Norfolk Southern Corporation (NSC) Draws Bullish Attention After Forming Multiple Top Pattern

Norfolk Southern Corporation (NYSE:NSC) Logo

Investors sentiment increased to 0.82 in Q1 2019. Its up 0.10, from 0.72 in 2018Q4. It is positive, as 47 investors sold Norfolk Southern Corporation shares while 386 reduced holdings. 114 funds opened positions while 240 raised stakes. 187.44 million shares or 11.77% less from 212.45 million shares in 2018Q4 were reported.
242,628 were reported by Amf Pensionsforsakring Ab. Country Club Trust Communications Na holds 0.12% or 5,473 shares. Hudson Valley Investment Adv invested 0.16% in Norfolk Southern Corporation (NYSE:NSC). Hendley And Inc reported 17,658 shares. Douglass Winthrop Llc reported 25,050 shares stake. Putnam Fl Invest Mgmt Communication owns 6,183 shares. 2,885 were accumulated by Main Street Research Ltd Liability Company. Rhumbline Advisers, a Massachusetts-based fund reported 481,858 shares. Flippin Bruce & Porter owns 0.04% invested in Norfolk Southern Corporation (NYSE:NSC) for 1,125 shares. Gotham Asset Mngmt Ltd Liability holds 0.23% in Norfolk Southern Corporation (NYSE:NSC) or 83,008 shares. Highland Cap Management Ltd Liability Corporation accumulated 0.49% or 34,379 shares. Moreover, Wellington Shields Ltd Com has 0.28% invested in Norfolk Southern Corporation (NYSE:NSC) for 2,960 shares. Goldman Sachs holds 0.11% of its portfolio in Norfolk Southern Corporation (NYSE:NSC) for 2.02 million shares. Horan Capital Limited Company reported 0.23% in Norfolk Southern Corporation (NYSE:NSC). Fjarde Ap holds 82,538 shares or 0.19% of its portfolio.

Since July 29, 2019, it had 1 buy, and 0 sales for $100,546 activity.

The stock of Norfolk Southern Corporation (NSC) shows a multiple tops pattern with $185.14 target or 9.00 % above today’s $169.85 share price. The 7 months chart pattern indicates low risk for the $44.74 billion company. It was reported on Aug, 16 by Finviz.com. If the $185.14 price target is reached, the company will be worth $4.03 billion more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock decreased 0.72% or $1.24 during the last trading session, reaching $169.85. About 2.00M shares traded or 11.84% up from the average. Norfolk Southern Corporation (NYSE:NSC) has risen 13.44% since August 16, 2018 and is uptrending. It has outperformed by 13.44% the S&P500.

Analysts await Norfolk Southern Corporation (NYSE:NSC) to report earnings on October, 23. They expect $2.76 earnings per share, up 9.52 % or $0.24 from last year’s $2.52 per share. NSC’s profit will be $727.01M for 15.38 P/E if the $2.76 EPS becomes a reality. After $2.70 actual earnings per share reported by Norfolk Southern Corporation for the previous quarter, Wall Street now forecasts 2.22 % EPS growth.

Norfolk Southern Corporation (NYSE:NSC) Ratings Coverage

Among 6 analysts covering Norfolk Southern (NYSE:NSC), 2 have Buy rating, 1 Sell and 3 Hold. Therefore 33% are positive. Norfolk Southern has $23700 highest and $13800 lowest target. $202.67’s average target is 19.32% above currents $169.85 stock price. Norfolk Southern had 13 analyst reports since February 19, 2019 according to SRatingsIntel. The stock has “Buy” rating by Citigroup on Thursday, April 4. The firm has “Hold” rating given on Wednesday, June 12 by Deutsche Bank. The stock of Norfolk Southern Corporation (NYSE:NSC) earned “Hold” rating by Barclays Capital on Wednesday, March 13. The firm has “Market Perform” rating by BMO Capital Markets given on Thursday, April 25. The firm has “Equal-Weight” rating given on Thursday, April 25 by Barclays Capital. Morgan Stanley maintained Norfolk Southern Corporation (NYSE:NSC) on Monday, April 29 with “Underweight” rating.

More notable recent Norfolk Southern Corporation (NYSE:NSC) news were published by: Seekingalpha.com which released: “Norfolk Southern: Great Company, Expensive Stock – Seeking Alpha” on June 11, 2019, also Benzinga.com with their article: “U.S. Rail Volumes Continue Dip – Benzinga” published on July 25, 2019, Finance.Yahoo.com published: “Should Norfolk Southern Corporation (NYSE:NSC) Be Part Of Your Dividend Portfolio? – Yahoo Finance” on June 21, 2019. More interesting news about Norfolk Southern Corporation (NYSE:NSC) were released by: Benzinga.com and their article: “May U.S. Rail Employment Levels Dropped. Will They Keep Falling? – Benzinga” published on June 24, 2019 as well as Seekingalpha.com‘s news article titled: “Norfolk Southern Q1 2019 Earnings Preview – Seeking Alpha” with publication date: April 23, 2019.

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 has market cap of $44.74 billion. It also transports overseas freight through various Atlantic and Gulf Coast ports. It has a 16.48 P/E ratio. In addition, the firm is involved in the operation of scheduled passenger trains; leasing or sale of rail property and equipment; development of commercial real estate; telecommunications; and the acquisition, leasing, and management of coal, oil, gas, and minerals, as well as the transport of automotive and industrial products.

Norfolk Southern Corporation (NYSE:NSC) Institutional Positions Chart

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