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NORFOLK SOUTHERN CORPORATION

(NSC)
  Report
Delayed Nyse  -  04:03:54 2023-01-31 pm EST
245.81 USD   +3.19%
01/27Norfolk Southern Corp : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)
AQ
01/27Goldman Sachs Lifts Price Target on Norfolk Southern to $266 From $261, Maintains Buy Rating
MT
01/26Customers invest $3.2B along Norfolk Southern's network in 2022
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U.S. railroad investor resolutions urge paid sick leave for workers

12/05/2022 | 06:12am EST
FILE PHOTO: Railway workers load railcars onto train in California

(Reuters) - Investors have proposed shareholder resolutions at two U.S. railroads calling for paid sick leave for workers, an issue that nearly caused a national rail strike, and they could go to an advisory vote at shareholder meetings in the spring.

On Friday President Joe Biden signed legislation to block a rail shutdown that could have devastated the American economy. But the deal he approved did not include paid sick days for workers, a key sticking point for unions in contract talks with five major U.S. railroads.

Proposals seen by Reuters filed by activist investors ask Norfolk Southern Corp and Union Pacific Corp to offer "a reasonable amount" of paid sick time, determined by company directors. If accepted each resolution would appear as a ballot item at the railroads' springtime shareholder meetings.

Kate Monahan, a director at Trillium Asset Management, the socially minded investor that filed the resolution at Union Pacific, said more flexible sick time would have broader benefits like reducing workforce turnover.

"There's a clear business case that makes sense to us as investors," she said.

A Union Pacific representative did not comment on the resolution, but referred to a trade group statement that industry employees already receive substantial time and leave for longer-term illnesses.

A Norfolk Southern representative declined to comment.

Resolutions about worker welfare have drawn more support at corporate annual meetings in recent years amid the COVID-19 pandemic. Voting on the resolutions would not be binding.

Railroads worry implementing paid sick leave would require more employees at a time when many have cut their workforces dramatically. Had sick time been included in recent federal legislation it would cut U.S. rail earnings 1.5% to 2%, Susquehanna analyst Bascome Majors wrote in a Nov. 30 investor note.

(Reporting by Ross Kerber in Boston, Additional reporting by Lisa Baertlein in Los Angeles; Editing by Cynthia Osterman)

By Ross Kerber


ę Reuters 2022
All news about NORFOLK SOUTHERN CORPORATION
01/27Norfolk Southern Corp : Entry into a Material Definitive Agreement, Financial Statements a..
AQ
01/27Goldman Sachs Lifts Price Target on Norfolk Southern to $266 From $261, Maintains Buy R..
MT
01/26Customers invest $3.2B along Norfolk Southern's network in 2022
PR
01/26Benchmark Adjusts Norfolk Southern's Price Target to $270 From $280, Keeps Buy Rating
MT
01/26JPMorgan Adjusts Norfolk Southern's Price Target to $232 From $236, Keeps Neutral Ratin..
MT
01/26Cowen Adjusts Norfolk Southern's Price Target to $259 From $256, Keeps Outperform Ratin..
MT
01/26Susquehanna Adjusts Norfolk Southern's Price Target to $231 From $225, Keeps Neutral Ra..
MT
01/26BMO Capital Adjusts Norfolk Southern's Price Target to $250 From $245, Keeps Market Per..
MT
01/26Deutsche Bank Upgrades Norfolk Southern to Buy From Hold, Adjusts Price Target to $266 ..
MT
01/26Credit Suisse Lowers Norfolk Southern's Price Target to $275 From $285, Views Outlook a..
MT
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Financials (USD)
Sales 2022 12 701 M - -
Net income 2022 3 274 M - -
Net Debt 2022 14 104 M - -
P/E ratio 2022 17,6x
Yield 2022 2,03%
Capitalization 56 063 M 56 063 M -
EV / Sales 2022 5,52x
EV / Sales 2023 5,63x
Nbr of Employees 18 100
Free-Float 99,9%
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Mean consensus OUTPERFORM
Number of Analysts 29
Last Close Price 245,81 $
Average target price 250,76 $
Spread / Average Target 2,01%
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Managers and Directors
Alan H. Shaw President, Chief Executive Officer & Director
Mark R. George Chief Financial Officer & Executive Vice President
Amy E. Miles Non-Executive Chairman
Fredric M. Ehlers Chief Information Officer & Vice President-IT
Paul B. Duncan Chief Operating Officer & Executive Vice President