The Avondale Partners Lowers Norfolk Southern Corp. (NSC) to Underperform

The Avondale Partners Lowers Norfolk Southern Corp. (NSC) to Underperform

Avondale Partners lowered shares of Norfolk Southern Corp. (NYSE:NSC) from a market perform rating to an underperform rating in a research report report published on Wednesday morning. They currently have $64.00 price objective on the railroad operator’s stock.

A number of other brokerages also recently commented on NSC. Argus reissued a buy rating on shares of Norfolk Southern Corp. in a report on Wednesday, August 3rd. Loop Capital reissued a hold rating on shares of Norfolk Southern Corp. in a report on Friday, September 9th. Zacks Investment Research raised Norfolk Southern Corp. from a hold rating to a buy rating and set a $109.00 price target for the company in a report on Friday, October 7th. Deutsche Bank AG reduced their price target on Norfolk Southern Corp. from $90.00 to $89.00 and set a hold rating for the company in a report on Thursday, July 28th. Finally, Atlantic Securities started coverage on Norfolk Southern Corp. in a report on Thursday, August 11th. They issued a neutral rating and a $104.00 price target for the company. Four research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $90.93.

Norfolk Southern Corp. (NYSE:NSC) opened at 94.84 on Wednesday. The stock has a 50 day moving average price of $94.10 and a 200-day moving average price of $88.61. Norfolk Southern Corp. has a 12-month low of $64.51 and a 12-month high of $98.75. The firm has a market cap of $27.84 billion, a price-to-earnings ratio of 17.76 and a beta of 1.27.

Norfolk Southern Corp. (NYSE:NSC) last issued its quarterly earnings results on Wednesday, July 27th. The railroad operator reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.01. The firm earned $2.45 billion during the quarter, compared to the consensus estimate of $2.51 billion. Norfolk Southern Corp. had a return on equity of 13.34% and a net margin of 15.88%. Norfolk Southern Corp.’s revenue for the quarter was down 9.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.41 earnings per share. Equities analysts forecast that Norfolk Southern Corp. will post $5.46 earnings per share for the current year.

In other news, VP James A. Hixon sold 10,000 shares of Norfolk Southern Corp. stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $94.15, for a total transaction of $941,500.00. Following the transaction, the vice president now directly owns 129,074 shares in the company, valued at approximately $12,152,317.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Thomas E. Hurlbut sold 528 shares of Norfolk Southern Corp. stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $88.35, for a total value of $46,648.80. Following the transaction, the vice president now owns 11,580 shares in the company, valued at $1,023,093. The disclosure for this sale can be found here. 0.66% of the stock is owned by corporate insiders.

Several institutional investors have recently modified their holdings of NSC. Vanguard Group Inc. boosted its position in shares of Norfolk Southern Corp. by 2.4% in the second quarter. Vanguard Group Inc. now owns 20,272,445 shares of the railroad operator’s stock valued at $1,725,793,000 after buying an additional 478,702 shares during the period. State Street Corp boosted its position in shares of Norfolk Southern Corp. by 2.5% in the first quarter. State Street Corp now owns 11,872,179 shares of the railroad operator’s stock valued at $988,362,000 after buying an additional 293,001 shares during the period. Lazard Asset Management LLC boosted its position in shares of Norfolk Southern Corp. by 133.8% in the first quarter. Lazard Asset Management LLC now owns 7,098,296 shares of the railroad operator’s stock valued at $590,931,000 after buying an additional 4,062,019 shares during the period. Capital International Investors boosted its position in shares of Norfolk Southern Corp. by 5.6% in the second quarter. Capital International Investors now owns 5,850,200 shares of the railroad operator’s stock valued at $498,028,000 after buying an additional 309,700 shares during the period. Finally, FMR LLC boosted its position in shares of Norfolk Southern Corp. by 69.8% in the second quarter. FMR LLC now owns 3,901,583 shares of the railroad operator’s stock valued at $332,142,000 after buying an additional 1,603,911 shares during the period. Institutional investors own 68.04% of the company’s stock.

About Norfolk Southern Corp.

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