HBK Sorce Advisory LLC Invests $1.73 Million in Norfolk Southern Corporation $NSC

HBK Sorce Advisory LLC bought a new stake in Norfolk Southern Corporation (NYSE:NSC) during the second quarter, Holdings Channel reports. The institutional investor bought 5,074 shares of the railroad operator’s stock, valued at approximately $1,734,000.

Several other hedge funds also recently modified their holdings of NSC. Peachtree Investment Partners LLC bought a new stake in Norfolk Southern during the second quarter worth $290,000. Tulsa Wealth Advisors INC bought a new position in Norfolk Southern during the 2nd quarter valued at $346,000. Flputnam Investment Management Co. bought a new position in Norfolk Southern during the 2nd quarter valued at $3,762,000. Global Retirement Partners LLC purchased a new position in Norfolk Southern during the 2nd quarter worth $939,000. Finally, 1ST Source Bank purchased a new position in Norfolk Southern during the 2nd quarter worth $7,987,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Norfolk Southern Trading Up 0.1%

Shares of NSC stock opened at $334.69 on Monday. The stock has a market capitalization of $75.17 billion, a price-to-earnings ratio of 28.56, a PEG ratio of 5.92 and a beta of 1.27. The company’s fifty day simple moving average is $324.87 and its two-hundred day simple moving average is $311.52. Norfolk Southern Corporation has a 1 year low of $268.23 and a 1 year high of $358.60. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.83 and a quick ratio of 0.73.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings results on Thursday, July 23rd. The railroad operator reported $3.52 EPS for the quarter, topping analysts’ consensus estimates of $3.32 by $0.20. The firm had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.38 billion. Norfolk Southern had a return on equity of 18.21% and a net margin of 21.02%.The business’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period last year, the company earned $3.29 earnings per share. As a group, analysts anticipate that Norfolk Southern Corporation will post 12.66 earnings per share for the current year.

Norfolk Southern Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Friday, August 7th will be issued a dividend of $1.35 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $5.40 dividend on an annualized basis and a yield of 1.6%. Norfolk Southern’s dividend payout ratio is 46.08%.

Analysts Set New Price Targets

Several brokerages have recently commented on NSC. Weiss Ratings upgraded shares of Norfolk Southern from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 24th. Wells Fargo & Company upped their price target on Norfolk Southern from $365.00 to $385.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Stephens raised Norfolk Southern to a “hold” rating in a report on Wednesday, July 8th. Evercore set a $358.00 price objective on Norfolk Southern in a research note on Thursday, July 23rd. Finally, Robert W. Baird upped their price objective on shares of Norfolk Southern from $360.00 to $377.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Seven equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. According to MarketBeat, Norfolk Southern currently has an average rating of “Hold” and an average target price of $348.00.

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.