Clear Harbor Asset Management LLC Takes $888,000 Position in Norfolk Southern Corporation $NSC

Clear Harbor Asset Management LLC acquired a new position in shares of Norfolk Southern Corporation (NYSE:NSC) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,823 shares of the railroad operator’s stock, valued at approximately $888,000.

Other institutional investors have also recently bought and sold shares of the company. Bank of Nova Scotia purchased a new stake in shares of Norfolk Southern during the 2nd quarter worth about $180,954,000. Kendall Capital Management bought a new position in Norfolk Southern during the second quarter valued at approximately $543,000. Compass Financial Management LLC acquired a new stake in Norfolk Southern in the second quarter valued at approximately $140,000. Elevation Point Wealth Partners LLC bought a new stake in Norfolk Southern in the second quarter worth approximately $3,541,000. Finally, Daiichi Life Insurance Co. Ltd. bought a new stake in Norfolk Southern in the second quarter worth approximately $1,757,000. Institutional investors and hedge funds own 75.10% of the company’s stock.

Norfolk Southern Trading Up 0.0%

Norfolk Southern stock opened at $350.77 on Monday. Norfolk Southern Corporation has a 52 week low of $268.23 and a 52 week high of $358.60. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.73 and a current ratio of 0.83. The firm has a market capitalization of $78.79 billion, a PE ratio of 29.93, a PEG ratio of 6.21 and a beta of 1.27. The business’s 50-day simple moving average is $328.23 and its 200-day simple moving average is $313.47.

Norfolk Southern (NYSE:NSC) last announced its earnings results 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 during the quarter, compared to the consensus estimate of $3.38 billion. Norfolk Southern had a return on equity of 18.21% and a net margin of 21.02%.The firm’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 company earned $3.29 EPS. Equities research analysts forecast that Norfolk Southern Corporation will post 12.66 earnings per share for the current year.

Norfolk Southern Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Friday, August 7th were issued a $1.35 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $5.40 dividend on an annualized basis and a yield of 1.5%. Norfolk Southern’s dividend payout ratio is 46.08%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NSC. Barclays raised their price target on shares of Norfolk Southern from $360.00 to $400.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Evercore set a $358.00 target price on Norfolk Southern in a report on Thursday, July 23rd. TD Cowen upped their price target on Norfolk Southern from $337.00 to $376.00 and gave the stock a “buy” rating in a research note on Friday, July 24th. Wells Fargo & Company increased their price objective on Norfolk Southern from $365.00 to $385.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Finally, BMO Capital Markets raised their price objective on Norfolk Southern from $310.00 to $355.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Seven research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average 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.