OLD National Bancorp IN Raises Stock Holdings in Norfolk Southern Co. (NYSE:NSC)

Posted by on Apr 24th, 2023

OLD National Bancorp IN raised its holdings in Norfolk Southern Co. (NYSE:NSC – Get Rating) by 1.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,596 shares of the railroad operator’s stock after buying an additional 74 shares during the quarter. OLD National Bancorp IN’s holdings in Norfolk Southern were worth $1,379,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Luken Investment Analytics LLC purchased a new stake in Norfolk Southern in the fourth quarter valued at $25,000. Boyd Watterson Asset Management LLC OH purchased a new position in Norfolk Southern in the 4th quarter valued at approximately $26,000. Capital Directions Investment Advisors LLC purchased a new stake in shares of Norfolk Southern in the fourth quarter valued at $29,000. Worth Asset Management LLC acquired a new position in Norfolk Southern in the first quarter valued at $30,000. Finally, HWG Holdings LP acquired a new position in shares of Norfolk Southern during the third quarter worth about $31,000. 72.98% of the stock is currently owned by hedge funds and other institutional investors.

Norfolk Southern Stock Down 0.1 %

Shares of Norfolk Southern stock opened at $211.61 on Monday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.76 and a quick ratio of 0.66. The company has a 50-day moving average of $213.86 and a 200 day moving average of $231.86. The firm has a market cap of $52.47 billion, a price-to-earnings ratio of 15.22, a PEG ratio of 2.22 and a beta of 1.29. Norfolk Southern Co. has a 1 year low of $196.33 and a 1 year high of $269.05.

Norfolk Southern (NYSE:NSC – Get Rating) last issued its quarterly earnings results on Wednesday, January 25th. The railroad operator reported $3.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.41 by $0.01. Norfolk Southern had a net margin of 25.66% and a return on equity of 24.98%. The company had revenue of $3.24 billion during the quarter, compared to analyst estimates of $3.20 billion. During the same period last year, the business earned $3.12 EPS. Norfolk Southern’s quarterly revenue was up 13.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Norfolk Southern Co. will post 13.51 earnings per share for the current fiscal year.

Norfolk Southern Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 21st. Stockholders of record on Friday, February 3rd were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.55%. The ex-dividend date was Thursday, February 2nd. This is a boost from Norfolk Southern’s previous quarterly dividend of $1.24. Norfolk Southern’s dividend payout ratio is 38.85%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. reduced their price objective on Norfolk Southern from $236.00 to $232.00 and set a “neutral” rating for the company in a research report on Thursday, January 26th. BMO Capital Markets upped their price target on shares of Norfolk Southern from $245.00 to $250.00 and gave the company a “market perform” rating in a report on Thursday, January 26th. Benchmark reduced their target price on shares of Norfolk Southern from $280.00 to $270.00 and set a “buy” rating for the company in a research note on Thursday, January 26th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Norfolk Southern from $266.00 to $258.00 in a report on Monday, March 20th. Finally, Cowen raised their price target on shares of Norfolk Southern from $256.00 to $259.00 and gave the company an “outperform” rating in a report on Thursday, January 26th. Fifteen analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $246.65.

About Norfolk Southern

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Norfolk Southern Corp. is a transportation company, which engages in the rail transportation of raw materials, intermediate products, and finished goods. The company also transports overseas freight through several Atlantic and Gulf Coast ports. Its services include property leases and sales, wire line or pipeline and fiber optics projects, access property, managing private crossings, promoting businesses with signboards, and natural resource management.

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Institutional Ownership by Quarter for Norfolk Southern (NYSE:NSC)

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