at $322.7420, with a volume of 68458 shares changing hands. The stock had previously closed at $320.22.

Analyst Upgrades and Downgrades

Several research firms recently commented on NSC. Argus raised shares of Norfolk Southern to a “hold” rating in a research report on Wednesday, February 25th. Zacks Research raised Norfolk Southern from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. Barclays boosted their price target on Norfolk Southern from $320.00 to $360.00 and gave the company an “overweight” rating in a report on Monday, April 27th. Susquehanna increased their price objective on Norfolk Southern from $305.00 to $330.00 and gave the stock a “neutral” rating in a report on Wednesday, April 22nd. Finally, Wolfe Research lifted their target price on Norfolk Southern from $350.00 to $355.00 and gave the company an “outperform” rating in a research report on Tuesday, April 7th. Six analysts have rated the stock with a Buy rating and seventeen have given a Hold rating to the company. Based on data from MarketBeat, Norfolk Southern currently has an average rating of “Hold” and an average price target of $319.83.

Norfolk Southern Stock Down 1.5%

The firm has a fifty day moving average of $302.72 and a 200-day moving average of $298.25. The company has a quick ratio of 0.81, a current ratio of 0.91 and a debt-to-equity ratio of 1.04. The firm has a market cap of $68.14 billion, a P/E ratio of 25.53, a price-to-earnings-growth ratio of 6.02 and a beta of 1.30.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings results on Friday, April 24th. The railroad operator reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.49 by $0.16. Norfolk Southern had a return on equity of 18.30% and a net margin of 21.91%.The firm had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same period last year, the company earned $2.69 earnings per share. The business’s revenue was up .2% compared to the same quarter last year. On average, equities research analysts anticipate that Norfolk Southern Corporation will post 12.11 earnings per share for the current year.

Norfolk Southern Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, May 8th. Norfolk Southern’s dividend payout ratio is 45.49%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NSC. Cullen Capital Management LLC grew its holdings in shares of Norfolk Southern by 31.8% during the third quarter. Cullen Capital Management LLC now owns 121,351 shares of the railroad operator’s stock valued at $36,455,000 after buying an additional 29,264 shares during the last quarter. Picton Mahoney Asset Management purchased a new position in Norfolk Southern in the 3rd quarter worth approximately $24,033,000. AlphaQuest LLC bought a new position in Norfolk Southern in the 3rd quarter valued at approximately $2,165,000. Principal Financial Group Inc. lifted its position in Norfolk Southern by 0.8% in the 3rd quarter. Principal Financial Group Inc. now owns 250,186 shares of the railroad operator’s stock valued at $75,158,000 after acquiring an additional 2,049 shares in the last quarter. Finally, Primecap Management Co. CA boosted its stake in Norfolk Southern by 7.9% during the 3rd quarter. Primecap Management Co. CA now owns 1,132,583 shares of the railroad operator’s stock valued at $340,239,000 after purchasing an additional 82,500 shares during the last quarter. Institutional investors own 75.10% of the company’s stock.

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.