Norfolk Southern (NYSE:NSC) was upgraded by analysts at Royal Bank of Canada from an “underperform” rating to a “sector perform” rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports.
A number of other research analysts also recently weighed in on NSC. Morgan Stanley reaffirmed an “underweight” rating and issued a $75.00 target price (down previously from $77.00) on shares of Norfolk Southern in a research report on Monday, October 2nd. ValuEngine downgraded shares of Norfolk Southern from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Citigroup raised their target price on shares of Norfolk Southern from $124.00 to $135.00 and gave the company a “neutral” rating in a research report on Wednesday, October 4th. Aegis reissued a “hold” rating and issued a $125.00 price objective (up previously from $120.00) on shares of Norfolk Southern in a research report on Tuesday, October 10th. Finally, Credit Suisse Group reissued a “buy” rating and issued a $143.00 price objective (up previously from $133.00) on shares of Norfolk Southern in a research report on Thursday, October 12th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $136.05.
Norfolk Southern (NSC) traded down $1.72 during trading on Wednesday, reaching $149.94. 2,919,581 shares of the company were exchanged, compared to its average volume of 1,520,000. The company has a market capitalization of $42,910.00, a P/E ratio of 23.84, a P/E/G ratio of 1.65 and a beta of 1.37. Norfolk Southern has a 1-year low of $109.27 and a 1-year high of $157.15. The company has a current ratio of 0.83, a quick ratio of 0.73 and a debt-to-equity ratio of 0.73.
Norfolk Southern announced that its board has initiated a share repurchase program on Tuesday, September 26th that authorizes the company to buyback 50,000,000 shares. This buyback authorization authorizes the railroad operator to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
In other news, VP Thomas E. Hurlbut sold 2,370 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $134.71, for a total transaction of $319,262.70. Following the completion of the sale, the vice president now owns 6,370 shares in the company, valued at approximately $858,102.70. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Thomas E. Hurlbut sold 6,175 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $129.61, for a total transaction of $800,341.75. Following the sale, the vice president now owns 7,568 shares of the company’s stock, valued at approximately $980,888.48. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,113 shares of company stock valued at $1,594,148. 0.36% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Sawyer & Company Inc acquired a new stake in shares of Norfolk Southern during the 4th quarter worth about $104,000. Krilogy Financial LLC lifted its stake in shares of Norfolk Southern by 2.6% during the 2nd quarter. Krilogy Financial LLC now owns 855 shares of the railroad operator’s stock worth $104,000 after buying an additional 22 shares during the last quarter. Harfst & Associates Inc. lifted its stake in shares of Norfolk Southern by 58.8% during the 2nd quarter. Harfst & Associates Inc. now owns 945 shares of the railroad operator’s stock worth $115,000 after buying an additional 350 shares during the last quarter. Atlantic Trust LLC acquired a new stake in shares of Norfolk Southern during the 2nd quarter worth about $144,000. Finally, Advantage Investment Management LLC lifted its stake in shares of Norfolk Southern by 43.6% during the 3rd quarter. Advantage Investment Management LLC now owns 1,363 shares of the railroad operator’s stock worth $180,000 after buying an additional 414 shares during the last quarter. Institutional investors own 72.56% of the company’s stock.
COPYRIGHT VIOLATION WARNING: “Norfolk Southern (NSC) Upgraded at Royal Bank of Canada” was originally published by American Market News and is the sole property of of American Market News. If you are accessing this news story on another domain, it was illegally stolen and reposted in violation of U.S. and international trademark and copyright law. The original version of this news story can be read at https://www.americanbankingnews.com/2018/01/24/norfolk-southern-nsc-upgraded-at-royal-bank-of-canada.html.
About Norfolk Southern
Norfolk Southern Corporation is a holding company engaged in the rail transportation business. As of December 31, 2016, the Company operated approximately 19,500 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.
