Norfolk Southern (NYSE:NSC) Price Target Raised to $270.00 at Wells Fargo & Company

Norfolk Southern (NYSE:NSC) had its price objective upped by Wells Fargo & Company from $260.00 to $270.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has an overweight rating on the railroad operator’s stock.

A number of other research analysts have also weighed in on NSC. Morgan Stanley reissued an underweight rating and issued a $175.00 target price on shares of Norfolk Southern in a report on Monday, July 8th. Loop Capital raised their target price on shares of Norfolk Southern from $261.00 to $270.00 and gave the company a buy rating in a report on Thursday, April 18th. Sanford C. Bernstein cut their target price on shares of Norfolk Southern from $288.00 to $285.00 and set an outperform rating for the company in a report on Monday, July 8th. Stifel Nicolaus cut their target price on shares of Norfolk Southern from $241.00 to $239.00 and set a hold rating for the company in a report on Wednesday, July 17th. Finally, Jefferies Financial Group started coverage on shares of Norfolk Southern in a report on Monday, April 8th. They issued a buy rating and a $300.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Norfolk Southern currently has a consensus rating of Moderate Buy and a consensus target price of $264.24.

Norfolk Southern Price Performance

Shares of NYSE:NSC opened at $247.63 on Friday. The firm’s 50 day moving average price is $222.97 and its 200-day moving average price is $237.76. Norfolk Southern has a twelve month low of $183.09 and a twelve month high of $263.66. The company has a quick ratio of 0.54, a current ratio of 0.63 and a debt-to-equity ratio of 1.30. The stock has a market capitalization of $55.94 billion, a PE ratio of 39.88, a price-to-earnings-growth ratio of 2.44 and a beta of 1.32.

Norfolk Southern (NYSE:NSC) last released its earnings results on Thursday, July 25th. The railroad operator reported $3.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.86 by $0.20. The company had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.04 billion. Norfolk Southern had a net margin of 14.85% and a return on equity of 19.64%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.95 EPS. Equities research analysts expect that Norfolk Southern will post 11.6 EPS for the current year.

Norfolk Southern Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 20th. Stockholders of record on Friday, August 2nd will be issued a $1.35 dividend. The ex-dividend date of this dividend is Friday, August 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.18%. Norfolk Southern’s dividend payout ratio is currently 86.96%.

Insider Activity

In other news, Director Sameh Fahmy acquired 2,000 shares of Norfolk Southern stock in a transaction that occurred on Friday, June 14th. The stock was purchased at an average cost of $219.25 per share, with a total value of $438,500.00. Following the completion of the acquisition, the director now owns 7,000 shares in the company, valued at approximately $1,534,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Norfolk Southern news, CMO Claude E. Elkins sold 8,329 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $228.43, for a total transaction of $1,902,593.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sameh Fahmy bought 2,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was bought at an average cost of $219.25 per share, with a total value of $438,500.00. Following the transaction, the director now directly owns 7,000 shares of the company’s stock, valued at $1,534,750. The disclosure for this purchase can be found here. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Norfolk Southern

Institutional investors and hedge funds have recently modified their holdings of the stock. Cedar Wealth Management LLC purchased a new stake in shares of Norfolk Southern in the first quarter worth about $27,000. 1620 Investment Advisors Inc. purchased a new position in Norfolk Southern in the second quarter valued at about $27,000. Rise Advisors LLC purchased a new position in Norfolk Southern in the first quarter valued at about $34,000. Turtle Creek Wealth Advisors LLC purchased a new position in Norfolk Southern in the fourth quarter valued at about $32,000. Finally, Financial Connections Group Inc. purchased a new position in Norfolk Southern in the fourth quarter valued at about $34,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.

About Norfolk Southern

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.