Norfolk Southern Corp. (NSC) Lifted to “Buy” at Bank of America Corp.
Norfolk Southern Corp. (NYSE:NSC) was upgraded by research analysts at Bank of America Corp. from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, The Fly reports.
A number of other equities analysts also recently issued reports on the company. Zacks Investment Research downgraded Norfolk Southern Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, October 5th. Citigroup Inc. lifted their price target on Norfolk Southern Corp. from $87.00 to $97.00 and gave the company a “neutral” rating in a research note on Tuesday, September 13th. Credit Suisse Group AG cut their price target on Norfolk Southern Corp. from $99.00 to $97.00 and set an “outperform” rating for the company in a research note on Thursday, July 28th. Loop Capital reiterated a “hold” rating on shares of Norfolk Southern Corp. in a research note on Friday, September 9th. Finally, Barclays PLC cut their price target on Norfolk Southern Corp. from $104.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, September 12th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $89.62.
Norfolk Southern Corp. (NYSE:NSC) opened at 95.83 on Tuesday. The firm has a market capitalization of $28.13 billion, a PE ratio of 17.95 and a beta of 1.27. Norfolk Southern Corp. has a 52-week low of $64.51 and a 52-week high of $98.75. The stock’s 50 day moving average price is $93.73 and its 200 day moving average price is $88.24.
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Norfolk Southern Corp. (NYSE:NSC) last released its quarterly earnings results on Wednesday, July 27th. The railroad operator reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.01. The business earned $2.45 billion during the quarter, compared to the consensus estimate of $2.51 billion. Norfolk Southern Corp. had a return on equity of 13.34% and a net margin of 15.88%. The company’s quarterly revenue was down 9.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.41 EPS. On average, analysts predict that Norfolk Southern Corp. will post $5.46 EPS for the current fiscal year.
In related news, VP Thomas E. Hurlbut sold 1,017 shares of the company’s stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $89.30, for a total value of $90,818.10. Following the completion of the transaction, the vice president now directly owns 12,597 shares in the company, valued at $1,124,912.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Thomas E. Hurlbut sold 528 shares of the company’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $88.35, for a total transaction of $46,648.80. Following the completion of the transaction, the vice president now owns 11,580 shares of the company’s stock, valued at $1,023,093. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Zions Bancorporation raised its position in shares of Norfolk Southern Corp. by 90.4% in the second quarter. Zions Bancorporation now owns 1,369 shares of the railroad operator’s stock valued at $116,000 after buying an additional 650 shares during the period. Independent Portfolio Consultants Inc. raised its stake in Norfolk Southern Corp. by 165.5% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,460 shares of the railroad operator’s stock valued at $124,000 after buying an additional 910 shares during the last quarter. ClariVest Asset Management LLC acquired a new stake in Norfolk Southern Corp. during the second quarter valued at about $125,000. Oakworth Capital Inc. raised its stake in Norfolk Southern Corp. by 46.5% in the second quarter. Oakworth Capital Inc. now owns 1,748 shares of the railroad operator’s stock valued at $147,000 after buying an additional 555 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. acquired a new stake in Norfolk Southern Corp. during the first quarter valued at about $158,000. Institutional investors own 67.90% of the company’s stock.
Norfolk Southern Corp. Company Profile
Norfolk Southern Corporation is a holding company engaged in the rail transportation business. The Company operates approximately 20,000 miles of road primarily in the East and Midwest. The Company is engaged in the rail transportation of raw materials, intermediate products and finished goods primarily in the Southeast, East and Midwest.
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