Norfolk Southern (NYSE:NSC) Sees Strong Trading Volume on Earnings Beat

Norfolk Southern Corporation (NYSE:NSC) shares saw an uptick in trading volume on Tuesday after the company announced better than expected quarterly earnings. 1,993,500 shares were traded during trading, an increase of 40% from the previous session’s volume of 1,427,193 shares.The stock last traded at $278.84 and had previously closed at $286.42.

The railroad operator reported $3.29 earnings per share for the quarter, topping analysts’ consensus estimates of $3.24 by $0.05. Norfolk Southern had a net margin of 27.51% and a return on equity of 19.35%. The business had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $3.10 billion.

Norfolk Southern Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Friday, August 1st will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 1.93%. The ex-dividend date is Friday, August 1st. Norfolk Southern’s payout ratio is currently 36.89%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on NSC shares. Royal Bank Of Canada decreased their target price on Norfolk Southern from $271.00 to $270.00 and set an “outperform” rating on the stock in a research report on Thursday, April 24th. Benchmark reaffirmed a “hold” rating on shares of Norfolk Southern in a report on Wednesday. Baird R W upgraded shares of Norfolk Southern to a “hold” rating in a research report on Tuesday, July 1st. Citigroup upped their price target on shares of Norfolk Southern from $288.00 to $305.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $288.00 price objective (up from $282.00) on shares of Norfolk Southern in a report on Wednesday. Thirteen investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Norfolk Southern presently has a consensus rating of “Hold” and a consensus price target of $285.15.

Hedge Funds Weigh In On Norfolk Southern

A number of institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its holdings in Norfolk Southern by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 4,694,573 shares of the railroad operator’s stock valued at $1,098,472,000 after buying an additional 113,648 shares in the last quarter. Golden State Wealth Management LLC raised its holdings in shares of Norfolk Southern by 883.3% during the 1st quarter. Golden State Wealth Management LLC now owns 177 shares of the railroad operator’s stock worth $42,000 after acquiring an additional 159 shares during the period. Dynamic Advisor Solutions LLC boosted its position in shares of Norfolk Southern by 1.9% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 3,571 shares of the railroad operator’s stock valued at $846,000 after acquiring an additional 65 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Norfolk Southern by 4.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 71,463 shares of the railroad operator’s stock valued at $16,925,000 after purchasing an additional 2,782 shares during the period. Finally, GAMMA Investing LLC increased its position in Norfolk Southern by 8.3% during the first quarter. GAMMA Investing LLC now owns 4,179 shares of the railroad operator’s stock worth $990,000 after purchasing an additional 321 shares during the last quarter. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Norfolk Southern Stock Up 0.6%

The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.70. The company has a market capitalization of $63.00 billion, a PE ratio of 18.88, a P/E/G ratio of 2.28 and a beta of 1.31. The business’s 50 day simple moving average is $258.51 and its 200 day simple moving average is $244.17.

Norfolk Southern Company Profile

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, beverages, and canned goods; chemicals consist of sulfur and related chemicals, petroleum products comprising crude oil, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, sand, and natural gas liquids; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal.