Clear Harbor Asset Management LLC Takes Position in Norfolk Southern Corporation $NSC

Clear Harbor Asset Management LLC bought a new position in Norfolk Southern Corporation (NYSE:NSC) during the 2nd quarter, Holdings Channel reports. The firm bought 2,823 shares of the railroad operator’s stock, valued at approximately $888,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Exencial Wealth Advisors LLC grew its holdings in shares of Norfolk Southern by 1.1% during the fourth quarter. Exencial Wealth Advisors LLC now owns 3,216 shares of the railroad operator’s stock worth $929,000 after purchasing an additional 35 shares during the last quarter. Sovereign Financial Group Inc. lifted its position in Norfolk Southern by 3.3% during the 1st quarter. Sovereign Financial Group Inc. now owns 1,108 shares of the railroad operator’s stock worth $318,000 after buying an additional 35 shares in the last quarter. Bar Harbor Wealth Management lifted its position in Norfolk Southern by 0.6% during the 1st quarter. Bar Harbor Wealth Management now owns 6,290 shares of the railroad operator’s stock worth $1,805,000 after buying an additional 36 shares in the last quarter. Apollon Financial LLC grew its holdings in Norfolk Southern by 4.3% during the 1st quarter. Apollon Financial LLC now owns 881 shares of the railroad operator’s stock worth $253,000 after acquiring an additional 36 shares during the last quarter. Finally, Moss Adams Wealth Advisors LLC grew its holdings in Norfolk Southern by 4.6% during the 1st quarter. Moss Adams Wealth Advisors LLC now owns 827 shares of the railroad operator’s stock worth $237,000 after acquiring an additional 36 shares during the last quarter. 75.10% of the stock is owned by institutional investors and hedge funds.

Norfolk Southern Trading Up 0.0%

NYSE:NSC opened at $350.77 on Monday. 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 1-year low of $268.23 and a 1-year high of $358.60. The firm has a market capitalization of $78.79 billion, a price-to-earnings ratio of 29.93, a PEG ratio of 6.21 and a beta of 1.27. The business’s 50-day moving average price is $328.23 and its two-hundred day moving average price is $313.47.

Norfolk Southern (NYSE:NSC) last posted its earnings results on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.32 by $0.20. The company had revenue of $3.46 billion during 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%.The company’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 company earned $3.29 EPS. On average, equities analysts expect that Norfolk Southern Corporation will post 12.66 earnings per share for the current year.

Norfolk Southern Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Friday, August 7th were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $5.40 annualized dividend and a yield of 1.5%. Norfolk Southern’s dividend payout ratio (DPR) is presently 46.08%.

Wall Street Analysts Forecast Growth

NSC has been the topic of a number of research reports. Royal Bank Of Canada upped their target price on shares of Norfolk Southern from $320.00 to $360.00 and gave the stock a “sector perform” rating in a research report on Friday, July 24th. Robert W. Baird increased their price objective on Norfolk Southern from $360.00 to $377.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Stephens upgraded Norfolk Southern to a “hold” rating in a research report on Wednesday, July 8th. UBS Group reaffirmed a “neutral” rating and set a $363.00 price target on shares of Norfolk Southern in a research note on Friday, July 24th. Finally, Citigroup boosted their price objective on Norfolk Southern from $351.00 to $376.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Seven research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. Based on data from MarketBeat, Norfolk Southern currently has a consensus rating of “Hold” and an average price target 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.