Elevation Point Wealth Partners LLC Raises Stock Position in Norfolk Southern Corporation $NSC

Elevation Point Wealth Partners LLC grew its stake in Norfolk Southern Corporation (NYSE:NSC) by 449.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,546 shares of the railroad operator’s stock after buying an additional 9,444 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Norfolk Southern were worth $3,314,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of NSC. JPL Wealth Management LLC acquired a new position in Norfolk Southern in the third quarter valued at $25,000. BNP Paribas acquired a new stake in shares of Norfolk Southern during the second quarter worth about $26,000. GoalVest Advisory LLC increased its position in shares of Norfolk Southern by 933.3% during the fourth quarter. GoalVest Advisory LLC now owns 93 shares of the railroad operator’s stock worth $27,000 after purchasing an additional 84 shares in the last quarter. Meeder Asset Management Inc. lifted its holdings in shares of Norfolk Southern by 239.3% in the 4th quarter. Meeder Asset Management Inc. now owns 95 shares of the railroad operator’s stock valued at $27,000 after purchasing an additional 67 shares during the last quarter. Finally, FNY Investment Advisers LLC lifted its holdings in shares of Norfolk Southern by 669.2% in the 3rd quarter. FNY Investment Advisers LLC now owns 100 shares of the railroad operator’s stock valued at $30,000 after purchasing an additional 87 shares during the last quarter. 75.10% of the stock is owned by hedge funds and other institutional investors.

Norfolk Southern Price Performance

Shares of NYSE:NSC opened at $322.85 on Friday. Norfolk Southern Corporation has a 52 week low of $257.49 and a 52 week high of $326.00. The company has a 50-day moving average price of $312.52 and a 200 day moving average price of $302.00. The company has a market cap of $72.51 billion, a P/E ratio of 27.20, a PEG ratio of 5.96 and a beta of 1.27. The company has a quick ratio of 0.81, a current ratio of 0.91 and a debt-to-equity ratio of 1.04.

Norfolk Southern (NYSE:NSC) last released its earnings results on Friday, April 24th. The railroad operator reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.49 by $0.16. The company had revenue of $3 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Norfolk Southern had a return on equity of 18.30% and a net margin of 21.91%.The firm’s quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.69 EPS. Research analysts predict that Norfolk Southern Corporation will post 12.12 earnings per share for the current year.

Norfolk Southern Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Friday, May 8th were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Friday, May 8th. Norfolk Southern’s dividend payout ratio is currently 45.49%.

Wall Street Analyst Weigh In

NSC has been the topic of a number of research reports. Susquehanna raised their price target on Norfolk Southern from $330.00 to $337.00 and gave the stock a “neutral” rating in a research note on Friday, June 5th. Jefferies Financial Group reduced their price objective on Norfolk Southern from $350.00 to $310.00 and set a “hold” rating for the company in a research note on Monday, April 6th. Wolfe Research boosted their price objective on Norfolk Southern from $350.00 to $355.00 and gave the company an “outperform” rating in a research note on Tuesday, April 7th. Wall Street Zen raised Norfolk Southern from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Rothschild & Co Redburn raised their target price on shares of Norfolk Southern from $308.00 to $315.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 29th. Six research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $320.35.

About Norfolk Southern

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.