Norfolk Southern (NYSE:NSC) Shares Cross Below 50 Day Moving Average – Here’s What Happened

Norfolk Southern Corporation (NYSE:NSC) crossed below its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $324.86 and traded as low as $319.69. Norfolk Southern shares last traded at $320.0640, with a volume of 1,280,254 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Royal Bank Of Canada raised their price target on shares of Norfolk Southern from $330.00 to $350.00 and gave the company a “sector perform” rating in a research note on Friday, October 23rd. Citigroup upped their price objective on shares of Norfolk Southern from $347.00 to $349.00 and gave the stock a “neutral” rating in a research report on Friday, October 23rd. JPMorgan Chase & Co. upped their price objective on shares of Norfolk Southern from $318.00 to $323.00 and gave the stock a “neutral” rating in a research report on Friday, October 23rd. Susquehanna dropped their price objective on shares of Norfolk Southern from $386.00 to $350.00 and set a “neutral” rating for the company in a research note on Friday, October 2nd. Finally, Weiss Ratings upgraded shares of Norfolk Southern from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 9th. Seven analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $348.81.

Norfolk Southern Stock Down 2.8%

The company has a debt-to-equity ratio of 0.95, a current ratio of 0.90 and a quick ratio of 0.81. The stock has a market capitalization of $71.89 billion, a P/E ratio of 26.83, a P/E/G ratio of 4.78 and a beta of 1.20. The firm has a 50-day simple moving average of $324.86 and a 200 day simple moving average of $316.10.

Norfolk Southern (NYSE:NSC) last announced its quarterly earnings results on Thursday, October 22nd. The railroad operator reported $3.62 EPS for the quarter, beating analysts’ consensus estimates of $3.46 by $0.16. Norfolk Southern had a return on equity of 18.22% and a net margin of 20.70%. The firm had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.48 billion. During the same period last year, the firm posted $3.30 earnings per share. The business’s revenue for the quarter was up 13.6% on a year-over-year basis. On average, equities research analysts forecast that Norfolk Southern Corporation will post 12.83 EPS for the current year.

Norfolk Southern Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Shareholders of record on Friday, November 6th will be issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 6th. Norfolk Southern’s payout ratio is presently 45.26%.

Hedge Funds Weigh In On Norfolk Southern

Several institutional investors and hedge funds have recently added to or reduced their stakes in NSC. BlackRock Inc. bought a new stake in shares of Norfolk Southern in the second quarter worth $5,033,549,000. Bank of America Corp DE bought a new position in Norfolk Southern during the 2nd quarter worth $978,977,000. Dimensional Fund Advisors LP raised its position in Norfolk Southern by 2.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,259,558 shares of the railroad operator’s stock worth $648,429,000 after purchasing an additional 46,127 shares during the last quarter. Amundi lifted its holdings in Norfolk Southern by 24.2% during the 1st quarter. Amundi now owns 2,226,885 shares of the railroad operator’s stock worth $639,116,000 after buying an additional 434,074 shares during the period. Finally, HBK Investments L P lifted its holdings in Norfolk Southern by 0.8% during the 2nd quarter. HBK Investments L P now owns 1,750,000 shares of the railroad operator’s stock worth $550,532,000 after buying an additional 13,644 shares during the period. 75.10% of the stock is currently owned by institutional investors and hedge funds.

About Norfolk Southern

Norfolk Southern Corporation is a freight transportation company that operates a major railroad network across the eastern United States. Its rail services connect businesses, ports and communities, and link with other railroads to move goods across North America.

The company transports a broad range of products, including coal, chemicals, agricultural goods, automotive vehicles and parts, metals, construction materials and consumer products. Its services include intermodal transportation, which combines rail with truck or container shipping, as well as rail freight and logistics solutions.

Norfolk Southern was formed in 1982 through the merger of the Norfolk and Western Railway and the Southern Railway.