Norfolk Southern Corporation $NSC Shares Sold by Harvest Management LLC

Harvest Management LLC lowered its position in shares of Norfolk Southern Corporation (NYSE:NSC) by 30.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 50,300 shares of the railroad operator’s stock after selling 22,300 shares during the period. Norfolk Southern accounts for 6.2% of Harvest Management LLC’s portfolio, making the stock its 6th biggest holding. Harvest Management LLC’s holdings in Norfolk Southern were worth $15,824,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. JPL Wealth Management LLC bought a new stake in shares of Norfolk Southern during the third quarter valued at approximately $25,000. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Norfolk Southern during the 2nd quarter worth about $26,000. BNP Paribas acquired a new position in shares of Norfolk Southern during the second quarter valued at approximately $26,000. Meeder Asset Management Inc. bought a new position in Norfolk Southern during the second quarter valued at about $27,000. Finally, Comprehensive Financial Planning Inc. PA acquired a new position in Norfolk Southern during the second quarter worth about $31,000. 75.10% of the stock is currently owned by institutional investors.

Norfolk Southern Stock Performance

Shares of NSC opened at $348.67 on Friday. The company has a market capitalization of $78.31 billion, a PE ratio of 29.75, a PEG ratio of 5.23 and a beta of 1.27. 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 company’s 50 day moving average price is $332.87 and its 200 day moving average price is $315.01. Norfolk Southern Corporation has a 52 week low of $268.23 and a 52 week high of $358.60.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings results on Thursday, July 23rd. The railroad operator reported $3.52 EPS for the quarter, beating 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 business 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 company posted $3.29 EPS. Norfolk Southern’s revenue was up 12.5% on a year-over-year basis. Research analysts expect that Norfolk Southern Corporation will post 12.74 EPS for the current fiscal year.

Norfolk Southern Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on NSC. Weiss Ratings upgraded shares of Norfolk Southern from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 24th. TD Cowen increased their target price on shares of Norfolk Southern from $337.00 to $376.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Evercore set a $358.00 target price on shares of Norfolk Southern in a report on Thursday, July 23rd. Wall Street Zen raised Norfolk Southern from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Citigroup increased their price objective on Norfolk Southern from $351.00 to $376.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Seven equities research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company. According to data from MarketBeat.com, Norfolk Southern currently has an average rating of “Hold” and an average target price 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.