Norfolk Southern Corp. (NYSE:NSC) was the recipient of a significant growth in short interest during the month of August. As of August 15th, there was short interest totalling 11,303,174 shares, a growth of 84.5% from the July 31st total of 6,125,833 shares. Approximately 4.0% of the shares of the stock are sold short. Based on an average trading volume of 1,428,143 shares, the days-to-cover ratio is currently 7.9 days.
Several equities analysts have weighed in on the stock. Stifel Nicolaus set a $180.00 target price on shares of Norfolk Southern and gave the company a “hold” rating in a report on Wednesday, August 8th. Deutsche Bank upgraded shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $205.00 target price on the stock in a report on Tuesday, August 14th. Loop Capital boosted their target price on shares of Norfolk Southern to $179.00 and gave the company a “hold” rating in a report on Thursday, August 16th. Argus boosted their price target on shares of Norfolk Southern from $170.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday, July 31st. Finally, TD Securities boosted their price target on shares of Norfolk Southern from $165.00 to $175.00 and gave the company a “hold” rating in a research note on Thursday, July 26th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $164.42.
In other Norfolk Southern news, Chairman James A. Squires sold 34,077 shares of the business’s stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $171.73, for a total value of $5,852,043.21. Following the transaction, the chairman now directly owns 63,958 shares in the company, valued at approximately $10,983,507.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Cynthia C. Earhart sold 2,370 shares of the business’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $175.09, for a total transaction of $414,963.30. Following the completion of the transaction, the vice president now owns 2,370 shares in the company, valued at $414,963.30. The disclosure for this sale can be found here. Insiders own 0.36% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Kaizen Advisory LLC increased its stake in Norfolk Southern by 138.0% during the 2nd quarter. Kaizen Advisory LLC now owns 664 shares of the railroad operator’s stock worth $100,000 after buying an additional 385 shares during the period. Marshall & Sullivan Inc. WA purchased a new stake in Norfolk Southern during the 2nd quarter worth approximately $102,000. Sun Life Financial INC increased its stake in Norfolk Southern by 336.4% during the 2nd quarter. Sun Life Financial INC now owns 768 shares of the railroad operator’s stock worth $116,000 after buying an additional 592 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in Norfolk Southern during the 2nd quarter worth approximately $117,000. Finally, Highlander Capital Management LLC purchased a new stake in Norfolk Southern during the 1st quarter worth approximately $106,000. 72.46% of the stock is currently owned by hedge funds and other institutional investors.
Norfolk Southern stock opened at $174.19 on Friday. The company has a market capitalization of $49.16 billion, a PE ratio of 26.35, a P/E/G ratio of 1.60 and a beta of 1.39. Norfolk Southern has a 1 year low of $116.90 and a 1 year high of $177.07. The company has a current ratio of 0.81, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55.
Norfolk Southern (NYSE:NSC) last released its quarterly earnings results on Wednesday, July 25th. The railroad operator reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.19. The business had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.87 billion. Norfolk Southern had a net margin of 52.36% and a return on equity of 14.53%. The business’s revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.71 EPS. research analysts forecast that Norfolk Southern will post 9.13 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 10th. Investors of record on Monday, August 6th will be paid a dividend of $0.80 per share. This is an increase from Norfolk Southern’s previous quarterly dividend of $0.72. This represents a $3.20 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend is Friday, August 3rd. Norfolk Southern’s dividend payout ratio is presently 48.41%.
Norfolk Southern Company Profile
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. It also transports overseas freight through various Atlantic and Gulf Coast ports, as well as coal, automotive, and industrial products; and provides commuter passenger services.
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