Norfolk Southern (NSC) Given “Outperform” Rating at Cowen
Cowen reissued their outperform rating on shares of Norfolk Southern (NYSE:NSC) in a report released on Wednesday morning, Marketbeat Ratings reports. They currently have a $163.00 price objective on the railroad operator’s stock, down from their previous price objective of $165.00.
Other equities research analysts also recently issued research reports about the company. ValuEngine raised Norfolk Southern from a hold rating to a buy rating in a research report on Sunday, December 31st. Zacks Investment Research raised Norfolk Southern from a hold rating to a buy rating and set a $147.00 price target for the company in a research report on Wednesday, November 1st. Argus boosted their price target on Norfolk Southern from $145.00 to $150.00 and gave the company a buy rating in a research report on Tuesday, October 31st. Scotiabank raised Norfolk Southern from a sector perform rating to a buy rating and set a $165.00 price target for the company in a research report on Friday, January 12th. Finally, Credit Suisse Group reissued a buy rating and set a $177.00 price target on shares of Norfolk Southern in a research report on Wednesday, January 17th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and nine have issued a buy rating to the company’s stock. Norfolk Southern has an average rating of Hold and an average price target of $140.75.
Shares of Norfolk Southern (NSC) traded down $0.01 during trading hours on Wednesday, hitting $138.66. The stock had a trading volume of 1,340,000 shares, compared to its average volume of 1,900,000. The stock has a market capitalization of $39,380.00, a P/E ratio of 19.45, a P/E/G ratio of 1.37 and a beta of 1.32. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.76 and a current ratio of 0.84. Norfolk Southern has a twelve month low of $109.27 and a twelve month high of $157.15.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, March 10th. Shareholders of record on Friday, February 2nd will be paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date of this dividend is Thursday, February 1st. This is a boost from Norfolk Southern’s previous quarterly dividend of $0.61. Norfolk Southern’s payout ratio is currently 40.39%.
In related news, Chairman James A. Squires sold 10,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $150.10, for a total value of $1,501,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Thomas E. Hurlbut sold 1,000 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $142.90, for a total value of $142,900.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,166 shares of company stock worth $1,958,040. 0.36% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in NSC. State of New Jersey Common Pension Fund D acquired a new position in shares of Norfolk Southern in the third quarter worth about $8,596,000. Calamos Advisors LLC lifted its stake in shares of Norfolk Southern by 3.6% in the third quarter. Calamos Advisors LLC now owns 36,057 shares of the railroad operator’s stock worth $4,768,000 after acquiring an additional 1,262 shares in the last quarter. First Manhattan Co. lifted its stake in shares of Norfolk Southern by 14.8% in the third quarter. First Manhattan Co. now owns 10,267 shares of the railroad operator’s stock worth $1,357,000 after acquiring an additional 1,324 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Norfolk Southern by 11.7% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 92,534 shares of the railroad operator’s stock worth $12,237,000 after acquiring an additional 9,721 shares in the last quarter. Finally, Crossmark Global Holdings Inc. acquired a new position in shares of Norfolk Southern in the third quarter worth about $3,714,000. Institutional investors and hedge funds own 73.77% of the company’s stock.
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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.
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